Luxury brands are leaning into the Labubu craze, elevating the $27 “ugly-cute,” rabbit-esque stuffed monsters from collectibles into high-fashion accessories. Now, retailers are testing premium demand for the status symbol: at the U.S. Open, Naomi Osaka sported a crystal-encrusted Labubu (~$500 from A-Morir), and Parisian maison Moynat is rolling out high-end bags and charms featuring the character. Created by Hong Kong-Dutch artist Kasing Lung, Labubu fits a broader playbook in which luxury houses incorporate characters – think Tiffany or Loewe tapping Pikachu and Totoro – to court Gen Z and digitally native shoppers. This formula travels especially well on TikTok, where virality and cultural relevance are central, though questions linger about the frenzy’s staying power. For now, Labubu manufacturer Pop Mart’s shares remain up ~200% YTD, and Labubu fans remain enchanted.