<div id="readability-page-1"><div><p><span>Pop Mart International Group (PMRTY) is pushing back against the idea that its overseas growth story may be too dependent on Labubu. Chief Operating Officer Si De said non-Labubu products accounted for about 50% of U.S. revenue last year, while in Japan, South Korea and Southeast Asia, other characters already make up the majority of sales. Si argued that Labubu's explosive rise last year may have overshadowed the company's broader intellectual property portfolio, including Twinkle Twinkle, which he described as one of Pop Mart's fastest-growing characters in Asia.</span></p><p><span>The investor concern is not coming from nowhere. Pop Mart shares have fallen almost half from their August record, wiping roughly $28 billion from market value, as the market questions whether Labubu can remain an enduring hit or may prove to be a shorter-lived craze. Revenue surged 185% in 2025, including a 300% jump overseas, but Bloomberg Second Measure data showed U.S. sales fell 42% in April after a 45% decline in March. The company has guided for at least 20% growth this year, while Morgan Stanley expects 13% growth, HSBC forecasts 9.6% expansion, and Deutsche Bank predicts a 2% decline.</span></p><p><span>Management is still investing behind the global opportunity. Pop Mart wants more than 100 U.S. stores this year, including flagship locations in Times Square and Fifth Avenue in the fourth quarter, while also working to build demand for characters such as Skullpanda and Hirono. Labubu remains a major part of the strategy, with Pop Mart working with Sony Pictures Entertainment on a movie that Si said may arrive as early as summer 2028, alongside a fresh Labubu series and artist collaboration planned for the second half.</span></p></div></div>

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<p>Pop Mart defends its overseas growth strategy amid a $28 billion market value drop, asserting that non-Labubu products drive significant revenue in key markets. Despite recent U.S. sales declines and stock volatility, the company maintains a positive outlook with guided growth of at least 20% for the year. Pop Mart continues expanding its physical presence in the U.S., aiming for over 100 stores, while diversifying its IP portfolio through new characters and upcoming media collaborations like a Labubu movie.</p>

- Pop Mart International Group (PMRTY) is addressing concerns about its reliance on Labubu for overseas growth, noting that non-Labubu products represented about 50% of U.S. revenue last year.  
- Despite a revenue surge of 185% in 2025, including a 300% increase abroad, U.S. sales have recently declined, raising doubts about Labubu's longevity.  
- The company aims to open over 100 U.S. stores this year while continuing to invest in new characters and collaborations, including a potential movie with Sony Pictures planned for summer 2028.

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Pop Mart Defends Overseas Growth After $28 Billion Market Value Wipeout