JTG MINI: How Pop Mart lost billions on the rise and fall of Labubus.
At the peak of the Labubu craze in 2025, Pop Mart, the company behind the viral blind box toys, was worth more than Mattel and Hasbro combined. That's Barbie AND Nerf, beaten by a snaggle-toothed elf from artist Kasing Lung's 'The Monsters' universe, dangling off the designer handbags of Lisa from BLACKPINK, Rihanna and Cher. Then the bubble burst: resale prices cratered, counterfeit 'Lafufus' flooded the market, Pop Mart's stock plunged more than 22 percent in a single day, and founder Wang Ning personally lost 2.7 billion dollars before lunch. This is Just The Gist (MINI!) of the rise and…
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