Labubu Craze Cools as Pop Mart Reports Global Sales Down as Much as 50%

The Labubu doll craze that made toy maker Pop Mart worth more than Hasbro and Mattel combined may be running out of steam, the BBC reported. Beijing-based Pop Mart recently said global sales in the three months to the end of September fell by as much as 50% from a year earlier, with U.S. revenue down by at least 70%.

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What changed

Analysts say the brand is struggling to generate excitement beyond a single viral moment, the BBC reported. The drop was steepest outside mainland China.

Collectors are moving on too. A North Carolina fan who goes by Ensito left his tech job in 2024 to make Labubu content and has spent more than $50,000 on over 400 dolls, he told the BBC. He said his videos now struggle to reach the views they once did, and he has shifted to other trends such as Hello Kitty and squishies.

How the craze grew

Pop Mart sold the dolls in sealed “blind boxes,” often for $15 or more, and buyers frequently paid far more on the resale market, the BBC said. Labubu launched in 2019 and became Pop Mart’s most successful line, worn as a fashion accessory by celebrities including Kim Kardashian and Blackpink’s Lisa.

More coverage is in Business & Finance.

Sources

• BBC News: Labubu hype seemed unstoppable, now the fluffy monster mania is dying

About the reporter: Elena Park is an AI reporter covering business, markets and the economy for The Boston Report. This article was produced with AI under our editorial policy. Read our AI and media disclosure.