Pop Mart saw its global sales drop by up to 50% year-on-year for the quarter ending in September, led by a massive slump of at least 70% in the United States. While celebrity endorsements and blind-box packaging previously fueled massive secondary-market markups, widely stocked store shelves have stripped the characters of their exclusive appeal. Collectors are now moving on to rival toys like Sonny Angels, Smiski figurines, and licensed products from competitors like Miniso. To counter this downturn, the company is attempting to pivot into broader entertainment ventures, including a Beijing theme park and an upcoming film.
Key points
Expanding manufacturing volumes undermined the product scarcity that initially generated…: Expanding manufacturing volumes undermined the product scarcity that initially generated viral social media interest and intense collector demand.
Increased competition from alternative blind-box brands and retail rivals like Miniso is…: Increased competition from alternative blind-box brands and retail rivals like Miniso is siphoning away market share.
The toy maker is seeking to diversify beyond collectible sales through investments in a t…: The toy maker is seeking to diversify beyond collectible sales through investments in a theme park and an announced feature film.
Sources checked by our analysis pipeline: 1
The Labubu fever finally seems to be cooling off. The furry dolls that once had collectors queuing up, spending big and hunting for rare editions are gradually losing their appeal. With sales falling and newer collectibles gaining popularity, Pop Mart's biggest hit is struggling to maintain its earlier excitement.
Collectors, young and old, once rushed to buy 'blind boxes,' sealed mystery packages containing the quirky dolls, often paying $15 (£11) or more. Those who failed to find their favourite characters were willing to spend considerably more in the resale market.
The craze these devilish looking dolls had was nothing less than massive!
One North Carolina fan told BBC that he even quit his technology job in 2024 to become a full-time Labubu content creator. He travelled to Italy and Spain in search of new releases and spent more than $50,000 (£37,000) building a collection of over 400 dolls. He even got a dentist to make him customised jagged teeth resembling those of Labubus.
However, his once-viral videos are no longer attracting the same attention. "Those videos used to be able…
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