From a soft toy keychain to a billion-dollar empire... Labubu is the internet’s latest obsession, and the toy behind a 560% share price spike at China’s Pop Mart. But how did it go from niche artist collab to global status symbol (and sell for up to $150,000 along the way)?

In this episode, we dive into the rise of Labubus and the business behind it. From blind box psychology to K-pop influencer hype, we unpack how Pop Mart built a cultural juggernaut on scarcity, storytelling, and a social media fanbase that queues for hours just for a shot at a mystery toy.

We also zoom out to explore what this frenzy says about emotional spending, China’s growing cultural export power, and whether toys are the new lipstick index.

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We hope you're So Invested.