Ensito, with his custom-made Labubu teeth, posing with a new doll in his collection
For years, Labubu dolls seemed unstoppable.
Collectors young and old energetically snapped up "blind boxes" - sealed, mystery packages containing the quirky monsters - often paying $15 (£11) or more.
Those unable to get the characters they wanted were often prepared to pay much more on the resale market.
The hype around the creatures convinced a mega-fan from North Carolina, who goes by the name Ensito, to leave his tech job in 2024 to create Labubu content full-time, travelling as far as Italy and Spain to seek out the latest releases.
Ensito has spent more than $50,000 (£37,000) to build his collection of more than 400 Labubus, a figure he tells the BBC he's "embarrassed to say".
He even had a row of custom Labubu-like jagged teeth made by a dentist to wear at events.
But in recent months, Ensito's once-viral posts about the furry monsters have struggled. "Those videos used to be able to hit 10,000 really quickly but I'm struggling to do that now."
Ensito's focus has shifted to other trends like Hello Kitty and squishies.
It's a sign that the craze which made parent company Pop Mart worth more than US toy giants Hasbro and Mattel put together may be running out of steam. Analysts believe the Beijing-based brand is struggling to capture excitement beyond a single viral moment.
Pop Mart recently reported that global sales in the three months to the end of September had fallen by as much as 50% on the previous year.
The drop was particularly steep outside mainland China, with US revenue down by at least 70%.
The rise and fall
Pop Mart didn't invent blind boxes but its dolls certainly helped to popularise them around the world.
The sales tactic made collecting feel "nostalgic", evoking the feeling of opening gifts as a child, says marketing professional Katelynn Carlson, who discovered Labubus through social media and now owns 36 of them.
One of her first Labubus was a rare doll, making the experience "even more exciting", she adds.
Labubu, which launched in 2019, has been Pop Mart's most successful line of toys. The monsters became fashion statements and were sported by celebrities including Kim Kardashian and Blackpink's Lisa.
They regularly attracted long queues and became so popular that Pop Mart had to temporarily pull the toys from its UK shops after reports of customers fighting over them. One fan paid more than $150,000 for a human-sized Labubu.
A key part of the allure was how difficult some Labubu dolls were to find, with fans repeatedly buying blind boxes to get the version they wanted, says National University of Singapore marketing lecturer Samer El Hajjar.
Katelynn Carlson believes blind boxes were an exciting feature of the Labubu craze
Pop Mart now has 500 shops in more than 30 countries and 2,000 vending machines worldwide. The firm, which listed in Hong Kong in 2020, is worth nearly $24bn and remains one of the world's most valuable toymakers, despite its shares having fallen by more than 50% from last year's peak.
Investors worry its global success was just a viral moment rather than sustainable growth driven by long-term customer loyalty, El Hajjar says.
For Ensito, it is clear the dolls' exclusivity helped fuel the craze.
"Now it doesn't feel that way. I walk into a Pop Mart and there's a whole series of Labubus sitting there," he says.
Ashley Dudarenok of China research firm ChoZan says that sense of exclusivity faded as Pop Mart ramped up production to meet demand.
Pop Mart declined to comment on share price moves and did not respond to questions about falling sales.
Rivals take over
As the Labubu mania cools, some of its rivals have become more popular.
Blind box collectables like Sonny Angels - tiny, unclothed cherub-like dolls - and miniature glow-in-the-dark Smiski figurines have been flying off shelves. And you can now find My Little Pony and KPop Demon Hunters in blind boxes too.
Miniso, founded in the southern Chinese city of Guangzhou, sells a range of blind-boxed Disney and Marvel characters in more than 8,000 shops globally.
"Consumers aren't particularly concerned about where the brand comes from," Miniso executive Vincent Huang said earlier this year. "They're more focused on the shopping experience - the designs, value for money, and enjoyment."
Pop Mart faces competition from retailers like Miniso
Experts say one of Pop Mart's biggest challenges is creating enduring characters.
That's an area where Hello Kitty brand Sanrio, which posted record earnings in the year to March, has a clear advantage, analyst Boustani suggests.
Pop Mart has invested heavily in ways to grow its brand, including setting up a theme park in Beijing and announcing a Labubu film - following in the footsteps of franchising giants like Disney or Lego, some experts believe.
But unlike Disney, which sells a story before it sells a toy, Pop Mart is working in reverse, says Dudarenok. "The real test for next year is whether Pop Mart can make people love a character without a celebrity holding it."
Glow-in-the-dark Smiskis are emerging as a competitor to Labubus
'Now I only buy what I like'
After spending huge sums on the monsters, collector Ensito says he is now questioning how much time and money people invest in collections each time a new trend comes along. "There's always going to be a trend every year. There's always gonna be something that's gonna be really popular."
Melbourne-based content creator Lawrence Yu says that after two years of chasing Labubus, he's likely to be "more selective" before adding to his roughly 50 dolls.
His Labubu shopping and unboxing clips once drew up to a million views but the frenzy has faded and Yu rarely makes videos about them now. "I definitely think the trend has slowed down... People go crazy and then it fizzles."
Clara Barbero from Canada believes Labubus are a "dead trend" but is still keeping an eye out for interesting releases.
"I’m curating my collection more and only buying what I see myself liking for the next few years, and not just buying the newest series that’s out."
Lawrence Yu says he has spent about $1,400 on Labubu dolls
But the fluffy monsters still have truly devoted fans.
Hedy Khaled from Liverpool says although the hype around the dolls is cooling, she is just as attached to her collection of 70 Pop Mart figurines.
There's a distinction between those who chase trends and "real fans", she argues, so falling sales do not necessarily mean Labubus have lost their appeal.
For Carlson says it is the happiness the dolls bring, not the viral trend, that keeps her collecting. She still gets excited about new Pop Mart releases, like its recent cat-themed Labubu series, which has become one of her favourites.
"I think there's something special about embracing our inner child and enjoying things simply because they make us happy."
