An exhibition room at Pop Mart’s theme park, Pop Land, in Beijing, on June 18, 2025.<\/p>\n
Pedro Pardo | Afp | Getty Images<\/p>\n
Shares of Chinese toymaker Pop Mart<\/a> fell 9% Thursday, notching the stock’s worst day since April and extending its declines since a late-August peak.<\/p>\n The company behind the popular Labubu dolls<\/a>, a series of collectible elf-like monster dolls that come in blind-box packaging<\/a>, reported on Tuesday that third-quarter revenue had more than tripled year over year as sales in the U.S. swelled<\/a> between 1,265% and 1,270%.<\/p>\n And yet concerns are growing the craze could be fading.<\/p>\n Data from Chinese resale platform Qiandao<\/a> shows that some Labubus are being sold close to or below official Pop Mart retail prices, a stark shift after a period of sky-high demand and prices. The Labubu character Luck, released in April, for example, saw its resale price soar to over 500 yuan, or about $70, at one point. But that’s since dropped to 108 yuan, or about $15, according to Qiandao.<\/p>\n Since August, Pop Mart stock has fallen 30%, but is still up 159% so far this year.<\/p>\n Analysts are split on how to interpret the downturn.<\/p>\n One line of thinking is that the falling resale prices could signal slowing enthusiasm for Labubu and other collectibles after a summer peak, particularly among younger<\/a>, nontraditional toy buyers. Another possibility: The decline may reflect Pop Mart’s efforts to increase supply and curb scalping<\/a>, rather than waning consumer demand.<\/p>\n Pop Mart reported a 10-fold increase in the supply of plush toys this year and said it now manufactures approximately 30 million units each month, the company told Reuters<\/a> on Tuesday.<\/p>\n