Labubu maker's US revenue falls at least 70% as fans pivot to Sonny Angel, Smiski

After a surge in popularity that sent collectors chasing new releases one after the other, Labubu maker Pop Mart has seen its U.S. revenue fall by at least 70%. It has also reportedly experienced a year-over-year decline of up to 50% in global sales during the quarter ending in September.

Now, some of the brand's biggest devotees are moving on.

Here's what to know

Pop Mart shares have lost over half their value since their 2025 peak, though the company remains worth nearly $24 billion, according to the BBC. 

Researcher Ashley Dudarenok told the news outlet that the product scarcity that once drove collectors to track down limited-edition or hard-to-find dolls diminished as production expanded, hurting the brand's bottom line.

Labubu releases previously took North Carolina content creator Ensito to Italy and Spain after he left a tech job in 2024 to make content about the dolls his full-time work. His collection exceeds 400 dolls, according to the BBC.

But now, Ensito, who spent more than $50,000 on the dolls, has shifted his attention to Hello Kitty and squishies.

More background

Samer El Hajjar, a marketing lecturer at the National University of Singapore, told the outlet that eagerness to find rare and coveted dolls encouraged repeated purchases. Reports of customer fights even prompted Pop Mart to suspend Labubu sales briefly at its UK stores.

But now, alongside increased availability, Pop Mart faces growing market competition. 

Sonny Angels and glow-in-the-dark Smiski figurines are attracting buyers, while retailer Miniso offers Disney- and Marvel-themed blind boxes.

Canadian collector Clara Barbero is prioritizing lasting enjoyment over keeping pace with new releases. "I'm curating my collection more and only buying what I see myself liking for the next few years, and not just buying the newest series that's out," she told the BBC.

Pop Mart, meanwhile, is working to build a longer-lasting franchise. The company has opened a Beijing theme park and announced a Labubu film to grow the brand's footprint.

Where can I learn more?

Labubu's rise and slowdown show how quickly demand for all sorts of collectibles can change:

• In Seoul, K-pop's photocard frenzy leaves shops giving albums away as fans chase collectibles.

• A retail worker said Needoh demand sparked 60-plus calls an hour, scalping, and a turf war.

• Starbucks' Snoopy tumbler drop highlights reusable cup hype as thrift stores overflow with drinkware.

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