Labubu hype is over: Pop Mart’s sales plummet by 50%

Pop Mart is seeing its revenue nearly halve as the global craze for the popular Labubu dolls subsides. Demand is plummeting, particularly in the United States and Europe. Although the company has always vehemently denied it, the Chinese toy manufacturer appears to have become too dependent on its hit product.

Western markets are turning away

Pop Mart reported a 45 to 50 percent drop in revenue in the third quarter of 2026 compared to the same period last year, according to the Financial Times. This is evident from preliminary figures released by the Chinese toy manufacturer on Tuesday evening. The contrast with the previous year is stark: back then, quarterly revenue was still growing by about 250 percent.