Key facts
- Pop Mart reported global sales in the three months to the end of September fell by as much as 50% on the previous year.
- US revenue fell by at least 70% in the same quarter, Pop Mart reported.
- Pop Mart's shares have fallen by more than 50% from last year's peak.
- Pop Mart operates 500 shops in more than 30 countries and 2,000 vending machines worldwide.
- Pop Mart declined to comment on share price moves and did not respond to questions about falling sales.
- Analyst Ashley Dudarenok of ChoZan said exclusivity faded as Pop Mart ramped up production to meet demand.
Pop Mart reported that global sales in the three months to the end of September fell by as much as 50% on the previous year, with the drop particularly steep outside mainland China and US revenue down by at least 70%, the BBC reported on November 7, 2026.
The toymaker's shares have fallen by more than 50% from last year's peak, though Pop Mart remains worth nearly $24 billion and is one of the world's most valuable toymakers. Pop Mart declined to comment on share price moves and did not respond to questions about falling sales.
Pop Mart has 500 shops in more than 30 countries and 2,000 vending machines worldwide. It listed in Hong Kong in 2020.
Collectors described a fading frenzy. Ensito, a North Carolina collector who left his tech job in 2024 to make Labubu content and has spent more than $50,000 on over 400 dolls, said his videos once reached 10,000 views quickly but now struggle to do so. Melbourne content creator Lawrence Yu, who has spent about $1,400 on roughly 50 dolls, said he is likely to be more selective.
Ashley Dudarenok of China research firm ChoZan said the dolls' exclusivity faded as Pop Mart ramped up production to meet demand. Samer El Hajjar, a marketing lecturer at the National University of Singapore, said investors worry the company's global success was a viral moment rather than sustainable growth driven by customer loyalty.
Rivals including Sonny Angels, Smiski figurines and Miniso's blind-boxed Disney and Marvel characters have gained popularity, the BBC reported.