The purpose of this article is to offer a feminist critique of populism, not as a distinct mode of politics, but as an analytical and political concept. As such, it seeks to redirect our attention away from populism, understood as a politics ‘out there’, towards the academic theoretical debates that have given this analytical term a new lease of life and propelled it beyond academic circles into the wider public discourse. In this context, the article develops two broad arguments. The first is that the two prevailing conceptions of populism are marred by anaemic conceptions of power, collective agency and subjectivity and, as such, are unable to present us with a convincing account of why this form of radical politics emerges in the first place, who its protagonists are, and how they come together in collective struggle. The second is that our current frenetic deployment of the term as a blanket descriptor for radical politics of all persuasions does not bode well for feminism politically. For both reasons, I conclude that feminists need to resist the current ‘populist hype’.