Pop Mart International Group posted slower sales growth in the first quarter of 2026, with overall revenue increasing 80% year-on-year, down from 185% growth in 2025 [1, 2]. The company’s expansion abroad also decelerated sharply after nearly 300% sales growth overseas in 2025 [1, 2].
Sales in China rose 105% in Q1 2026, remaining robust despite the global slowdown [1, 2]. Revenue in America and Asia Pacific increased by up to 60% and 30%, respectively, while Europe and other regions grew by as much as 65% in the quarter [1, 2]. However, Pop Mart’s US sales declined 45% year-on-year in March 2026 followed by a 42% drop in April, according to Bloomberg Second Measure data based on credit and debit card transactions, which may not fully capture total sales and can be influenced by promotional activity [1, 2].
The US market weakness is a sharp reversal from the prior year’s overseas growth and contributed to the overall slowdown. Pop Mart’s Hong Kong-listed shares have fallen about 25% amid the sales dip [1].
Pop Mart CEO Wang Ning affirmed the company’s efforts to expand the Labubu character beyond merchandise through a partnership with Sony Pictures Entertainment on a Labubu film. Wang said, "The movie could feed into theme parks, products and other experiences" to boost brand reach [1, 2].
At a March earnings briefing, Wang had guided for at least 20% revenue growth in 2026, but analyst forecasts now vary. Morgan Stanley projects 13% full-year revenue growth, while Deutsche Bank expects a 2% revenue decline for the year [1, 2].
Pop Mart will likely release its Q2 earnings later this year, which will provide more insight into whether the US market can stabilize and whether growth can accelerate in other regions.
