Labubu Craze Cools, Pop Mart Stock Slumps as Resale Prices Drop

From 2,000% resale markups and $30,000 heists to curated shelving and lighting rigs, Labubu’s arc has moved from mania to maturation. Secondary-market premiums that once drove frantic flipping have cooled as Pop Mart increased supply and collectors redirected energy toward stable displays and cross-collecting.

Investor pain was immediate. Pop Mart shares dropped roughly 25-30% from late-August highs over subsequent months, and analysts flagged that the frenzy wiped out nearly US$13 billion in market value in a matter of weeks. A single early-November incident tied to a leaked salesperson livestream cost the company almost $2.2 billion in market capitalization in one day. Those figures helped turn Wall Street’s excitement into caution even as Pop Mart pursues growth.

The resale market shows the same recalibration. Secondary marketplaces reported many Labubu characters falling significantly from summer peaks, with some prices sliding close to or below official retail levels. At the frenzy’s height, Nomura found a secret blind-box edition selling for over 2,000% above retail; now, as supply rises, those markups have evaporated. Pop Mart told reporters it “ramped up production to meet demand” and called the fall in resale prices “just what they wanted.” Pop Mart said it is producing around 30 million plush toys monthly - about 10 times last year’s levels.

The supply surge and sentiment shift have exposed the scalper playbook. Hao Hong of Lotus Asset Management captured the mood: “I think the scalpers are releasing inventory because they're afraid that if they stock up too much, they can't sell.” Rampant copying and counterfeits worsened the picture. Authorities in China confiscated more than 1.8 million counterfeit units earlier this year, and U.S. agencies have reported seizures as well. Retail thefts and robberies also rose during the peak, including a reported $30,000 heist in California.

Competition moved fast. MGA Entertainment’s Bratziez sold 10,000 units in 30 minutes, and CEO Isaac Larian said, “We sold 10,000 of them in 30 minutes, this was a huge surprise for us.” Lookalikes now range widely in price and availability; Toy Insider editor James Zahn noted, “There are literally dozens of them on the market,” and expects trade shows to be “flooded with lookalikes.”

Collector culture, however, has not evaporated. StuffedParty summed the shift bluntly: “The short answer: It’s still popular, but the frenzy has evolved.” Labubu is now often one part of themed shelves, cooperative displays, rotation schedules, and careful storage, a move the outlet framed as “Community Over Competition.” That change has practical value: lower resale risk, more durable enjoyment, and renewed focus on display craft.

Pop Mart is betting on IP and global retail to sustain momentum. Founder Wang Ning built the company in 2010 drawing on Japan’s gachapon tradition and Hong Kong’s Log-on; today the business operates over 570 stores worldwide and earns about 40% of revenue outside Greater China. The company is expanding beyond blind boxes into animation and branded collaborations with the likes of Uniqlo, Disney, and Coca-Cola. HSBC analysts argue Pop Mart should be judged alongside Lego, Sanrio, and Jellycat as it pursues global IP growth.

For collectors and local Labubu communities, the takeaway is immediate: the flip market has cooled, but the dolls remain culturally sticky. Watch releases, storage practices, and Pop Mart’s new IP moves rather than resale fever. For investors, the question is whether animation, deeper product lines, and international expansion can replace speculative heat and rebuild durable value.