Labubu Toy Sales Skyrocket with Russians Spending Millions on It
(MENAFN) Russians have reportedly invested over 1.5 billion rubles (equivalent to $17.6 million) in Labubu collectible figures this year. This substantial spending data comes from the e-commerce platform Wildberries & Russ, as cited by media.
Designed by Hong Kong artist Kasing Lung for his literary work, 'The Monsters,' the diminutive, sharp-toothed elf character gained widespread recognition as a global collector's item after the Chinese firm Pop Mart released it in a blind box format in 2019. Its appeal dramatically increased in 2024 following K-pop sensation Lisa's Instagram posts featuring the dolls, which initiated a cascade of celebrity endorsements. Subsequently, singer Rihanna was seen with one attached to her Louis Vuitton handbag, Kim Kardashian publicly displayed a collection of ten figures, and former England football captain David Beckham shared an image of a Labubu gifted by his daughter, firmly establishing the toy as an international phenomenon.
Although Labubu-themed merchandise became available on Wildberries in July 2024, the company noted that sales remained minimal until May of this year. At that point, demand surged by an astonishing 4,700% compared to April, resulting in tens of millions of rubles in revenue.
"The popularity of the toys continued to grow in June: Labubu sales set a new record – compared to May, turnover increased by another 1,190% and almost reached 1 billion rubles ($11.1 million). As of today, total sales of Labubu products on Wildberries (since January 1) have amounted to 1.582 billion rubles ($17.6 million). On average, every tenth Russian has bought Labubu on Wildberries," the company informed media on Sunday.
The sudden rise in Labubu's popularity has ignited controversy among Russian legislators. Ekaterina Altabaeva, deputy chair of the Federation Council Committee on Science, and MP Vitaly Milonov have both advocated for a prohibition, citing the toys’ "monster-like" appearance and potential detrimental effects on children. Another lawmaker, Tatyana Butskaya, expressed concern that many of these items lack proper labeling and has called for stricter regulatory measures.
However, the state quality oversight body Roskachestvo stated that the figures adhere to safety standards, characterizing Labubu as a "kind, toothy elf." Pediatric experts contend there is no empirical evidence of psychological harm, emphasizing the importance of parental oversight.
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