Pop Mart’s 40% Stock Rout Shows Growing Labubu Crash Worry

Merchandise at a store at Pop Land in Beijing. Photographer: Na Bian/Bloomberg

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By Bloomberg News

December 17, 2025 at 10:00 PM UTC

Updated on

December 18, 2025 at 1:57 AM UTC

Labubu mania appears to be ebbing as quickly as it surged, driving a roughly 40% rout for former market darling Pop Mart International Group Ltd.

A disappointing US Black Friday and cooling resale demand have revived comparisons to the 1990s’ Beanie Babies bust, challenging the notion that Pop Mart could become China’s answer to Walt Disney Co. or Hello Kitty owner Sanrio Co.