{"id":28698,"date":"2025-12-24T21:27:28","date_gmt":"2025-12-25T01:27:28","guid":{"rendered":"https:\/\/www.red94.net\/news\/labubus-craze-is-fading-fast-pop-mart-stock-crashes-40-fashion-fatigue-hits-collectors\/"},"modified":"2025-12-24T21:27:28","modified_gmt":"2025-12-25T01:27:28","slug":"20684-labubu-s-craze-is-fading-fast-pop-mart-stock-crashes-40-fashion-fatigue-hits-col","status":"publish","type":"post","link":"https:\/\/www.red94.net\/news\/20684-labubu-s-craze-is-fading-fast-pop-mart-stock-crashes-40-fashion-fatigue-hits-col\/","title":{"rendered":"Labubu’s craze is fading fast\u2014Pop Mart stock crashes 40%, fashion fatigue hits collectors"},"content":{"rendered":"

Labubu<\/b> went from unchallenged collector’s item to industry cautionary tale in just months. Pop Mart’s stock has crashed 40%<\/b> since hitting its August peak, wiping out billions in market value. What started as Gen Z’s hottest trend is now facing harsh economic reality.<\/p>\n

\n

\ud83d\udd25 Quick Facts<\/h3>\n
    \n
  • Pop Mart stock<\/b> dropped approximately 40%<\/b> from its August 26, 2025 peak through mid-December<\/li>\n
  • North America revenue growth<\/b> slowed to 424%<\/b> in the quarter ending December 6, down from over 900%<\/b> in the previous quarter<\/li>\n
  • Fashion fatigue<\/b> spreading among collectors as resale prices<\/b> continue falling and secondary market demand cools<\/li>\n
  • JPMorgan downgraded the stock in September 2025, citing concerns about Labubu’s long-term sustainability<\/li>\n<\/ul>\n<\/div>\n

    The Labubu Bubble Bursts Faster Than Expected<\/h2>\n

    The designer toy phenomenon exploded across social media in early 2025, becoming a cultural obsession rivaling past collectible crazes. Pop Mart capitalized on the hype<\/b>, with its Hong Kong-listed stock soaring 209%<\/b> year-to-date by mid-September before reality set in. The company’s first-half revenue skyrocketed<\/b> to 13.9 billion Chinese yuan ($2 billion)<\/b>, dwarfing the entire 2020 annual sales.<\/p>\n

    By December 2025, the unthinkable happened. Labubu mania began to fade<\/b> with shocking speed. The cute wide-eyed dolls that once sold out within seconds of dropping online now sit on shelves. Secondary market prices collapsed<\/b>, signaling that collectors who paid premium money aren’t seeing returns. The warning signs were there in the data\u2014and investors finally noticed.<\/p>\n

    Revenue Growth Halved in Brutal Holiday Slowdown<\/h2>\n

    North America performance tells the story<\/b> of a craze running out of steam. According to YipitData alternative intelligence<\/b>, the company’s region saw revenue growth decelerate dramatically. In the quarter through December 6, 2025<\/b>, growth fell to 424%<\/b>\u2014still impressive by normal standards but a devastating decline from the previous quarter’s 900%+ growth rate<\/b>.<\/p>\n

    This wasn’t just a minor slowdown. The halving of growth momentum<\/b> during peak holiday shopping season\u2014when consumer spending typically surges\u2014raised red flags among analysts. If Labubu couldn’t maintain fever-pitch demand when people had cash and shopping lists, when would it succeed? Short-sellers began positioning themselves<\/b> against the stock, convinced the worst was coming.<\/p>\n\n\n\n\n\n\n
    Metric<\/td>\nQ3 2025<\/td>\nQ4 2025 (to Dec 6)<\/td>\n<\/tr>\n
    North America Revenue Growth<\/td>\n900%+ (estimated)<\/td>\n424%<\/td>\n<\/tr>\n
    Stock Performance (Aug Peak)<\/td>\nAll-time high<\/td>\n-40% decline<\/td>\n<\/tr>\n
    Market Sentiment<\/td>\nExtremely bullish<\/td>\nHighly bearish<\/td>\n<\/tr>\n
    Collector Interest<\/td>\nPeak frenzy phase<\/td>\nFatigue setting in<\/td>\n<\/tr>\n<\/table>\n

    Fashion Fatigue Replaces Frenzy as Collectors Move On<\/h2>\n

    Perhaps most damaging to Pop Mart’s long-term outlook is the emergence of brand fatigue<\/b> among the core fanbase. Collectors report losing interest not because the dolls lack quality, but because market saturation<\/b> destroyed the exclusivity. Limited edition drops became less limited. Resale premiums evaporated. The psychological thrill of owning something rare and valuable<\/b> simply disappeared.<\/p>\n

