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Once-hot designer toy loses momentum as trend cycle turns
Pop Mart’s shares have dropped sharply as Labubu demand cools, with slowing growth and weakening resale markets highlighting the risks of fast-moving consumer fads.
The rapid rise and fall of Labubu is emerging as a cautionary example of how quickly consumer trends can reverse. Shares of have fallen around 40% from their August 26, 2025 peak, erasing billions in market value as demand for the character cools. While North America revenue still grew sharply, growth slowed to 424% in the quarter ended December 6 from over 900% previously. PMorgan downgraded the stock in September, flagging concerns over Labubu’s long term sustainability.