Labubu craze cools: Pop Mart’s Americas sales fell up to 75%

Pop Mart’s revenue in the Americas fell 70% to 75% from July through September. Our math: that’s still more than three times what the region brought in two summers ago.

Labubu’s cooldown now has numbers attached. Pop Mart, the Chinese company behind the toothy plush monster, said revenue fell 45% to 50% from July through September compared with a year earlier. In the Americas, the region that includes the U.S., it dropped 70% to 75%.

Those numbers aren’t new. Pop Mart filed them with the Hong Kong stock exchange on Oct. 27. The BBC revisited them Saturday, Nov. 7, in a feature on fans moving on, putting U.S. revenue down at least 70%, the low end of Pop Mart’s range.

One catch: the filing covers everything Pop Mart sells, not Labubu alone, and it doesn’t break out the U.S. by itself.

For scale, a year earlier, Americas revenue had jumped 1,265% to 1,270% in the same quarter. By our math, this summer’s Americas sales were still about 3.4 to 4.1 times the summer 2024 total. Labubu fell hard, but from a very tall shelf.

On an analyst call, chief operating officer Si De named that tough comparison as the main reason for the drop, Inside Retail Asia reported. Investors weren’t soothed. Shares fell as much as 6% to HK$123.80 on Oct. 28, an 18-month low.

Pop Mart has been buying back stock since. Exchange filings show 2.72 million shares repurchased from Oct. 29 to Nov. 6, the last batch at an average of HK$141.56. That’s still about 58% below the August 2025 record of HK$339.80 that Yicai reported.

Pop Mart’s chief operating officer talked to CNBC earlier this year about what comes after Labubu:

How much did Pop Mart’s sales drop in the U.S. and elsewhere?

Every region shrank from July through September, the filing shows:

• Americas: down 70% to 75%

• Asia-Pacific outside mainland China: down 65% to 70%

• Europe and other regions: down 50% to 55%

• Mainland China: down 25% to 30%

• Overall: down 45% to 50%

The Americas slide started earlier. Sales there fell 17% in the first half of 2026, Yicai reported. The Monsters, Labubu’s line, slipped 7.5% in that half, its first recorded decline, Inside Retail Asia reported.

Are Labubu resale prices falling?

For many models, yes. After Pop Mart raised output roughly tenfold, resale prices for many Labubus fell by more than half, and some slipped below retail, Inside Retail Asia reported.

In China, the secret figure from the Big Into Energy series went from about $645 on resale app Poizon in June 2025 to about $77 by Dec. 30, Yicai reported. It retailed for 99 yuan, about $14.

Where can you buy Labubu in Orlando?

Pop Mart opened its [first Florida store at The Florida Mall](https://news.piratesandprincesses.net/p/labubu-takes-on-disney-world-new) on Oct. 25, 2025, on South Orange Blossom Trail.

Pop Mart boxes also show up at Disney Springs. The Disney Drop Shop in Marketplace Co-Op opened Nov. 21, 2025, with blind boxes from brands including Pop Mart, WDW News Today reported. WDWNT’s launch list had Pop Mart’s Dimoo World at $20.99, but no Labubu.

Nationally, Pop Mart set out to grow from 72 U.S. stores to more than 100 this year, with New York flagship sites lined up in Times Square and on Fifth Avenue, Inside Retail Asia reported.

What is Pop Mart doing after Labubu?

Betting on everything around the toy. In March, Pop Mart and Sony Pictures announced a live-action and CGI Labubu movie, with Paul King of Paddington and Wonka attached to direct, Reuters reported. No release date yet.

Pop Mart’s Beijing theme park, Pop Land, began reopening after renovations in late April, adding rides that include a pirate ship, a drop tower and a carousel, Caixin reported. Phase two is planned for 2027.

Sales of Pop Mart’s Twinkle Twinkle line jumped 580.6% in the first half, Inside Retail Asia reported, though JPMorgan said Supertutu, Merodi and KeyA started soft. Pop Mart also launched [KPop Demon Hunters bag charms](https://news.piratesandprincesses.net/p/pop-marts-kpop-demon-hunters-charms) Oct. 29 at $29.99 a box.

Si De expects every region to grow from the third quarter during the holidays, Inside Retail Asia reported.

Is Labubu the next Beanie Baby?

Bernstein analyst Melinda Hu made that comparison a year ago, pointing to “the scarcity, the hunt, the dopamine hit and the secondary market,” Bloomberg reported.

There are differences. Pop Mart is still worth nearly $24 billion, the BBC reported, and Beanie Babies never had a Paddington director. Analyst Ashley Dudarenok told the BBC the real test is whether Pop Mart can make people love a character “without a celebrity holding it.”

Pop Mart says it’s more than one monster. In June, it told Bloomberg about half its 2025 U.S. revenue came from other characters, [as we reported](https://news.piratesandprincesses.net/p/labubu-damage-control-pop-mart-denies).

Article compiled and written by Kambrea Pratt (editor-in-chief), Derek Gibbs (beat editor) and the Pirates & Princesses newsroom. Pirates & Princesses is part of WebReef Media.

Pirates and Princesses is your destination for Disney news, theme park updates, and the pop culture you love. From Disney cruises and travel tips to Disney fashion, food, collectibles, and movie news, PNP covers it all. Visit us at piratesandprincesses.net for daily coverage. Follow PNP on Facebook and Instagram, and listen to the Pirates & Princesses podcast on Apple Podcasts and YouTube.

Hat Tips:

• Pop Mart, Hong Kong stock exchange filing (Oct. 27, 2026), the third-quarter revenue changes by region and channel

• Pop Mart, Hong Kong stock exchange filing (Oct. 21, 2025), last year’s third-quarter growth, used for our math

• Pop Mart, Hong Kong stock exchange filing (Nov. 6, 2026), the share buyback totals and prices

• BBC (Nov. 7, 2026), the fan feature, the at-least-70% U.S. framing, the $24 billion valuation and Ashley Dudarenok’s comments

• Inside Retail Asia (Oct. 30, 2026), Si De’s comments, the Oct. 28 share drop, resale prices, the U.S. store goal, New York flagships, Twinkle Twinkle and JPMorgan’s take

• Bloomberg (Oct. 27, 2026), confirming the third-quarter figures

• Yicai Global (Dec. 31, 2025), the Big Into Energy resale prices and the record share price

• Yicai Global (Aug. 21, 2026), first-half Americas sales

• WDW News Today (Nov. 21, 2025), the Disney Drop Shop’s brands and Dimoo World price

• Reuters (March 19, 2026), the Sony Pictures Labubu movie and Paul King

• Caixin Global (April 27, 2026), the Pop Land reopening and 2027 expansion

• Bloomberg via Malay Mail (Nov. 16, 2025), Melinda Hu’s Beanie Babies comparison

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