Pop Mart Pushes Back on One-Hit Wonder Fears as Non-Labubu Sales Hit 50% of US Revenue

The Quick Take

• Pop Mart, maker of the viral Labubu collectible figure, revealed that non-Labubu items account for approximately 50% of total US revenue in 2025-26.
• The revenue diversification data directly challenges investor concerns that Pop Mart's growth is entirely dependent on the Labubu IP trend cycle.
• The disclosure came as Pop Mart seeks to position itself as a multi-IP collectibles brand rather than a single-product phenomenon.

Pop Mart's disclosure that non-Labubu products now generate approximately 50% of total US revenue is a strategically important data point for investors who have been pricing in significant IP concentration risk. The Labubu character — a fantasy creature designed by Belgian-born artist Kasing Lung — became a global collectibles phenomenon in 2024-25, triggering explosive stock appreciation for Hong Kong-listed Pop Mart as the company scaled retail internationally. The risk of a single-IP dependency causing a sharp demand cycle reversal has been a consistent bear thesis on the stock, making this revenue composition disclosure a direct counter-narrative from management.

The 50% non-Labubu US revenue figure has several implications for Pop Mart's competitive positioning. It suggests the company has successfully leveraged Labubu's foot-traffic generation into broader IP catalog exposure, converting initial buyers into collectors of its wider product range. For comparable collectibles and specialty retail peers — Funko, Squishmallows parent Jazwares, and luxury toy brands — Pop Mart's diversification execution provides a benchmark for IP portfolio monetization strategies. The US market specifically is important because it carries premium pricing and high brand visibility that influences global consumer perception of the Pop Mart brand.

Forward-looking investors should watch Pop Mart's HK-listed stock and its next quarterly revenue breakdown for evidence that US non-Labubu momentum is sustained rather than a one-quarter anomaly. New IP launches and their initial sell-through rates are the key leading indicators — a new character achieving rapid sellouts signals the brand can generate demand independent of Labubu's cultural moment. The macro variable is consumer discretionary spending health in the US and Asia, as collectibles demand is sensitive to disposable income trends, particularly among the 18-35 demographic that drives Pop Mart's core customer base.

Synthesized from 1 source.