    Fashion fatigue<\/b> is particularly deadly for collectible markets. Unlike traditional toys designed for play, Labubu dolls succeed only when buyers believe they’re acquiring investment-grade assets. Once that belief cracks, sales spiral downward. Consumers who bought at premium resale prices<\/b> of $100-$300 watched their purchases plummet to retail levels or below. The incentive to buy more vanished overnight.<\/p>\n

    Industry observers began drawing parallels to the Beanie Babies bubble<\/b> of the 1990s\u2014a cautionary tale of collectible madness where parents remortgaged homes for stuffed animals that later traded for pennies. The comparison rattled investors just enough to trigger the exodus.<\/p>\n

    Wall Street Already Warned About This in September<\/h2>\n

    JPMorgan Chase had already sounded the alarm<\/b> by mid-September 2025 when the stock still seemed unstoppable. The bank downgraded Pop Mart to Neutral<\/b>, trimming its December 2026 price target<\/b> from HK$400 to HK$300<\/b>. Analysts cited valuation concerns<\/b>, noting the stock was “priced for perfection”<\/b> and vulnerable to disappointment.<\/p>\n

    At the time, many investors dismissed the downgrade. Pop Mart stock had surged 209% year-to-date<\/b>, and the company was still posting explosive revenue growth. Surely this was just a bank being overly cautious? Three months later, JPMorgan’s warnings looked prescient. The bank saw what others missed: unsustainable hype momentum<\/b> eventually collides with consumer spending reality.<\/p>\n

    By late December 2025, JPMorgan’s thesis dominated market conversation. Institutional investors, spooked by the slowing North American growth rate<\/b>, finally capitulated to the bearish narrative.<\/p>\n

    What Comes Next for Labubu and the Collectible Toy Market?<\/h2>\n

    Can Labubu recover from this fall?<\/b> Industry experts remain divided. Some argue the dolls will stabilize at lower valuation multiples and continue selling at healthy volumes\u2014just without the speculative premium. Pop Mart would become a profitable but ordinary collectible brand rather than a get-rich-quick scheme<\/b> for resellers.<\/p>\n

    Others warn the brand has entered terminal decline. Once collectors detect a downturn<\/b>, psychology works against recovery. Each new price drop signals to remaining buyers that they’re on the losing side of a trade. Momentum flips from positive to catastrophic.<\/p>\n

    Pop Mart did maintain strong fundamentals\u2014$4.2 billion projected 2025 revenue<\/b> still represents extraordinary growth for a designer toy company. But the stock market cares about expectations and trajectory. Four-hundred-percent growth that falls to 400% is a collapse in investor eyes<\/b>, regardless of absolute scale. The narrative shifted from “unstoppable phenomenon” to “fading fad,” and market psychology is unforgiving.<\/p>\n<\/div>\n

    \n“Labubu mania appears to be ebbing as quickly as it surged, driving a roughly 40% rout for former market darling Pop Mart International Group.”\n<\/p><\/blockquote>\n

    \u2014 Bloomberg Markets Analysis<\/b>, December 17, 2025<\/p>\n

    Sources<\/h3>\n
      \n
    • Bloomberg<\/b> – Pop Mart stock decline and market analysis<\/li>\n
    • YipitData<\/b> – Alternative data on North America revenue metrics<\/li>\n
    • Business Fashion<\/b> – Fashion fatigue and collector sentiment reporting<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":23,"featured_media":28697,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"schema_org_data":"{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Place\",\"name\":\"Hong Kong\",\"description\":\"city\"}]}","_extracted_celebrities":"","_extracted_movies":"","_extracted_places":null,"_extracted_videos":"","_last_enrichment_date":"2025-12-24 21:27:55","footnotes":""},"categories":[391],"tags":[],"class_list":["post-28698","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-finance","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-33"],"yoast_head":"\nLabubu's craze is fading fast\u2014Pop Mart stock crashes 40%, fashion fatigue hits collectors<\/title>\n<meta name=\"robots\" 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His reporting helps readers make sense of the business world's biggest moves.","url":"https:\/\/www.red94.net\/news\/author\/patrick-graham\/"}]}},"views":122,"_links":{"self":[{"href":"https:\/\/www.red94.net\/news\/wp-json\/wp\/v2\/posts\/28698","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.red94.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.red94.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.red94.net\/news\/wp-json\/wp\/v2\/users\/23"}],"replies":[{"embeddable":true,"href":"https:\/\/www.red94.net\/news\/wp-json\/wp\/v2\/comments?post=28698"}],"version-history":[{"count":0,"href":"https:\/\/www.red94.net\/news\/wp-json\/wp\/v2\/posts\/28698\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.red94.net\/news\/wp-json\/wp\/v2\/media\/28697"}],"wp:attachment":[{"href":"https:\/\/www.red94.net\/news\/wp-json\/wp\/v2\/media?parent=28698"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.red94.net\/news\/wp-json\/wp\/v2\/categories?post=28698"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.red94.net\/news\/wp-json\/wp\/v2\/tags?post=28698"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}