Everyone wanted a Labubu. What happened?

In brief

Once a coveted collectible, Pop Mart's Labubu dolls are now witnessing a steep decline in desirability, particularly in the United States. Recent sales data reveals a dramatic fall in global revenue, resulting in collectors becoming increasingly discerning. As enthusiasts pivot towards new toy brands and characters, many are reevaluating their investments in Labubu dolls, signaling a pivotal shift in the collecting…