Labubu drives Pop Mart’s boom, but can the craze last?
Labubu now accounts for 14.1 billion yuan of Pop Mart’s revenue, turning every drop into a test of whether the chase still feels new.
Labubu now sits at the center of Pop Mart’s business: the character alone was responsible for 14.1 billion yuan, or about 38% of group revenue, as Pop Mart’s 2025 revenue rose 185% to 37.1 billion yuan and profit attributable to owners rose 308% to 12.8 billion yuan. It is still driving long lines and fast sell-outs, but for collectors that concentration sharpens a harder question: can the brand keep the frenzy alive?
Why the numbers changed the conversation
For collectors, the biggest shift is that a supply-driven hobby has become a company-wide balancing act. When one character accounts for nearly two-fifths of revenue, every new release, store opening, collaboration, and licensing move becomes part of a larger effort to keep demand hot without burning out the audience.
Labubu’s rise was powered by repeat launches, community energy, and the feeling that each series was one chapter in a longer game. Those same ingredients can keep a character strong for years, but only if the releases still feel worth lining up for. Once collectors begin to feel that every drop is interchangeable, the engine starts to lose power.
What to watch in the market
The clearest sign that Labubu is still holding is sell-through. If fresh drops are still moving quickly at retail, collectors are still treating each launch like an event rather than a routine restock. If figures sit longer, get discounted, or start looking available everywhere, that is usually the first sign that the crowd has stopped chasing with the same urgency.
Secondary prices matter just as much. A healthy Labubu market usually shows up in the gap between retail and resale, especially for hard-to-get series, key variants, and sealed pieces collectors want to hold. When that premium stays strong, demand is still outrunning supply. When it narrows, buyers often start waiting instead of acting fast.
Drop excitement is another live signal. Queue energy, social chatter, unboxing posts, and the sense that everyone is watching the same release at the same time all feed the next round of demand. If that buzz becomes quieter or more selective, the market is telling you the chase is no longer automatic.
Why access can help, and hurt
Pop Mart’s challenge is not simply scarcity. The company also has to widen access enough to keep casual fans engaged while still rewarding the hardcore collectors who built the early demand. That balance is delicate. Too little access and the brand risks frustrating buyers who cannot get in. Too much access and the sense of rarity, the thing that made Labubu feel collectible in the first place, starts to fade.
Retailer expansion is useful only if it strengthens the experience rather than flattening it. New stores, broader distribution, and more points of sale can make the character easier to find, but they also change the rhythm of the hunt. Collectors tend to watch whether expansion creates new excitement or simply makes Labubu feel more ordinary.
The pressure on product pacing
Careful product pacing now matters more than ever. If every series lands too quickly, collectors have less time to reset between drops, and the excitement starts to blur. If releases are spaced too far apart, attention can drift to other IPs or other collectibles. The sweet spot is a schedule that keeps the game moving without making buyers feel overfed.
Pop Mart does not need Labubu to carry every inch of the business forever, but it does need to protect the character’s status as the one people still make room for. Broadening the lineup can reduce pressure on a single mascot, yet it also risks pulling energy away from the line that built the hype.
How collectors can judge whether the streak is still alive
- retail drops still feel competitive, not routine
- resale premiums remain meaningful on sought-after pieces
- community buzz still clusters around new releases
- access expands without wiping out the thrill of scarcity
A Labubu market that is still strong usually shows the same pattern across several fronts:
When those signals move in the opposite direction, the mood changes fast. Slower sell-through, softer resale, quieter drop days, and easier availability all point to a franchise that is still selling, but no longer pulling the crowd with the same force.
This article was produced by Prism’s automated news system from verified source data, official records, and press releases, then run through automated quality and moderation checks before publishing. The system is built and supervised by the people who set the standards it runs under. Read our full AI policy.
Did this article answer your question?
