Beyond Labubu

Labubu, the grinning little monster sold in surprise “blind boxes,” helped Pop Mart pull in about $5.4 billion in 2025, up a jaw-dropping 185% from the year before. But when the company shared its results in March, its stock dropped more than 22% in a single day, because investors worried its newer characters haven’t come close to matching Labubu’s sales. Pop Mart’s sales are still growing in 2026, up nearly 24% in the first half of the year, but the big question remains: what happens when the Labubu craze fades?

Your Task: Imagine you are the head of product strategy at Pop Mart, and the CEO wants a plan to make the company less dependent on one character.

• What new character or product line would you launch, and who is it for?

• How would you build hype for it using what made Labubu a hit (blind boxes, collabs, limited drops)?

• How will you keep Labubu fans happy while you grow something new?

Write an 8-10 sentence memo to the CEO pitching your plan.