Pop Mart Sales Growth Slows Overseas

Pop Mart’s blistering run hit a cooler stretch in the first quarter as sales growth slowed and overseas demand lost momentum.

The update marks a notable change for Pop Mart International Group Ltd., which rode rapid expansion last year on the back of strong appetite for its collectible toys. This time, reports indicate the company still posted growth, but at a slower pace than investors had grown used to. The slowdown appears especially tied to weaker performance outside its home market, where earlier gains had helped power the broader story.

The question now is not whether Pop Mart can grow, but whether it can sustain excitement for its biggest characters as international demand cools.

That matters because Pop Mart’s recent rise has leaned heavily on the momentum of Labubu, one of its best-known toy lines. Sources suggest waning enthusiasm for that blockbuster franchise contributed to the softer quarter. For a consumer brand built on novelty, fandom, and repeat purchases, even a modest loss of heat can ripple quickly through revenue growth.

The broader issue goes beyond one quarter. Pop Mart’s business thrives when a character catches fire and travels across markets, turning collectors into repeat buyers. When that cycle loses speed overseas, it raises harder questions about how durable the company’s expansion can be and how much future growth depends on creating the next breakout hit rather than extending the life of the current one.

What comes next will shape how investors and consumers read the company’s trajectory. Analysts will watch for signs that Pop Mart can revive overseas demand, refresh interest in key franchises, and prove that its growth story does not rest on a single toy line. If the company can do that, this quarter may look like a pause. If not, it may mark the point where a fast-moving craze starts to face the limits of scale.