Study on Labubu's Path to Success in Export Markets: An Analysis Perspective based on IP Value

This paper analyzes the formation mechanism behind Labubu's rapid global popularity using it as a case study, and explores its implications for the overseas expansion of Chinese cultural IPs. The research unfolds across three dimensions: supply, demand, and dissemination. On the supply side, Labubu established a distinctive visual identity through its “ugly-cute” aesthetic and innovative product details. On the demand side, the randomness, scarcity, and “unfinished” state inherent in the blind box mechanism amplified emotional engagement and repeat purchase motivation. On the dissemination front, celebrity endorsements, user-generated content, and short-video platform algorithms collectively propelled cross-demographic diffusion, catapulting the IP to global prominence within a short timeframe. Analysis further reveals that Labubu's viral success was accompanied by pronounced capital amplification effects and market volatility. Its business model, heavily reliant on high-visibility dissemination, faces sustainability challenges amid intensifying regulatory scrutiny and market competition. Based on these findings, this paper argues that the internationalization of Chinese cultural IPs requires a shift from short-term traffic logic to long-term value building. By deepening cultural narratives, enhancing localization capabilities, and strengthening brand governance, it can support the construction of stable, scalable global competitiveness.