Labubu is now a signuture product line of Pop Mart. (Photo/Pop Mart)

Beijing - Pop Mart and Sony Pictures Entertainment have teamed up to develop a feature film starring Labubu, a popular furry toy that has taken the world by storm.

The film, still in early development, will be a live-action and CGI hybrid bringing Labubu's whimsical world to the big screen, according to a press release provided on Thursday by Pop Mart, a leading company in the designer collectibles and pop culture entertainment industry.

The film will be produced and directed by Paul King, director of the "Paddington," "Paddington 2" and "Wonka," said the Chinese company, which is headquartered in Beijing.

The BAFTA-nominated filmmaker will also co-write the screenplay with Steven Levenson, an award-winning screenwriter and playwright whose works include "Dear Evan Hansen."

Kasing Lung, creator of Labubus known for their distinctive toothy and mischievous grins, will serve as an executive producer, according to the release. The artist, who was born in Hong Kong and raised in the Netherlands, first brought Labubu and other IPs of The Monsters to life in a series of picture books collectively known as "The Monsters Trilogy" in 2015.

The collaboration between Pop Mart and Sony Pictures Entertainment marks a significant milestone in bringing the Monsters IP from the world of collectibles to the big screen, Pop Mart said.