Pop Mart’s US$33B Labubu problem: Why product loyalty is not brand loyalty

In 2025, Pop Mart sold 100 million Labubu dolls. Revenue grew 185 per cent to RMB 37.1 billion (US$5.49 billion). Net profit grew 293 per cent. By almost any measure, it was one of the best years any consumer company has had this decade. The market still wiped roughly US$33 billion off the…