Labubu hype seemed unstoppable, now the fluffy monster mania is dying

Key points

• Pop Mart's global sales fell by as much as 50% in the three months to the end of September.
• US revenue dropped by at least 70% as demand for Labubu cooled outside mainland China.
• Collectors and analysts say the dolls' exclusivity faded as Pop Mart ramped up production.

The hype around Labubu, the fluffy monster toys made by Beijing-based Pop Mart, appears to be fading. Pop Mart recently reported that global sales in the three months to the end of September had fallen by as much as 50% on the previous year, with US revenue down by at least 70%.

Labubu launched in 2019 and became Pop Mart's most successful toy line, worn by celebrities including Kim Kardashian and Blackpink's Lisa. Fans bought sealed blind boxes, often paying $15 or more, and some paid far higher prices on the resale market. Pop Mart is now worth nearly $24bn, though its shares have fallen by more than 50% from last year's peak.

Collectors see interest cool

Ensito, a collector from North Carolina, left his tech job in 2024 to make Labubu content full-time and has spent more than $50,000 on over 400 dolls. He told the BBC his posts once reached 10,000 views quickly but now struggle to do so, and he has shifted focus to trends like Hello Kitty.

Content creator Lawrence Yu, who owns roughly 50 dolls, says he rarely makes Labubu videos now. "People go crazy and then it fizzles," he said.

Those videos used to be able to hit 10,000 really quickly but I'm struggling to do that now.

— Ensito

Why the craze faded

Analysts say Pop Mart is struggling to keep excitement beyond a single viral moment. Ashley Dudarenok of China research firm ChoZan said the sense of exclusivity faded as Pop Mart ramped up production to meet demand.

Rival blind-box lines such as Sonny Angels, Smiski and Miniso's Disney and Marvel characters have grown more popular. Pop Mart declined to comment on share price moves and did not respond to questions about falling sales.