‘Ugly-cute' Labubu doll craze places Pop Mart CEO Wang Ning among China's richest, is worth $22.7 bn
His net worth is now estimated at a staggering $22.7 billion, primarily due to his stake in Pop Mart. Created by Hong Kong artist Kasing Lung, the creation first entered the toy industry in 2015. However, it was 2019 when the sales of Labubu dolls skyrocketed after a collaboration with the Chinese toy giant, Pop Mart.
The global craze for Labubu has played a key role in fueling Pop Mart's growth. In 2024, the company's net profit reportedly jumped by 188 per cent, with total sales more than doubling from the previous year to reach roughly 13 billion yuan (around $1.8 billion), the report said.
Revenues from the Monsters collection, which features Labubu, soared by an extraordinary 726.6 per cent, serving as a major catalyst for the rise in Pop Mart's value.
Labubu dolls, priced between $20 and $30, are sold in 'blind boxes', a format where buyers only discover which design they have received after unboxing. This element of surprise sparked a trend across social media platforms like TikTok and Instagram.
In an interview with Hypebeast, Lung shared that his time in the Netherlands was a major source of inspiration for the character. 'I liked to read storybooks and was influenced by ancient European elf legends,' he explained.
Reflecting on his early years, Lung added, 'There were no game consoles or computers, so I had to draw dolls with a pen, so I had the idea of painting fairy tales since I was a child.'
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