Pop Mart’s newest Labubu line just bombed. The Hair Salon series launched June 26 with the two biggest pushes the company could buy — a FIFA World Cup tie-in, an endorsement from Blackpink’s Lisa — and it still landed softer than almost anything the brand’s put out. Multiple versions started reselling below retail almost immediately, which almost never happens with this toy.
The obvious read: the craze is cooling.
Except on July 6th, an investor named Duan Yongping — some call him “China’s Warren Buffett” — increased his Pop Mart stake for the third time this year, from 6.85 percent to 7.65 percent, according to a Hong Kong exchange filing reported by the South China Morning Post. He bought directly into the “Labubu fatigue” headlines.
