This teddy bear is the logo/symbol of the Pustefix company, a major maker of bubble items. In the late 1940s and into the 1950s, bears like this were on display as advertising in German toy stores.
He is sitting on a chair that houses a 220-volt power supply. Bubble solution is placed in the Pustefix can he holds. When turned on, he dips his wand into the solution and raises it to the tube in his mouth through which air is blown, creating multitudes of bubbles.
The teddy bear is made out of brown mohair, has brown plastic or glass eyes, and has fully jointed limbs. The can is laminated cardboard and plastic. The chair is wood with a plastic "Pustefix" banner.
One ad states, "After the end of WWII, the chemist Dr. Rolf Hein experimented with washing powder and discovered a mixture just perfect for making bubbles. In 1948 he started manufacturing and distributing the Pustefix 'Magic rainbow bubble' tubes which soon became an international success story that lasts until today."
Dimensions given above are for the bear and the chair.