Beijing, 30 April 2026 – Pop Mart’s rapid rise in the United States is showing signs of strain as the Chinese collectible-toy group struggles to find its next major hit after the global breakout of Labubu.

US sales fell 45 percent year-on-year in March, reversing strong momentum from earlier in the year, when sales rose 130 percent in January and 41 percent in February. The sharp reversal has renewed investor concern that Pop Mart’s overseas growth may be more dependent on one viral character than previously expected.

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Author

Rebecca Hsu
Rebecca Hsu is a Senior Economist and Lead Analyst for The Ledger Asia, focusing on the rapidly evolving financial landscapes of East and Southeast Asia. With a background in sovereign risk assessment and emerging market trends, Rebecca provides sharp commentary on trade dynamics, monetary policy, and the digital economy's impact on regional growth.
Formerly a strategic advisor for major financial institutions in Hong Kong, she excels at translating complex macroeconomic shifts into actionable insights for investors and policymakers. Her work at The Ledger Asia centers on China’s economic transition and the burgeoning manufacturing hubs of ASEAN, ensuring readers stay ahead of Asia’s shifting financial tides.