Pop Mart quarterly revenue drops 50% as Labubu craze cools

Published 6h ago · Latest report 3h ago · Earnings

Affects China · Covered in 2 countries

AI summary38s readNegative

Pop Mart faces a steep quarterly revenue drop as consumer interest in Labubu dolls cools globally.

Chinese toy maker Pop Mart recorded a third-quarter revenue drop of 45% to 50% compared to the previous year. The contraction follows waning consumer interest in its popular Labubu collectible figures across key markets. Foreign operations and e-commerce platforms suffered the heaviest downturns, with regional sales outside mainland China dropping substantially.

Regional breakdownSales in mainland China dropped between 25% and 30% during the quarter.
Overseas contractionRevenue across non-mainland Asia-Pacific markets and Oceania plummeted by 65% to 70%.
Affected channelsInternational branches and online sales suffered the sharpest reductions in demand.

Why it matters

Pop Mart expanded rapidly globally after its Labubu character figures became a viral phenomenon. Toy companies reliant on blind-box collectibles and trending characters often face steep sales declines when viral momentum cools and consumer spending shifts.

By the numbers3

50%maximum third-quarter revenue decline

30%maximum third-quarter revenue fall in mainland China

70%maximum revenue drop in non-mainland Asia-Pacific markets

How outlets cover it