Global Super IP! Is Labubu the "Hello Kitty" of the new era?

The search popularity of Labubu has risen exponentially over the past year, surpassing Hello Kitty in May 2025.

Written by: Li Xiaoyin

Source: Wall Street Journal

After Hello Kitty, will Labubu become the next global super IP?

According to news from the Chasing Wind Trading Platform, on May 20, JPMorgan analysts Kevin Yin and Yibo Wu released a research report stating that Labubu and Hello Kitty are very similar in character style and business model, with Labubu rapidly rising as a new generation super IP and already beginning to surpass Hello Kitty in search popularity.

JPMorgan expects that the sales of the THE MONSTERS series, where Labubu is located, are likely to rise from 3 billion RMB in 2024 to 14 billion RMB in 2027, demonstrating its enormous potential as a super IP.

Labubu VS Hello Kitty

The report points out that there are many similarities between Pop Mart's "Labubu" series and Sanrio's "Hello Kitty."

In terms of popularity, Google Trends data shows that Labubu's search heat has risen exponentially over the past year, surpassing Hello Kitty in May 2025. This indicates that Labubu's brand influence is rapidly increasing globally, especially in Southeast Asia where the search heat is 1-4 times that of Hello Kitty, 2 times in Mexico, and 1.4 times in Spain, among other regions.

The report emphasizes that search interest is a strong proof of consumer interest and a leading indicator of future sales momentum.

From the perspective of IP design, Hello Kitty has deeply rooted itself in people's hearts with its simple and cute image, evoking emotional resonance among fans through simple lines and soft colors; in contrast, Labubu showcases a completely different style, with a more playful and whimsical character featuring big eyes, sharp teeth, and a fluffy tail, attracting collectors who pursue individuality.

From a commercialization perspective, Hello Kitty's commercialization path is quite mature, primarily through a broad licensing model that authorizes its image to numerous brands for the production of various products. This model not only brings substantial revenue to Sanrio but also greatly expands Hello Kitty's market influence.

Labubu focuses more on independent operations and innovation. Pop Mart has launched Labubu in the market through the blind box format, quickly attracting a large number of consumer attention. In addition, Labubu has also launched products such as plush toys and stationery, and has collaborated with well-known brands to further expand its product line. This independent operation model allows Pop Mart to better control product quality and brand image.

From the market performance perspective, Hello Kitty has accumulated retail sales of up to 8.45 billion dollars since its launch. Meanwhile, Labubu has achieved sales of 3 billion yuan in 2024 since its launch in 2019.

The rise of Labubu not only surpasses the early growth rate of Hello Kitty, but also shows its enormous market potential.

Why is Labubu the next super IP star?

The report believes that Labubu's success can be attributed to the following points.

• Product Innovation. Labubu uses unique vinyl plush as the material to best showcase the character's softness, distinguishing it from most other IP characters.
• Celebrity Influence. Well-known stars are attracted to this product and post their Labubu plush toys on social media.
• Strategic marketing campaign. In the marketing event organized by the Tourism Authority of Thailand and Pop Mart, the life-sized Labubu dolls toured Bangkok last July as "Wonder Thailand Experience Explorer," sparking a heated discussion on social media.
• Pop Mart makes a large investment. Hosting a Labubu live performance at the Pop Mart theme park in Beijing and opening its first offline retail store in Thailand in 2023.

Based on a comparison of search interests, consumer interviews, social media observations, and visits to the retail market, the report estimates that the annual sales of the THE MONSTERS series, where LABUBU is located, is expected to reach 14 billion yuan.

Under optimistic scenario assumptions, by 2027, Labubu will be able to reach 100% of Hello Kitty's search popularity (from the beginning of 2025 to now, Hello Kitty has 70%, close to 100% in April, and close to 200% in May).

Future Rise Engine: New IP and AI Toys

JPMorgan believes that, in addition to existing IPs, Pop Mart may see new rise engines emerge in the next 1-3 years.

The report estimates that by 2027, the THE MONSTERS series where LABUBU is located will contribute 27% of the group's annual revenue. Molly and Crybaby are expected to become the second and third largest IPs, with sales exceeding 5 billion each.

In terms of product categories, the report predicts that traditional blind box dolls will remain the main product category, but their sales contribution will drop from 53% in 2024 to 43% in 2027. Sales contribution from other product categories will increase, including plush toys ( from 22% to 27% ), MEGA dolls ( from 13% to 14 )%, and other product ( from 12% to 16% )。

In addition, although Pop Mart has not publicly disclosed its AI strategy, analysts believe that AI toys will become a new trend in the Chinese toy industry, and Pop Mart is expected to lead this trend. AI can enable a more interactive and personalized toy experience, such as voice recognition, personalized learning experiences, and augmented reality features.