Pop Mart adds new products as Labubu frenzy cools

Labubu’s fever is cooling just enough to change the shopping game. Pop Mart is answering with a wider slate of new drops, and collectors are reading that shift as a move away from relying on one character to carry the whole market. The real question now is whether this is the start of a post-peak collecting cycle or just a reset before the next rush.

Deutsche Bank said Pop Mart’s sales fell 5% in May from a year earlier and dropped 14% from April, the first decline it had tracked since 2024. That matters because it shows the Labubu-powered boom is no longer running at the same pace that turned the blind-box brand into a global obsession across China and overseas markets.

Pop Mart’s 2026 collections page now spreads attention across THE MONSTERS, SKULLPANDA, Twinkle Twinkle, MOLLY, CRYBABY, HIRONO, DIMOO, Nyota and other lines. Its new-arrivals calendar still includes Labubu-linked products, including THE MONSTERS Hair Salon Series items scheduled for June 26, 2026. For collectors, that is the clearest signal yet that Pop Mart is not walking away from Labubu, but it is no longer letting Labubu stand alone.

That broader mix already shows up in the sales story. June coverage said Labubu remains a critical hook in some overseas markets, but newer lines such as Twinkle Twinkle and Crybaby are taking a larger share of the sales mix. Si De, Pop Mart’s chief operating officer, pushed back on the idea that the company is a one-hit wonder, saying Labubu’s explosive growth had drawn attention away from other toys.

The company’s history makes that push look less like a pivot than a return to form. Founded in 2010 by Wang Ning, Pop Mart built its business on blind-box collectible IP, not a single mascot, and the current merchandising push suggests the company is trying to convert Labubu traffic into longer-lived demand across several characters. That includes giving more room to fresh drops, crossovers and recurring lines that can keep casual buyers moving through the catalog after the first Labubu chase cools.

The financial backdrop explains why the market is watching so closely. Pop Mart’s 2025 revenue rose 185% year over year to 37.12 billion yuan, or $5.38 billion, but shares still fell more than 20% after annual results as investors worried the growth story was too concentrated in one IP. Earlier, Wang said 30 billion yuan in 2025 would be “quite easy” after first-half revenue hit 13.88 billion yuan, up 204% from a year earlier.

For collectors, the signal is not that Labubu is gone. It is that fewer must-chase drops, softer resale pressure and a broader lineup of competing characters may define the next stretch, as Pop Mart tries to turn one viral peak into a more durable collecting cycle.