Kinly McCaffrey, a content creator from Texas, has collected about 30 Labubus, including the plush dolls and vinyl figurines, since the Pop Mart toy went viral last year.
McCaffrey, who has more than 200,000 followers on TikTok, posts blind-box unboxings that rack up millions of views. One of her most viral posts includes a video comparing her Labubu to a “Lafufu” — its janky counterfeit cousin — which has amassed 3.1 million views.
But she said viewer interest in Labubu, and Pop Mart as a whole, has “leveled out.”
“I think the value of the collection is declining as Labubu’s popularity has been dropping,” McCaffrey said. The 26-year-old said that she is focusing on other characters — or intellectual properties, as they’re called in the toy industry — more than Labubu for her content.
Pop Mart, a Chinese toymaker, rapidly gained popularity in the West since late 2024, with its “The Monsters” dolls selling out almost immediately upon each new release. Its stock price in September was up 400% year over year.
But since its last annual report, released in March, it appears Pop Mart’s hot streak is coming to an end. Market researchers have warned that Pop Mart’s over-reliance on one hot IP might be its undoing.
Investors are unsure about Labubu’s longevity
On March 25, Pop Mart said in its 2025 annual report that “The Monsters” accounted for about 40% of the company’s annual IP revenue. The IP earned 14.16 billion Chinese yuan, or about $2 billion.
Its second- and third-most-sold IPs, Skullpanda and Crybaby, accounted for a combined 18% of total IP revenue.
Pop Mart’s stock slid after the annual report, and it’s now about 50% below its all-time August high.
Molly Frampton, the strategy director at New York-based brand consultancy Interbrand, said that in IP-driven industries, big success stories almost always begin with one defining moment or breakout IP, such as Mickey Mouse for Disney.
“The risk comes when the brand remains anchored to that single moment for too long,” she said.
She added, “The recent market reaction made it clear that investors are increasingly unsure about the company’s ability to sustain its momentum without broadening its creative base.”
In response to a request for comment, a Pop Mart representative directed Business Insider to comments made by CEO Grant Wang during a March earnings call.
“Looking back, while we acknowledge there are still many issues to address, we have built solid strengths over the past year: a robust IP portfolio, a highly capable management team we take great pride in, and a deep understanding of brand building and market dynamics that we have accumulated,” Wang said.
Scarcity and supply
When Labubu started gaining popularity in the US, there weren’t a lot of stores in the US.
But its store count in the Americas nearly tripled in a year, from 22 in December 2024 to 64 in December 2025.
Pop Mart US’s website stocks plenty of Labubus, from its older “Big into Energy” series to its mini Labubus that went viral last year. A 15-inch plush doll from the recently launched Sanrio collection, priced at $149, is still available.
A North Carolina-based TikTok content creator, who goes by the name Ensito, focuses on collectibles for his TikTok content. He said Labubu’s secret to success was the thrill of the chase, trying to own a toy that was always sold out.
“But Pop Mart’s popping up around every corner now. So it doesn’t feel like it has that exclusivity thing anymore,” Ensito, 35, said. The avid Pop Mart collector has amassed over 100 Labubu dolls since November 2024.
He said any of his Labubu blind box unboxing videos on TikTok fetched at least 1,000 views in under 24 hours last year, with no effort needed to hook viewers. Now, he has to try a lot harder, such as using visual tactics to grab viewers’ attention in the first few seconds.
Google searches for Labubu peaked worldwide in July 2025, according to Google Trends, and are now about 90% lower.
Joey Khong, a trends manager at London-based market research agency Mintel, said that when everyone knows they can buy a Labubu, it loses its “cool factor.”
“A lot of people who found that appeal in its exclusivity, its uniqueness, might not be as excited about it anymore, especially if you see your parents buying it or your aunts and uncles buy it,” he said.
In response to the criticism about mass distribution, a Pop Mart representative told Business Insider, “We carefully plan product launches to ensure sufficient supply and reduce the risk of shortages that could artificially drive up prices.”
The representative added, “We also use pre-sale mechanisms to limit reseller activity and have increased production capacity to meet growing demand.”
A clear path for Pop Mart
Pop Mart has all the elements needed to get itself back on track, experts told Business Insider.
“Pop Mart already has a wealth of IP and characters beyond Labubu, with partnerships with the likes of Disney to Powerpuff Girls and SpongeBob,” Frampton from Interbrand said. She said that Pop Mart needs to show the world it can build a world, not just a character.
Work has begun in that direction: Pop Mart announced in March that it would release a Labubu movie with Sony Pictures Entertainment. Its release date is not known.
Frampton said the movie was a move in the right direction, and “the next step is applying that same imagination to some of its other characters.”
Mintel’s Khong said that at the start, Pop Mart relied on Labubu’s strangeness and the clout of celebrities walking around with Labubus on their bags. The movie helps Pop Mart build a “richer universe” around the product, he said.
Ensito, meanwhile, doesn’t regret buying over 100 Labubus.
“I didn’t really look at my collection as an investment to begin with,” he said. “I love them for their sentimental value and the memories associated with them.”
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