Labubu開始退燒？泡泡瑪特的「泡泡」要破了？

Added: 2026-05-27

[00:00:03][music] >> This is Pop Land, a place where Pop Mart toys come to life.

[00:00:12]I come here all the time to interact with the characters. I love all of them.

[00:00:19]>> [music] >> The 40,000 square meter theme park has just reopened following a year-long revamp.

[00:00:26]Located in the heart of Beijing, it features game booths, mild thrills, and shops selling limited edition merchandise.

[00:00:36]The big draw, >> [music] >> the ugly cute elf-like creature that turned Pop Mart from a small startup into a global toy empire.

[00:00:47]Winning fans over with its secret blind box formula for selling the character.

[00:00:52]Labubu's popularity drove Pop Mart's stock price to record highs last summer.

[00:00:57]The company's revenue nearly tripled to about 5 and 1/2 billion dollars last year.

[00:01:03]Pop Mart's ridden the frenzy to diversify its business model, and it's eyeing the kind of expansion that could see it compete with the likes of Disney.

[00:01:12]Pop Land renovations are ongoing, and plans are in the pipeline to open additional parks.

[00:01:18]There's also a Pop Bakery dessert brand in the works. Meanwhile, the company's partnering with Sony to bring Labubu to the big screen, though there's no release date just yet for a movie. But the toy maker's race into new categories is also fueling fears the Pop Mart bubble could soon pop. The company's stock price plunged by 30% in late March after Pop Mart revealed Labubu accounts for nearly half of its revenue.

[00:01:43]Sales in the US, its biggest market outside China, fell by more than 40% in March and April. Analysts say a Labubu fad could be fading.

[00:01:54]Pop Mart may need to rely on its other characters to find new fans. I didn't buy Labubu because um it was a big trend back then, but it died down now.

[00:02:04]I moved to a Skullpanda. So, it's not Labubu anymore, but it's it's kind of the same but different.

[00:02:11]Characters like Skullpanda, Dimoo, and Molly are drawing crowds in China.

[00:02:17]But they haven't won over Western consumers in the same way as Labubu.

[00:02:22]Digital marketing expert Ashley Dudarenok has followed the Pop Mart phenomenon for the past few years. In order to become an international company, not just a Chinese company, they need to start thinking differently.

[00:02:34]They need to hire different team. They need to take global into account. They need to start making not just stories more appealing, but also themselves as a company more appealing.

[00:02:45]For now, the fever shows no sign of cooling here inside Pop Mart.

[00:02:50]I won't fall in love with other characters. I will only love Labubu.

[00:02:54]But turning one viral character into a lasting global entertainment brand may prove more challenging.