Pop Mart Sales Growth Decelerates Amid Sharp Overseas Slowdown

Pop Mart International Group Ltd. reported slower sales growth for the first quarter, marking a deceleration from its rapid expansion last year amid waning momentum for its blockbuster Labubu toys.

Overall revenue grew as much as 80% on-year in the period ended March, with China sales increasing as high as 105%, Pop Mart said Tuesday in an exchange filing. The company recorded an overall revenue growth of 185% and overseas sales growth of almost 300% in 2025, driven largely by the Labubu frenzy that turned the snaggle-toothed monster plush into a global collectible phenomenon.