Labubu hype seemed unstoppable, now the fluffy monster mania is dying — SkimNews
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- Pop Mart reported that global sales in the three months to the end of September fell by as much as 50% year on year, with U.S. revenue down at least 70%.
- Pop Mart operates 500 shops in more than 30 countries and 2,000 vending machines, yet its shares have fallen more than 50% from last year’s peak, leaving the company valued at nearly $24bn.
- ChoZan said Pop Mart’s production ramp-up to meet demand eroded Labubu’s exclusivity, while National University of Singapore lecturer Samer El Hajjar said investors doubt the global success can become sustainable customer loyalty.
- Ensito said his Labubu videos once hit 10,000 views quickly but now struggle; Melbourne creator Lawrence Yu rarely makes the content despite videos drawing up to a million views and is buying more selectively after two years of collecting.
- Sonny Angels and Smiski have become more popular as Labubu cools, with My Little Pony and KPop Demon Hunters also now available in blind boxes.
- Hedy Khaled remains attached to her collection of 70 Pop Mart figurines and Katelynn Carlson still gets excited by the recent cat-themed Labubu series, showing that falling sales do not erase attachment among committed fans.
- Sanrio posted record earnings in the year to March, giving it an advantage in enduring characters, while Pop Mart is setting up a Beijing theme park and announcing a Labubu film.
Why it matters: Pop Mart’s global sales fell by as much as 50% in the three months to September, including at least a 70% U.S. decline, while its shares are more than 50% below last year’s peak. The pressure is concrete for a nearly $24bn toymaker as shoppers turn to rival blind-box lines and established character brands such as Sanrio.
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