Pop Mart, the Chinese toymaker famous for Labubu collectible dolls, reported a 45 to 50 per cent year-on-year decline in third-quarter revenue, as sales weakened across its major markets, with overseas operations and online channels bearing the brunt of the slowdown.
Revenue in mainland China fell 25 to 30 per cent in the third quarter from a year earlier, while revenue in Asia-Pacific markets outside mainland China and Oceania dropped 65 to 70 per cent, according to a business update filed to the Hong Kong stock exchange late Tuesday.
Revenue in the Americas declined 70 to 75 per cent, while Europe and other regions recorded a fall of 50 to 55 per cent during the same period, the filing showed.