A furry elf doll has turned a Chinese group into one of the world’s most valuable toy companies, triggering in-store fights, driving nearly $2bn in annual sales and signalling the rare globalisation of a Chinese consumer brand.

Labubu, an ugly-but-cute figurine sold by Beijing-based Pop Mart, has exploded in popularity over the past year. Scuffles have broken out in stores over the palm-sized plush toys, some of which go for triple their retail price in secondary markets.

They have been perennial subjects of TikTok videos and spawned mammoth queues outside Pop Mart stores from Paris to Los Angeles. Celebrities including Dua Lipa, Rihanna and Lisa of K-pop group Blackpink have sported a version of the devilishly grinning monster as a handbag accessory.