What changed
Pop Mart Q3 2026 revenue down 45% to 50% year on year
When
Update released October 27, 2026 (quarter ended September 30)
Who it affects
Pop Mart International Group, maker of Labubu
What to do
Sellers: size trend inventory to sell through, not to peak demand

Key takeaways

  • Pop Mart's Q3 2026 revenue fell 45% to 50%, reported October 27, 2026.
  • The Americas fell 70% to 75% after growing more than 13 times a year earlier.
  • Sellers riding a trend should size inventory to sell through and keep an exit plan.

Pop Mart from Labubu boom to Q3 2026 drop

  1. Labubu goes viral, demand peaks

  2. Revenue up about 250%, Americas up 13x

  3. Paris flagship opens on Boulevard Haussmann

  4. Q3 update: revenue down 45% to 50%

  5. Shares fall as much as 6% to 18 month low

What Pop Mart reported

Pop Mart International Group said its unaudited revenue for the three months to September 2026 fell 45% to 50% from a year earlier, according to Investing.com, Bloomberg and The Edge. The figures cover the whole company, not Labubu alone, and the company did not give a reason for the drop in its update.

The comparison base is huge. A year earlier, Pop Mart's quarterly revenue grew about 250% as Labubu, its toothy plush monster sold in blind boxes, went viral worldwide. Pop Mart has described 2026 as "a year of adjustment."

Where sales fell the most

The steepest drops came in the markets where the craze arrived last and grew fastest. Seoul Economic Daily reported the year ago growth rates next to each decline, which shows how fast a viral spike can reverse.

  • Americas: down 70% to 75%, after growth of about 1,265% to 1,270% a year earlier
  • Asia Pacific excluding China: down 65% to 70%, after growth of about 170% to 175%
  • Europe and other regions: down 50% to 55%, after growth of about 735% to 740%
  • Mainland China: down 25% to 30%, with online sales in China down 45% to 50%

Pop Mart Q3 2026 revenue change by region

-70 to -75%Americas
-65 to -70%Asia Pacific ex China
-50 to -55%Europe and other
-25 to -30%Mainland China
Source: Pop Mart Q3 2026 update via Investing.com, Oct 2026

How investors and analysts reacted

Pop Mart shares fell as much as 6% to HK$123.8 in Hong Kong on Wednesday, October 28, an 18 month low, Investing.com reported. HSBC cut its 2026 sales estimate to 33.2 billion yuan from 34.6 billion yuan, lowered its 2027 and 2028 revenue forecasts by 8% and 9%, and said it expects a longer period before sales stabilise.

Pop Mart is still investing. It raised production capacity and added preorders to curb shortages and resale, launched Twinkle Twinkle and Dimoo products in the quarter, opened a flagship on Boulevard Haussmann in Paris in September, and has passed 100 stores in the U.S.

Why this is a category story, not just one brand

Labubu pulled the whole collectible toy and blind box category into the mainstream in 2025, on TikTok, in resale apps and across marketplaces. When a fad cools, the damage spreads to everyone holding inventory bought at peak prices: resellers, accessory makers, look alike brands and retailers that ordered deep. A 70% plus drop in the Americas for the brand that owns the IP is a warning for every seller whose product line depends on one character, one trend or one viral video.

What this means for sellers and brands

Viral demand is real, but it is rented. Use the spike to learn who buys and why, then build lines that still sell when the hashtag fades. Our Amazon product research guide covers how to test whether demand is steady or seasonal before you commit capital.

Inventory is where fads hurt most. Order in smaller, faster batches, watch weekly sell through and search volume, and plan an exit price before you place the order. Our FBA inventory management guide and the Amazon excess inventory playbook show how to avoid storage fees and liquidation on stock that stops moving.

Before you bet on a viral product

  • Know the SKU's share of total sales
  • Track search volume weekly
  • Order in small, fast batches
  • Set a markdown trigger up front
  • Keep evergreen products funded

What sellers should do

If part of your catalog rides a trend, run this check this week, before holiday orders lock in.

  • List every SKU that depends on one character, trend or viral moment and its share of sales
  • Compare the last four weeks of sessions and search volume with the peak weeks
  • Cut reorder quantities on trend SKUs where sell through is slowing
  • Shift ad budget toward evergreen products with steady conversion
  • Set a markdown and liquidation trigger for slow trend stock now
  • Get a free Amazon audit to see which ads are spending on fading demand

Where PPC Spider helps

PPC Spider runs Amazon, Walmart and TikTok Shop growth for consumer brands. SpiderOS watches bids, budgets, search terms and stock every day, so ad spend follows real demand and target ACoS is set from product margin after fees. See our full service Amazon agency and more brand and category stories on the ecommerce marketplace news channel.

Sources

  • Investing.com: Pop Mart shares fall 6% as cooling Labubu craze spurs sharp drop in Q3 sales (ng.investing.com/news/stock-market-news/pop-mart-shares-fall-6-as-cooling-labubu-craze-spurs-sharp-drop-in-q3-sales-2761797)
  • The Edge Malaysia: Pop Mart's 3Q sales fall up to 50% as Labubu fad cools (theedgemalaysia.com/node/823464)
  • Seoul Economic Daily: Pop Mart sales halve as Labubu craze cools (en.sedaily.com/finance/2026/10/29/pop-mart-sales-halve-as-labubu-craze-cools)
  • RetailDetail: Labubu hype is over, Pop Mart's sales plummet by 50% (retaildetail.eu/news/leisure/labubu-hype-over-pop-marts-sales-plummet-by-50/)
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