How Kasing Lung’s Labubu Became the Billion-Dollar Bag Charm

This story is a complementary profile to the 2025 Hypebeast100, our annual recognition of the creatives shaping fashion and culture today. Explore the full Hypebeast100 list, award winners, and this year’s Next class of emerging designers here.

Kasing Lung is the embodiment of the intersection of fine art, high fashion, and collectible culture. The Hong Kong-Born, Netherlands-raised artist and illustrator is the creative force behind Labubu, the sharp-toothed, wide-eyed elf that we now see hanging on every designer bag. In the last two years, these Nordic-inspired fuzzy collectibles drove billion-dollar market surges and unparalleled retail frenzies across the globe, transforming from a niche designer toy to a global phenomenon.

As a foundational pillar of the Hypebeast100 Awards, Lung’s work isn’t merely art; it’s a disruptive cultural currency. We sit down with the quiet visionary to discuss the evolution of his mischievous monster and explore how Labubu’s “ugly-cute” aesthetic has managed to tap into a universal emotional resonance, cementing its status as one of the most unexpected and powerful icons of the new decade.

When he first unveiled Labubu in 2015, Lung didn’t intend for the character to be the focal point of his The Monsters book series. Labubu gained some traction in the summer of 2016 when it became a hit with Chinese toy collectors. His collaboration with Pop Mart in 2019 introduced the character to a wider audience, but it wasn’t until the co-sign of BLACKPINK’s LISA in 2024 did Labubu truly go worldwide. For Lung, it wasn’t just his creation that spurred this global craze — it was also Pop Mart’s ability to meet the sudden demand across continents as many clamored to get their hands on the scarce item.

“Labubu is the only defense from hardcore collectors,” Lung tells Hypebeast, adding that the general population now buy them to use as bag charms. “It’s a fashion trend.”

He recalls, “You know in the past, my wife never asked me for a Labubu. When we release something, Pop Mart sends me the product in Belgium, I open it, and my wife never cared for it.” Lung continues, “But now, you have the plush toy from the new series, and my wife says, ‘Give them to me. I must keep them all.’” He even tried to bargain with his wife to keep at least one of the five Labubus Pop Mart sent over, but his pleas fell on deaf ears. But when his parents asked him for a Labubu, that’s when he really internalized it: “Oh, it’s a big hit.”

Unless you’re directly connected to the creator himself, your only avenues of getting a Labubu is by trying your luck at a Pop Mart store or paying resale and auction prices. The $20 to $30 USD retail prices for general releases often skyrocket on the secondary market, with rare pieces selling for hundreds of times their original price. In mid-2025, a rare Vans x Labubu collab sold for a whopping $10,585 USD on eBay from a retail price of $85 USD. Meanwhile, limited-edition artist proofs and collaborations have fetched astronomical sums from luxury auction houses: a set of 48 Labubus sold at auction in Beijing for approximately $520,000 USD, while a rare five-foot-tall Labubu went to a lucky bidder for over $150,000 USD.

Consumers aren’t the only ones who want a piece of the Labubu pie. Everybody from UNIQLO abd Coca-Cola to One Piece and sacai x SEVENTEEN have planted their flags in the world of Labubu. These collaborations do more than slap co-branded logos on products, however. Each collaborator has enriched the universe of Labubu and The Monsters series as a whole. Take Lung’s Moynat collection as an example. While a high-fashion collaboration didn’t seem out of reach for Labubu, it was still a carefully-selected project that was given the green light by the creator himself. “The last time I was in Paris, [Moynat] showed me some works and I thought, ‘Wow, this is great,’” he explains. “They sent me the passport holder before it was painted and I told myself, ‘I must do that.’”

A decade on, Labubu has taken Lung and The Monsters series to unimaginable heights. Filled with gratitude, the creator is ready to slow down, return to his first love, and honor Labubu’s roots with a brand-new picture book. “10 years ago, I was working on The Monsters Trilogy. It has three stories about Labubu, Tycoco, Zimomo, and Spooky. They were all side characters before,” he shares. “But now, Labubu is finally the main character. It’ll be a story about Labubu and a girl,” he hints to Hypebeast, confirming that this brand new character has never been shown before.

With a new picture book and even a film deal with Sony on the table, it’s evident that the mischievous elf’s journey is far from over. From a playful side character drawn from Nordic folklore to a foundational force in global consumption, Labubu has transcended the toy box to become a defining marker of contemporary hype culture, validated by both viral trends and high-fashion co-signs. Lung, the quiet visionary at the heart of this storm, remains grounded in the joy of storytelling. The continued hunger for Labubu is definitive proof that its “ugly-cute” aesthetic has struck a universal chord. Lung’s indispensable place on the Hypebeast100 Awards is solidified, and ensures that the future of The Monsters series is brighter and more fanged than ever before.