Labubu doll craze slows as Pop Mart faces falling sales
Global sales for the Beijing-based company fell by as much as 50 per cent in the three months to September.
The popularity of Labubu furry dolls is declining as collectors move toward new toys, according to a Times of India report. The dolls, which became a global sensation through Pop Mart's blind box concept, are losing their initial appeal.
Pop Mart recently stated that its global sales for the three months ending in September dropped by as much as 50 per cent year-on-year. The company also saw its US revenue decrease by at least 70 per cent.
Marketing professional Katelynn Carlson, who owns 36 Labubus, said the mystery of the sealed packages added to the excitement. However, Ensito, a North Carolina content creator, noted that the loss of exclusivity has changed the experience because the dolls are now more widely available.
Ashley Dudarenok of the China research firm ChoZan suggested that increasing production to meet demand weakened the sense of exclusivity. This shift comes as other collectibles, such as Sonny Angels and Smiski figurines, gain popularity.
The Beijing-based company is valued at nearly $24 billion, though its shares have dropped more than 50 per cent from their peak last year. Investors have expressed concerns that the brand's success may have been driven by a viral moment rather than long-term loyalty, according to marketing lecturer Samer El Hajjar.