What is a 'Labubu' and why has the $7,000 bug-eyed Chinese toy fuelled so much hype

Labubu, a mischievous-looking vinyl toy created by artist Kasing Lung, has gone from niche character to viral sensation. Sold through Chinese retailer Pop Mart in blind boxes, these toothy figures have sparked global demand, driven by TikTok unboxing trends and celebrity endorsements. Prices have surged on resale platforms, even reaching $7,000 for limited editions. Amid shortages and chaos at store launches, fans are turning to smugglers, raising concerns over overconsumption, counterfeits and ethical reselling.