The Labubu drop:
Hype builds fast, meaning lasts.
Pop Mart, the Chinese toy company behind the “ugly-cute” Labubu saw its stock fall at the end of March as doubts grew over sustaining demand, continuing a downward trend that began last August. Labubu was created in 2015 and rose to fame after Lisa from K-pop band Blackpink was seen carrying them as keychains on her bag. What followed was hype: queues, fights, celebrity endorsements - including Bernard Arnault - and even a luxe version in 24 karat gold.
“Hype needs depth to last. Labubu could take a lesson from luxury; craft, mythology, controlled scarcity, community or cultural relevance.”
Why is this important?
The rise and fall of Labubu reveals what happens when hype lacks meaning. The Labubu “tribe” became social currency and owning one signalled mood and belonging. They became collectibles and the process of the hunt bonded buyers. The drop illustrated that hype needs depth to last - desire was created quickly - but depth was lacking, and without a strategy to manage demand, it was saturated.
What should brands do?
Treat hype as an entry point, not a strategy. Hype is driven by external signals such as celebrity association or controversy. To last, hype needs to take a lesson from luxury. It needs craft, mythology, controlled scarcity, performance, innovation, community or cultural relevance. Hermès had Jane Birkin and Grace Kelly, each bag is crafted by a single artisan and takes around 40 hours, and it never scaled to meet demand - it protected desire. Nike Air Jordan 1 held with depth through living mythology.
Labubu could have - and still can - build connection by shifting from transaction to relationship by controlling supply, extending storytelling to experiences and introducing progression… what happens after the first purchase?
Alternatively?
Accept it was never built to last, and do as fashion does. Faster cycles, more toys, more collaborations, where expression is in the moment.
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Artsy, Labubu, Big into Energy (Serenity), 2025, Pinto Gallery
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Instagram / @lalalalisa_m