Pop Mart's Labubu Sales Fall by Half as Global Craze Cools

Pop Mart, the Beijing-based maker of Labubu dolls, reported that global sales fell by as much as 50% in the three months ending in September compared with the same period a year earlier, according to BBC News, which cited the company's own figures published November 7, 2026. The decline was sharpest outside mainland China, where US revenue dropped by at least 70% over the same period, BBC News reported.

How much did Pop Mart's sales fall this quarter?

The numbers mark a sharp reversal for a company that, at its peak, was worth more than US toy giants Hasbro and Mattel combined, per BBC News. Pop Mart is still valued at nearly $24 billion, but its shares have fallen more than 50% from last year's peak, the outlet reported. The three-month sales window — July through September 2026 — is the period company executives and analysts are watching most closely for signs of whether the Labubu line can sustain demand beyond its initial viral run.

Why did sales fall faster in the US than elsewhere?

The gap between the global decline (up to 50%) and the US decline (at least 70%) suggests the slowdown is not uniform. Analysts cited by BBC News believe Pop Mart is struggling to convert a single viral moment into durable demand outside China, where the brand retains deeper retail infrastructure: 500 shops in more than 30 countries and 2,000 vending machines worldwide, according to the company figures reported by BBC News. That footprint gives Pop Mart more levers to pull in its home market than in newer territories like the US, where Labubu's rise was driven almost entirely by social media and celebrity sightings rather than longstanding retail presence.

What is Pop Mart's market value relative to its US-listed rivals?

Data box — Pop Mart by the numbers (BBC News, Nov. 7, 2026):

• Global sales, Q3 2026 vs. Q3 2025: down as much as 50%
• US sales, Q3 2026 vs. Q3 2025: down at least 70%
• Market valuation: nearly $24 billion
• Share price vs. 2025 peak: down more than 50%
• Store count: 500 shops in 30+ countries
• Vending machines worldwide: 2,000

At its peak, Pop Mart's market value exceeded the combined worth of Hasbro and Mattel, two of the largest publicly traded US toy companies, BBC News reported. The current $24 billion valuation still places Pop Mart among the most valuable toymakers globally, even after the stock's decline, according to the outlet.

What made Labubu blind boxes drive so much demand in the first place?

Pop Mart did not invent the blind-box sales model — sealed, mystery packages that typically sold for $15 or more — but its Labubu line helped popularize the format worldwide, BBC News reported. National University of Singapore marketing lecturer Samer El Hajjar told the outlet that a key part of the appeal was scarcity: some Labubu versions were deliberately hard to find, prompting repeat purchases from fans chasing a specific doll.

"Blind boxes feel nostalgic, evoking the feeling of opening gifts as a child," marketing professional Katelynn Carlson, who owns 36 Labubus, told BBC News.

The secondary market amplified the effect. One collector paid more than $150,000 for a human-sized Labubu, according to BBC News, and the dolls were worn by celebrities including Kim Kardashian and Blackpink's Lisa — exposure that pushed resale prices well above the $15 blind-box entry point.

What is the timeline of Labubu's rise and current slowdown?

• 2019: Labubu launches as a Pop Mart toy line.
• 2020: Pop Mart lists on the Hong Kong stock exchange.
• 2024–2025: Demand surges; UK stores temporarily pull Labubu stock after reports of customers fighting over the dolls; Pop Mart's valuation climbs past Hasbro and Mattel's combined worth.
• 2025 peak: Pop Mart shares reach their high point before beginning a decline of more than 50%.
• Q3 2026 (July–September): Global sales fall by as much as 50% year-over-year; US sales fall by at least 70%, per the company's reported figures covered by BBC News.

What happens next for Pop Mart's stock and the broader collectible toy market?

Investors are now weighing whether Pop Mart's global success reflected durable brand strength or a single viral cycle, BBC News reported. The company retains structural advantages — its retail and vending footprint — that newer entrants to the collectible-toy category lack, but the US sales drop is the steepest of any major market tracked in the company's latest report. Whether Pop Mart can replicate the Labubu pattern with a new character line, as it has attempted in the past, remains the open question for a stock still down more than half from its peak.

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