A movie based on the Labubu doll plush line, a character created by Hong Kong artist Kasing Lung in 2015 for his The Monsters book series, inspired by Nordic and European fairy tales about mischievous but kind-hearted elf-like creatures, is in early development at Sony Pictures.
Culver City studio acquired feature film rights to the character, according to a Deadline report. No creative attachments have been made yet, and the studio has not determined whether the project will be animated or live-action.
Blind-Box Strategy Drives Collectibility
How2 Work initially manufactured the dolls before Chinese retailer Pop Mart International Ltd. (OTC:POPMF) acquired the line and began sales in 2019.
Pop Mart sells Labubu dolls using a "blind box" model, where buyers don't know which variant they'll receive until they open the package. According to Deadline, this strategy has driven demand in auction markets and raised retail prices.
Blackpink member Lisa enhanced the dolls' visibility by accessorizing her bags with Labubu, joining other celebrities such as Rihanna and Dua Lipa who have been seen with the dolls.
Financial Performance
Pop Mart operates around 40 U.S. stores and plans to open 10 more by year-end. CEO Wang Ning projects 30 billion yuan ($4.18 billion) in 2025 revenue should be “quite easy” to achieve.
The line generated $670 million in the first half of 2025, accounting for nearly 35% of Pop Mart's revenue during that period.
Pop Mart has gained 137.41% year-to-date but has fallen 24.91% over the past month.
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