Labubu Slowdown: What Pop Mart's Revenue Warning Means
Pop Mart, the maker of Labubu, may miss its 2026 growth target as sales momentum cools. Here is what the slowdown means for collectors and resale demand.
Is the Labubu boom over as Pop Mart could miss its revenue goal?
Not over, but clearly cooling. In the first half of 2026, Pop Mart revenue rose 23.8% to 17.17 billion yuan (about $2.55 billion), well below the triple-digit growth seen a year earlier, and CEO Wang Ning warned the firm will "most likely fail" to hit its 20% target. The Labubu frenzy is normalizing, not collapsing.
What the first-half 2026 numbers actually show
The headline growth still looks positive, but the trend is decelerating and missed market expectations:
- Revenue: up 23.8% to 17.17 billion yuan (roughly $2.55 billion), below consensus.
- Net profit: up 10% to 5.04 billion yuan, also short of forecasts.
- Growth pace: down sharply from the more-than-triple growth reported a year earlier.
Analysts cut second-half expectations after the results landed, and the stock moved lower on the warning.
Why Labubu and The Monsters demand is fading
Two shifts explain the slowdown. First, The Monsters, the main IP behind Labubu, contributed about a quarter of first-half revenue, down from roughly a third a year earlier. Second, newer long-haired Labubu versions are reportedly seeing softer demand, a sign the initial collectible rush has matured. You can read more about the character line on Wikipedia's Labubu page.
What the overseas cooldown means for resale and collectibles fans
Reports say overseas sales fell in the Americas and in Asia-Pacific excluding China. That matters because international buzz drove much of the resale premium and social-media hype around Labubu. As demand normalizes, secondary-market markups on hyped figures tend to compress, and the "guaranteed flip" narrative weakens. For collectors, this is a reminder to value pieces for what they are, not for a resale spike that may not repeat after last year's boom.
How to chase collectibles without betting on a bubble
If you enjoy the surprise of collectibles but want transparency about your chances, that is where a provably-fair model helps. On TroveDrops you can browse the mystery boxes with the odds shown before you open, so you are never guessing at your probability of landing a given item. Compare items and published drop rates when you browse boxes and odds, and if you prefer credit over a shipped item, sell the item back. You can independently verify fairness on any open rather than trusting a claim.
Does a Pop Mart slowdown change how collectibles are valued?
It reinforces a durable lesson: hype cycles fade, so buy things you actually want to keep. When a single IP powers most of a company's growth, any cooldown ripples through resale prices and social demand. The healthiest way to engage is with clear odds and honest mechanics up front. If you want to open boxes, do it where the odds are published and each result is verifiable, and treat any resale value as a bonus, not the plan.
Trends FAQ
Is Pop Mart going to miss its 2026 revenue target?
CEO Wang Ning said the company will "most likely fail" to hit its 20% growth target for 2026. First-half revenue still rose 23.8%, but that pace was below expectations and far slower than a year earlier.
How much did Pop Mart earn in the first half of 2026?
Revenue rose 23.8% to 17.17 billion yuan, about $2.55 billion, and net profit rose 10% to 5.04 billion yuan. Both figures came in below market consensus.
Is the Labubu resale market crashing?
There is no crash, but demand is normalizing after last year's boom. The Monsters IP fell to about a quarter of first-half revenue from roughly a third, and overseas sales weakened, which typically compresses resale premiums.
How do I know the odds of what I open on TroveDrops?
TroveDrops publishes the odds for each box before you open it, and every open is provably fair, so you can verify the result independently at /p/provably-fair instead of trusting a claim.
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