Labubu mania is over but Pop Mart bets it can survive with new toys

BEIJING – Pop Mart’s shelves remain packed, but shoppers are no longer fixated solely on the snaggle-toothed Labubu dolls that once sparked hours-long lines and resale frenzies.

Characters such as Twinkle Twinkle, Skullpanda and Crybaby are drawing crowds of their own, commanding premiums on resale platforms and climbing the company’s sales rankings.

Twinkle Twinkle plush pendants routinely disappear within minutes of restocking.

On Chinese resale platform Qiandao, many of the character’s toys trade above official prices, while a plushie from the Crybaby Vacation Mode On series is selling at 72 per cent above retail.

In the US, Skullpanda ranks as Pop Mart’s No. 2 intellectual property, according to Morgan Stanley, with a recent tie-in with Hasbro’s My Little Pony drawing hundreds of thousands of likes.

After selling more than 400 million toys in 2025, with roughly a quarter tied to the Labubu-starring The Monsters series, the Chinese pop toy giant is betting its other characters can extend the collectible toy mania it ignited with its breakout hit.

The move will test whether Pop Mart is a one-hit wonder or a durable hit factory capable of competing long term with the likes of Walt Disney and Hello Kitty owner Sanrio.

“As Pop Mart strives to become a global IP powerhouse, we expect ongoing diversification across IPs and licensing businesses,” said Morningstar analyst Jeff Zhang. “Pop Mart will continue to launch new IPs to contain reliance on The Monsters.” 

Launched in the second half of 2024, Twinkle Twinkle generated 390 million yuan (S$73 million) globally in the first six months of 2025, becoming one of the company’s fastest-growing characters.

Morgan Stanley estimates it could reach about half of Labubu’s sales scale in China by 2026.

Pop Mart’s sales mix has grown more balanced since the fourth quarter, with Crybaby and Twinkle Twinkle accounting for a larger share, according to Huatai Securities.

In a 28-day period starting Dec 11, 2025, the two characters made up 28 per cent and 51 per cent, respectively, of the top 20 items sold in Pop Mart’s TikTok shops in Thailand and Indonesia – expanded rapidly on the back of Labubu’s popularity – Huatai data show. 

“Skullpanda, Twinkle Twinkle and Crybaby are emerging as new growth drivers and have their own fan bases, rather than being alternatives to Labubu,” Citigroup analysts, including Ms Lydia Ling, said in February.

Twinkle Twinkle, big star

Pop Mart founder and chief executive Wang Ning has long framed the company as more than a single-character success. Pop Mart wants “to build a world-class platform for designer toy IPs”, he told China Central Television in 2025.

Over the past year, the company has accelerated launches tied to emerging characters, rolling out new Skullpanda and Twinkle Twinkle collections along with crossover series blending toys from its various IPs.

Collaborations – such as Skullpanda’s tie-in with My Little Pony – help drive online engagement, while limited releases maintain a sense of scarcity.

Pop Mart has also funnelled more resources into characters seen as having breakout potential, particularly Twinkle Twinkle.

In China, its 2025 marketing push included a stage performance at Pop Mart’s Beijing theme park, themed exhibitions in major cities and a co-branded campaign with bubble tea chain Heytea.

Skullpanda was supported by pop-up events and exhibitions in Shanghai and Guangzhou.

That push reflects the central role Labubu still plays at Pop Mart – and the risks of leaning too heavily on it.

The doll became a viral sensation in 2025, helping propel Beijing-based Pop Mart into overseas markets from the US to Australia.

But as supply increased and counterfeit dolls proliferated, resale mark-ups narrowed and the frenzy eased. 

In the US, year-on-year sales growth slowed to 40 per cent in February from 130 per cent the month before, according to Bloomberg Second Measure – down sharply from roughly 1,270 per cent growth in America in the third quarter.

Even so, Labubu remains central to the business.

The Monsters series still generated about a quarter of Pop Mart’s global sales volume in 2025 – roughly 100 million dolls. 

Labubu remains a “critical hook” for Pop Mart, said Deutsche Bank consumer analyst Sammi Xu, accounting for more than half of sales overseas and exceeding 70 per cent in some Western markets.

“Without Labubu’s draw, brand awareness and sales of other IPs overseas may not be as strong as what they have achieved so far,” Ms Xu said. 

That concentration keeps investors cautious, with Hong Kong-listed shares pulling back almost 40 per cent from an August peak. 

The challenge now is whether newer characters can shoulder more of that load.

Two recently introduced toys have drawn a more muted response than Twinkle Twinkle’s success, with some Chinese social media users calling new designs “forgettable” and questioning whether Pop Mart is releasing too many characters too quickly.

Still, consumers who once only wanted Labubus are starting to branch out. Ms Jessica Yao, 32, said that while her first Pop Mart purchase was a Labubu doll for her niece, she soon gravitated toward Twinkle Twinkle.

“I bought about 20 Twinkle Twinkle figurines in a single purchase because they’re extremely cute,” said Ms Yao, an office worker in Hangzhou.

“I will definitely keep buying if the designs maintain the same quality as before.” BLOOMBERG