# Pop Mart's Labubu Craze Fades as Sales and Stock Prices Decline Viral toy phenomenon faces market cooling as consumer interest shifts to new trends. - **Source:** [BBC News Brasil](https://www.bbc.com/portuguese) - **Published:** 2026-11-10 - **Topic:** [Business](https://brifing.si/c/business) - **Original article:** - **On Brifing:** https://brifing.si/s/18db4dbf-6a54-435e-a8bc-0e631fc199cc ## The Rise of Labubu Labubu figures, launched in 2019 by Beijing-based Pop Mart, became a global sensation through blind box sales. Collectors frequently paid premium prices on resale markets to secure rare characters. The brand gained massive visibility after celebrities like Lisa from Blackpink and Kim Kardashian showcased the peculiar, sharp-toothed monster figures. ## Extreme Collector Dedication Superfans invested heavily in the trend, with one collector spending over 275,000 Brazilian reais on 400 figures. Some enthusiasts even underwent physical modifications, such as getting custom dental prosthetics to mimic the characters. This intense devotion fueled a secondary market where individual rare figures sold for as much as 150,000 dollars. ## Market Saturation Effects The perception of exclusivity, a core driver of the initial frenzy, has diminished as Pop Mart increased production to meet demand. Collectors report that Labubu figures are now readily available on store shelves. This shift has led to a cooling of the secondary market and reduced engagement from prominent content creators. ## Financial Performance Decline Pop Mart has faced significant financial headwinds, with global sales for the quarter ending in September falling by up to 50 percent year-over-year. The decline was particularly severe outside of China, with revenue in the United States dropping by at least 70 percent. Consequently, the company's stock price has fallen over 50 percent. ## Shifting Consumer Interests As the Labubu fever cools, consumer attention has migrated toward other collectible trends. Items like Sonny Angels, Smiski glow-in-the-dark figures, and characters from My Little Pony are gaining popularity in the blind box format. Competitors like Miniso are also capturing market share by focusing on diverse character licensing and accessible price points. ## Sustainability Challenges Analysts suggest that Pop Mart struggles to maintain interest beyond isolated viral moments. Unlike established brands such as Sanrio, which owns Hello Kitty and reports record profits, Pop Mart faces difficulty in creating long-term character loyalty. Investors remain concerned that the company's global success was a temporary viral phenomenon rather than sustainable growth. ## Strategic Expansion Efforts To transition from a viral trend to a lasting brand, Pop Mart is investing in physical infrastructure and media. The company has opened a theme park in Beijing and announced a feature film based on the Labubu character. These moves mirror the strategies of giants like Disney and Lego to build enduring intellectual property. ## The Reverse Business Model A critical challenge for Pop Mart is its unique business model. While companies like Disney typically sell a story before selling merchandise, Pop Mart sells toys first. Experts note that the true test for the company in the coming year will be whether it can foster genuine emotional attachment without relying on celebrity endorsements. ## Future of the Hobby Despite the market cooling, a core group of dedicated fans remains committed to their collections. While some collectors are becoming more selective and cautious about future investments, others continue to find joy in the hobby. The long-term viability of the brand will likely depend on its ability to retain these loyal, non-trend-driven consumers. ## Sources covering this story - https://www.bbc.com/portuguese/articles/cm1dwdyr40wwo?at_medium=RSS&at_campaign=rss — --- _Summary written by Brifing from the original reporting. Copyright in the original article belongs to its publisher; read the full piece at the link above._