Bay Area teacher Ellis Stephens makes thousands of dollars a month customizing Labubu plush toys. Fueled by Pop Mart’s blind-box collectibles craze, the Labubu resale market has exploded worldwide, with rare figures selling for as much as $30,000 each. Pop Mart is now worth more than Mattel and Hasbro combined. The toys are also popular with celebrities, including professional tennis player Naomi Osaka, who carried one in her bag at the 2025 US Open. But some fear the Labubu craze could collapse like Beanie Babies.
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