Is the Labubu craze finally dying down?
If Labubu maker Wang Ning's plummeting wealth is anything to go buy, then yes, it is.
Labubu hype slows as Pop Mart stock slumps
For years, Pop Mart’s Labubu figurines have been at the heart of a collectibles frenzy across Asia. But recent signs suggest the craze may be cooling.
Wang Ning, the founder of Pop Mart, saw his fortune nosedive by $6 billion in just one month, according to Forbes. Once wealthier than Jack Ma, Ning’s net worth now stands at $21.6 billion.
Labubu 4.0 fails to spark frenzy
The launch of Labubu 4.0 series failed to create the same hype as earlier releases. On resale platforms, prices that once skyrocketed are now sliding, indicating softer demand among collectors.
JP Morgan downgrades Pop Mart stock
Adding to the woes, JP Morgan downgraded Pop Mart’s stock, citing a fading Labubu hype cycle. Investors reacted swiftly — shares plunged 9% on Monday alone and have lost 20% since the Labubu 4.0 launch.
Pop Mart’s explanation: higher supply, not weaker demand
But Pop Mart has a different story. The company claims resale prices are falling because it boosted production to meet overwhelming demand, not because collectors are losing interest.
Despite current market jitters, Pop Mart is sticking to its growth outlook. Ning has projected 30 billion yuan in sales by 2025, betting that Labubu’s popularity still has room to grow.
Labubu stock still one of the best performers in 2025
Interestingly, even with the recent slump, Pop Mart’s stock remains up more than 180% this year, making it one of the top performers on the Hang Seng Index.
Is Labubu fading or evolving?
So, is the Labubu trend finally dying, or simply evolving as the collectible market matures? For now, it seems the craze is cooling — but not disappearing. Pop Mart’s future will depend on whether it can keep reinventing Labubu and sustaining collector interest.
What’s your take? Is this the end of the Labubu mania, or just a new chapter?
