On March 16, according to Bloomberg, as the LaLab craze gradually dissipated,Bubble Mart is betting on new dolls to keep the market hot.This transformation will test whether Bubble Mart is just relying on a short-lived flash in the pan, or whether it can continue to create classic IP and compete with giants such as Disney and Hello Kitty creator Sanrio.


Bubble Mart’s Star People Series

Currently, the shelves in Bubble Mart’s stores are still full, butConsumers’ attention is no longer just focused on the pointy-eared and crooked-toothed Labubu that once triggered hours of queues to buy and second-hand resale frenzy.

IP diversification

now,IP characters such as Starman, Skullpanda and Crybaby have each attracted a huge fan base.They fetch high prices on second-hand trading platforms and top Bubble Mart’s sales rankings.

Starman’s plush pendants are often sold out within minutes of being restocked. On Qiandao, a second-hand trendy toy trading platform, many dolls in this series are traded at prices higher than the official sale price, and the resale price of Crybaby Vacation Mode On series plush dolls is 72% higher than the retail price. Morgan Stanley data shows that in the US market, Skullpanda has become the second largest IP of Bubble Mart. Its recent joint product with Hasbro’s IP My Little Pony has received hundreds of thousands of likes on Instagram.


New IPs such as Xingxingren are popular

Bubble Mart will sell more than 400 million dolls in 2025, about a quarter of which will come from the "THE MONSTERS" series led by LaBuBu. Now, the Chinese fashion giant is betting that its other characters can continue the collectible doll craze started by this phenomenal hit.

"As Bubble Mart strives to become a global IP giant, we expect it to continue to diversify its IP and licensing businesses. Bubble Mart will continue to launch new IP to reduce its dependence on THE MONSTERS series." Morningstar analyst Jeff Zhang said.

The Star Man series will be launched in the second half of 2024, with global sales reaching 390 million yuan (approximately US$57 million) in the first six months of 2025, becoming one of the fastest-growing IPs of Bubble Mart. Morgan Stanley predicts that by 2026, the IP's sales in China are expected to reach about half of Labubu's.

Data from Huatai Securities shows that since the fourth quarter of last year, the sales structure of Bubble Mart has become increasingly balanced, and the sales proportion of Crybaby and Xingren series has increased. In the 28 days starting on December 11, 2025, these two IPs accounted for 28% and 51% respectively of the top 20 best-selling products of Bubble Mart in TikTok Thailand and Indonesia e-commerce stores. These two stores have expanded rapidly with the help of Labubu's popularity.

"Skullpanda, Stars and Crybaby are becoming new growth engines, with their own fan bases, rather than as substitutes for Labbu." Citi analysts including Lydia Ling said in February.

Labubu sales slow down

Wang Ning, founder and CEO of Bubble Mart, has been committed to building the company into a successful enterprise that does not rely solely on a single IP.In an interview with CCTV last year, he said that Bubble Mart’s goal is to “create a world-class trendy IP platform.”

In the past year, Bubble Mart has accelerated the launch of products related to emerging IPs. It not only released new series of Skullpanda and Star Man, but also launched a joint series integrating multiple IP images. Cross-border collaborations such as Skullpanda and My Little Pony have helped increase online popularity, while limited sales have maintained a sense of scarcity.

Bubble Mart also devotes more resources to those IPs that are considered to have hit-making potential, especially Star People. In the Chinese market, its marketing offensive in 2025 includes: performing stage performances at Bubble Mart Beijing Theme Park, holding themed exhibitions in multiple cities, and launching joint activities with milk tea chain brand Heytea. The Skullpanda series received support through pop-up events and exhibitions in Shanghai and Guangzhou.


Crybaby series exhibition

This series of moves precisely reflects that Labub still occupies a core position in Bubble Mart, and also highlights the risks of over-reliance on a single IP.

This doll became an Internet hit in 2025, helping Bubble Mart enter overseas markets such as the United States and Australia. However, as supply increases and counterfeit products proliferate, the premium space for second-hand resale has narrowed, and the rush to buy has also cooled down.

According to data from Bloomberg Second Measure, in the U.S. market, its year-on-year sales growth has slowed from 130% in January to 40% in February, which is a sharp drop from the astonishing growth of approximately 1,270% in the third quarter of last year.

Even so, Labubu is still the core business of Bubble Mart. Last year, the "THE MONSTERS" series still contributed about a quarter of Bubble Mart's global sales: about 100 million pieces.

Drainage tool

Sammi Xu, a consumer industry analyst at Deutsche Bank, said that Labubu is still a "draining tool" for Bubble Mart, contributing more than half of sales in overseas markets, and in some Western markets this proportion even exceeds 70%.

"Without the appeal of La Bubu, the brand awareness and sales of other IPs in overseas markets may not reach their current heights," said Sami Xu.


Skullpanda in Shanghai store

Bubble Mart's reliance on LaBuBu has investors wary. The share price of Bubble Mart, which is listed in Hong Kong, has fallen by nearly 40% since its high point in August last year.

challenge

At the moment, the challenge facing Bubble Mart is whether those newer IPs can share more of the burden of promoting Bubu. Compared with the success of Xingxingren, the market response to the two recently launched new IPs has been relatively dull. Some Chinese social media users criticized the new design as "forgettable" and questioned whether Bubble Mart's new product launches were too dense and too fast-paced.

Nonetheless, consumers who once only recognized Labubu have begun to broaden their horizons. Jessica Yao, 32, said that although the first Bubble Mart product she bought was a Labo doll for her niece, she quickly became a fan of Star People.

"I once bought about 20 Starman figures at one time because they were so cute," said the Hangzhou office worker. "As long as the design can maintain the same level as before, I will definitely continue to buy them."