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Pop Mart knew Labubu would be a hit, but it didn’t expect the shaggy little elf-monster to take over the world. Then, almost as quickly, the question followed: Is the bubble about to pop?
It’s a pressure Pop Mart has learned to live with. Investors have been asking some version of that question for years – about Labubu, about the pouty-lipped Molly, about ruddy-cheeked Twinkle Twinkle – said Si De, the Beijing-based toymaker’s chief operating officer.
The Labubu craze has since cooled, and Pop Mart’
s stock has retreated some 40% from its August peak. Powered by Labubu, Pop Mart’s revenue and net income in 2025 surged 185% and 309%, respectively.
