Pop Mart’s Labubu continues to drive growth
Pop Mart’s popular Labubu character remains a key driver of the company’s growth, supported by successful brand collaborations and strong consumer demand worldwide. A recent partnership between Pop Mart and McDonald’s China, known as the Twinkle Twinkle campaign, generated long queues, significant social media attention, and increased resale prices for some co-branded collectibles.
Strong performance across global markets
According to Pop Mart’s Chief Operating Officer, the company’s portfolio of intellectual properties continues to perform strongly across global markets. Labubu remains one of the company’s most popular characters, while collaborations such as Labubu x Sanrio and Labubu x FIFA delivered particularly strong results during the first quarter of 2026.
Pop Mart reported first-quarter 2026 revenue growth of approximately 75–80% year-over-year. The Chinese market was especially strong, with revenue increasing by roughly 100–105%, supported by rapid growth in online sales.
Growth outside China has slowed down
However, growth outside China has slowed compared with the previous year. Revenue growth in the Americas, Europe, and other overseas regions remained positive but expanded at a slower pace than during the peak of the Labubu craze. Company executives emphasized that short-term fluctuations should not be overinterpreted and noted that the designer toy market continues to grow as consumers increasingly seek products with emotional and cultural value.
Industry analysts' opinion
Industry analysts remain optimistic about the long-term outlook for the collectible toy sector. Market forecasts suggest continued expansion of China’s designer toy market, supported by growing consumer interest in character-based intellectual properties and collectible products.
Labubu continues to be a major contributor to Pop Mart’s business performance, helping sustain strong revenue growth while the company expands its collaboration strategy and broader intellectual property portfolio.