Move over, micro bags — there’s a new accessory on the arms of fashion’s elite, and it has a mischievous grin and ghoulish charm. 

Introducing Labubu, the eerily marvelous plush doll that has become a sensation in the collector’s and street style scenes. Created by Hong Kong-based artist Kasing Lung and manufactured in massive quantities by the toy giant Pop Mart since 2019, Labubu is now more than simply a vinyl toy — it’s a recognized fashion accessory.

You might have seen it hooked to Bottega and Hermes arm candy during Paris Fashion Week, or hanging from the designer bags of Lisa of Blackpink, Rihanna or Dua Lipa. The Nordic fairytale-inspired dolls, which combine soft and frightening elements in a way that perfectly captures Gen Z’s penchant for nostalgia, irony and collected disarray, have become street-style mainstays.

But behind the creepy-cute aesthetic lies a growing question: Can Labubu withstand the impending cloud of US-China tariffs?

The rise of a plush powerhouse

Labubu was born in 2015, when art toy circles were captivated by Lung’s doodle-like animals. But Pop Mart’s blind-box strategy — a combination of surprise and serotonin rush — brought them mainstream recognition. Customers aren’t told which type they’re getting until they open the box.

Pop Mart’s major success? Soon after Lisa from BLACKPINK was seen with a Labubu doll during an airport outburst that went viral, Labubu dolls became an unexpected luxury-meets-lore emblem as fancy aficionados began adding them to four-figure It-bags.  In AW25 runway recaps, Labubu was seen alongside furry charms and bold embellishments — part of the bag charm trend that surged 352 percent month-over-month in 2024, according to fashion platform Lyst.

The doll’s cult following is also very profitable. According to Newsweek, Pop Mart made $1.8 billion in 2024, of which Labubu and its Monster Tribe contributed about $400 million. Rare varieties fetch expensive resale rates, and certainly, designer Labubu clothing has its own specialized market.

But first, tariffs

Even though Labubu is the most surprising fashion accessory, geopolitics cannot be avoided.

The toy industry is already feeling the effects of the escalating trade conflict between the United States and China. Beijing has responded with retaliatory tariffs to US President Donald Trump’s recently proposed 145 percent charge on Chinese goods, which has rocked global supply chains. Labubu is not alone in the crossfire, based on Newsweek, as the Toy Association points out that 80 percent of toys sold in the United States are imported from China.

According to a report by Jefferies, American fans of Labubu will now pay $28 per doll, up from $22 — a 27 percent increase. Still, that didn’t stop the newest collection from selling out in minutes last month, proving demand is still sky-high.

Pop Mart has already started to take action to lessen the impact. According to Jefferies, the company has moved 10 percent of its production to Vietnam and intends to move all of its manufacturing operations there by the end of 2025. It’s a calculated move to avoid tariffs and keep the momentum going globally.

So… will Labubu make it?

If all of the fuss is any indication, Labubu is far from trouble. With fashion’s continued fascination with collectibles, Gen Z’s love of weirdcore and pop culture’s present kawaii-meets-haunted style, the doll’s enduring popularity is stronger than squishy. And if shifting supply chains can keep price increases manageable, Labubu may well stay the odd little charm that the industry never saw coming.