Pop Mart International has seen its stock drop about 40 per cent since August, reports Bloomberg, as enthusiasm for its Labubu figurines fades.

A weak US Black Friday and slowing resale demand have revived comparisons to the 1990s Beanie Babies bust, challenging hopes that Pop Mart could rival Walt Disney or Sanrio.

North America revenue growth slowed to 424 per cent in the quarter to 6 December, more than halving from the previous three months, according to YipitData. Bearish bets against the stock have tripled since November to their highest since August 2023, S&P Global data show.