Despite heavy hype around its new Labubu 4.0 line — essentially smaller keychain-sized versions — fans are questioning whether Popmart’s global Labubu craze has reached its peak.
The once must-have collectible, which skyrocketed to cult status after Blackpink’s Lisa flaunted one in April 2024, appears to be losing steam. Popmart’s shares have plunged more than 20% since late August, wiping an estimated US$6 billion (S$7.6 billion) off founder Wang Ning’s fortune, Forbes reports. His net worth has fallen to about US$21.6 billion (S$33.2 billion), though the 38-year-old still ranks as China’s 14th richest person.
In China, where demand has cooled most sharply, Labubus typically sell for 99 yuan (S$17), while larger figures such as Zimomo can fetch up to 1,299 yuan (S$233). Even the resale market is softening, with hardcore collectors reportedly pulling back from splurging on rare editions.
Still, it may be premature to write off the brand. In June, a human-sized Labubu figure sold for 1.08 million yuan (S$193,000) at a Beijing auction, showing that demand for standout pieces remains strong. Popmart is also teasing new Labubu lines and interactive toys timed for the Christmas season in a bid to reignite enthusiasm.
