Pop Mart stock jumped over 3% to new record high in Hong Kong. Move over Beanie Babies and Squishmallows — there's a new collectible captivating kids and adults around the world: Labubu dolls.

The fluffy toys have uncanny features, including a mischievous, jagged-tooth grin and huge, round eyes. With its pointy ears and tiny plastic hands and feet, Labubus are adored for their “ugly cute” aesthetic.

The plush dolls were created by Hong Kong-born illustrator Kasing Lung in 2015 as part of his whimsical set of characters called The Monsters. The toys are sold predominantly by the Chinese toy company Pop Mart, which has stores located all around the world, including the U.S.

They’re typically sold in “blind boxes,” each containing a randomly chosen toy, meaning you won’t know which Labubu or color you’ve received until you open it.

However, Labubus didn’t start trending until 2024, when Blackpink’s Lisa spotlighted them on her Instagram Stories. Reshared widely on TikTok, the clips showed her unboxing several Labubu toys, some of which she even used as purse keychains.

In March, she reiterated her love for the plush toy in a video for Teen Vogue. “Labubu’s my baby,” she said, while sharing that the first thing she bought for her collection of trinkets was a Labubu from Pop Mart.

TikTok users are attaching Labubus to their luxury handbangs (@jennyboba/@stef_lova1/TkTok)

Since then, Rihanna has been seen adorning her Louis Vuitton bag with a lychee berry Labubu, and Dua Lipa has also jumped on the trend. The charms are often spotted dangling from Birkins and Miu Miu bags, giving the purses a pop of color.

Many Labubu fans on TikTok have paired the keychains with another viral favorite: Trader Joe’s pastel mini tote bags in pink, purple, blue, and green.

Social media is brimming with posts celebrating Labubus, like a TikTok video from December featuring a woman named Jenny. She showcased her white-furred Labubu dressed in a pink Miu Miu outfit, clipped stylishly to her brown Miu Miu bag.