🫠 Hype hangover: After a viral livestream in which an employee called the 79 CNY blind box “a bit expensive,” Labubu maker Pop Mart was put under heavy pressure. A colleague replied, “It’s fine, someone will still buy it anyway.”
💬 Online backlash: The controversy centered on the new DIMOO series. Users mocked the “IQ tax” hype, especially after a factory representative revealed that the average production cost per figure is under 8 CNY.
📉 Resale collapse: Resale prices for a 14-piece Mini Labubu set have fallen 16% in a month, now below the official retail price — a clear signal that enthusiasm is fading fast.
💹 Strong Q3 amid criticism: Following the incident, Pop Mart shares dropped nearly 6%. Since their late-August peak, they’ve fallen 38%. Still, Pop Mart reported roughly +250% year-on-year revenue growth in Q3.
🌏 Thailand test: New figures like Molly and Twinkle Twinkle are being promoted in Bangkok. Thailand’s collector scene is seen as a proof-of-concept market for global expansion in the toy business. Chinese rivals such as 52Toys and Heyone are also testing new characters there.
Big Picture
The livestream slip-up exposed what many buyers had long suspected: huge margins, little real value. When resale prices fall below retail and even employees question pricing, the hype unravels.
Analysts warn of extreme IP concentration and doubt Pop Mart can replicate its Labubu success — calling the chance of another viral hit “remarkably low.”
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