A new business school teaching case study examines Pop Mart's Labubu, a collectible toy craze built on scarcity and surprise. The FT report highlights the challenge facing the company: how to expand its global reach while maintaining the 'cult' appeal that drives sales. Labubu's success relies heavily on a blind-box model and limited editions, creating high demand among collectors.

However, scaling this model internationally presents a significant business dilemma. Pop Mart must balance increasing its fan base with preserving the exclusivity that defines the brand's value. This case study explores the sustainability of such a hype-driven business model in the competitive global toy market.