There's no escaping the Labubu craze. The viral plush toys are taking over social media feeds and selling out in shops around the world, with a mostly-female fanbase aged from five to 35. On online marketplace StockX, the $28 toys are being resold for as much as $880, with some limited-edition pieces going for $2,500.
What are Labubus?
Labubus are collectable plush toys also sold as keychains or bag charms. They were created as a series called The Monsters by Hong Kong artist Kasing Lung who drew inspiration from Nordic mythology. Labubus are one of many tribes under The Monsters series, which also includes the Zimomo and Tycoco characters.
Characterised by their cheeky grins, sharp teeth, furry bodies and pointed ears, Labubus come in a multitude of colours, with some hues rarer than others. All Labubus are female.
“They’re kindhearted, but sometimes, as they go about spreading joy, they get into well-intentioned trouble,” Emily Brough, head of licensing at Pop Mart North America told The New York Times. “It’s never malicious.”
Why are they so popular?
First released in 2015 as a children's book series, Labubus began to gain popularity after Chinese toy company Pop Mart started selling them as plush toys in their stores worldwide in 2019. The most popular Labubu keyrings were released in 2023.
They became a viral sensation when Lisa from K-pop group Blackpink was photographed with a Labubu charm attached to her bag. Labubus have since been spotted on a number of celebrities, from Rihanna to Dua Lipa and Emma Roberts.
The latest collection of Labubus were released on April 25, and sold out within minutes.
An entire sub-market has also emerged online, with businesses selling everything from tiny outfits and accessories to car seats and mini hand bags designed for Labubus.
What is the appeal?
Labubus are sold in blind boxes, meaning customers do not know which colour or type they have bought until they tear open the packaging. This element of surprise, as well as Gen Z's obsession with unboxing things, has only increased the Lububus' appeal. Some customers buy multiple boxes to try to collect characters or colours they don't own yet.
Where to buy Labubus in the Middle East
Pop Mart does not have any stores in the Middle East, but Labubus are available through a number of retailers.
At The Little Things, which has branches in Mall of the Emirates and Bluewaters Island in Dubai, they retail for Dh79 a piece. When The National called the store on Thursday afternoon, a shop assistant said they had sold out for the day, but a new batch of Labubus would be available on Friday. Fans will have to rush as the day's batch usually sells out in 15 minutes, as customers queue up outside the stores before they open at 10am.
Mad Kicks, which has branches in Bluewaters Island and Box Park in Dubai, as well as Yas Mall in Abu Dhabi, sells collectible Labubus, starting at Dh300.
Delivery app Deliveroo is also getting in on the game, hosting daily drops in collaboration with consignment store Youbetterfly. Every day at 4pm, fans can order a single box starting at Dh280 or six-pack boxes. The price is inclusive of delivery charges.
Online store Osloop, which specialises in rare trainers and collectibles, is also selling a range of Labubus, including a limited-edition Labubu-Vans collaboration for Dh13,658.
Top seller for Pop Mart
Last year, Pop Mart reported $1.8 billion in revenue, more than 100 per cent up from the previous year. The success of Labubus contributed about $400 million, according to Bloomberg.
Earlier this month, an investor made $97 million by selling his Pop Mart stock.
The years Ramadan fell in May
Three ways to limit your social media use
Clinical psychologist, Dr Saliha Afridi at The Lighthouse Arabia suggests three easy things you can do every day to cut back on the time you spend online.
1. Put the social media app in a folder on the second or third screen of your phone so it has to remain a conscious decision to open, rather than something your fingers gravitate towards without consideration.
2. Schedule a time to use social media instead of consistently throughout the day. I recommend setting aside certain times of the day or week when you upload pictures or share information.
3. Take a mental snapshot rather than a photo on your phone. Instead of sharing it with your social world, try to absorb the moment, connect with your feeling, experience the moment with all five of your senses. You will have a memory of that moment more vividly and for far longer than if you take a picture of it.
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
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Results
Stage seven
1. Tadej Pogacar (SLO) UAE Team Emirates, in 3:20:24
2. Adam Yates (GBR) Ineos Grenadiers, at 1s
3. Pello Bilbao (ESP) Bahrain-Victorious, at 5s
General Classification
1. Tadej Pogacar (SLO) UAE Team Emirates, in 25:38:16
2. Adam Yates (GBR) Ineos Grenadiers, at 22s
3. Pello Bilbao (ESP) Bahrain-Victorious, at 48s
The specs: 2019 Haval H6
Price, base: Dh69,900
Engine: 2.0-litre turbocharged four-cylinder
Transmission: Seven-speed automatic
Power: 197hp @ 5,500rpm
Torque: 315Nm @ 2,000rpm
Fuel economy, combined: 7.0L / 100km
