Pop Mart's CEO Is China's 10th Richest Person Thanks to Labubu
Summary
Pop Mart's CEO Wang Ning has ascended to China's richest ranks all because ofLabubu. The unassuming world of designer toys has just produced one of China's newest billionaires, proving that cultural phenomena, even those contained within a 'blind box,' can generate immense wealth. Wang Ning, the visionary founder of Pop Mart, has surged into the ranks of China's top ten richest individuals, a meteoric rise largely attributed to the global frenzy surrounding the quirky yet captivating character, Labubu.
Pop Mart, a Beijing-based company founded by Wang Ning in 2010, initially started as a multi-brand retailer. However, its strategic pivot to developing and selling its own original intellectual properties (IPs) through the 'blind box' model truly unlocked its exponential growth. The blind box concept, where consumers purchase a sealed package without knowing which specific design from a series they will receive, taps into a powerful blend of surprise, gamification, and collectibility, fostering an addictive treasure-hunt dynamic, particularly among Gen Z and adult collectors.
While Pop Mart boasts a roster of beloved characters, it is Labubu, the mischievous, pointy-eared, and toothy elf-like creature created by Hong Kong artist Kasing Lung, that has become the undisputed star. Licensed by Pop Mart in 2019, Labubu's popularity has soared to unprecedented heights, especially over the past year. This 'Labubu Mania' has been fueled by a combination of factors: its 'ugly-cute' aesthetic, highly sought-after limited editions, and crucially, immense celebrity endorsements from global figures and celebrities likeLISA, Emma Roberts,Dua LipaandRihannahave all joined in on the craze, adding Labubus to their everyday bags.
This insatiable global demand for Labubu has directly translated into a colossal surge in Pop Mart's revenue and stock price. In 2024, Pop Mart's net income reportedly soared by 188%, with total sales more than doubling, reaching approximately 13 billion yuan (around $1.8 billion USD). The Monsters franchise, which includes Labubu, saw an astonishing 726.6% revenue increase, becoming the company's top earner. This financial performance has propelled Wang Ning's personal wealth to over $20 billion USD, positioning him as one of the wealthiest individuals in China, as well as the country's youngest billionaire.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
24 minutes ago
- Yahoo
‘Ed the Zebra' mural painted in Nashville
NASHVILLE, Tenn. (WKRN) – Ed the Zebra has garnered national attention over the last week and a half. Now he's immortalized on a Nashville art piece. The artist who goes only by 'Bandit' is a Los Angeles-based artist. He painted the zebra on a wall along 8th and Edgehill Avenue, if you want to go check it out yourself. 'Bandit' is a traveling artist who does a lot of research on what is going on in cities before he shows up. He usually paints politically motivated murals, but saw that Ed the Zebra was creating a ton of buzz in Nashville so this time he switched it up to something lighthearted. 'Ed the Zebra' captured after 8 days on the loose in TN 'Bandit' says the children in the painting are meant to represent the child-like joy the zebra chase gave to Tennesseans. 'Just showing how we're a bunch of kids chasing animals all the time, it seems like. It seemed like a rat race to catch this zebra. Children always add a humorous, satirical feel to the work as well.' The artist says he did not get permission to paint this mural. News 2 did reach out to the property owner, Graybar Electric Co., and they said they do not mind that the new mural is there. Do you have news happening in your neighborhood? Let us know by sending an email to neighborhoodnews@ Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
2 hours ago
- Yahoo
'Clash of the Cans' mural contest transforms empty lot in Holyoke
HOLYOKE – The Beyond Armour Yard lot on Race and Main streets will come alive with creativity as artists compete in the 'Clash of the Cans' mural contest, while visitors enjoy the interactive BeND sculpture, offering a blend of art and play. Beyond Walls, in collaboration with the city of Holyoke, Mayor Joshua A. Garcia, and local groups, is leading the transformation of the empty lot at Race and Main streets into the vibrant, art-filled space. The event runs until June 14 and promises family fun with art, food and music. The project features six large shipping containers decorated by muralists like Golden 305, Ruben Ubiera, Micaela Levesque, Michael Rice, Corey Pane, Brian Wentworth and Holyoke-based artist Repo09. Besides the murals, the new outdoor space will have areas for refreshments, a flexible setup for future events, and BeND, an interactive sculpture that offers seating, a canopy and a play area. The container 'park' is a semi-permanent installation, secured through a two-year agreement with the city of Holyoke. Funding for this project came from a Mass Development Creative Catalyst Grant, Holyoke Gaming Restitution Funds and the Carlos Vega Social Justice Fund. On June 14, from 5-8 p.m., there will be a free event called 'Clash of the Cans' with live painting, food from Crave Restaurant, beer from White Lion Brewing, and music by local DJs. Residents are encouraged to watch artists race to complete their murals and interact with the community. At HardTech, Holyoke wants to sell itself as a place 'for companies from Boston to land' in a new manufacturing economy Ex-CPA admits to bank fraud conspiracy that cost lenders millions Baystate Health readies for hospital demolition at Mary Lane site WMass shelter determined to make a difference — 14,000 cats and counting This WMass college is offering free course in AI essentials Read the original article on MassLive.
Yahoo
2 hours ago
- Yahoo
Airbnb Kicks Off New Lollapalooza Experiences, From Private Sets to Backstage Tours
If you purchase an independently reviewed product or service through a link on our website, Rolling Stone may receive an affiliate commission. After launching Airbnb Experiences and Services and collaborating with artists like Chance the Rapper and Cherry Glazerr in May, Airbnb is giving music fans another chance to get closer to their favorite artists' music this summer. The travel brand has teamed up with Live Nation to bring its Experiences to Lollapalooza for the first time. That includes all of Lollapalooza's locations, including Berlin, Chicago, São Paulo, and Mumbai. More from Rolling Stone These Best-Selling Sony Headphones Are Only $11. Seriously. NBA Finals Tickets: How to Get Last-Minute Thunder vs. Pacers Stubs Online How to Watch Thunder vs. Pacers NBA Finals Games Online Book on Airbnb Airbnb says that guests can book everything from daily Lollapalooza-based Experiences (think: private performances) and even access to Airbnb's Lollapalooza lounge on-site. In Berlin, Lollapalooza attendees could book an Airbnb Experience with the performance artist BUNT to see a private DJ set. For now, the brand hasn't revealed its Chicago-based Lollapalooza Experiences. 'Fans are traveling the world to see the artists they love, and festivals like Lollapalooza are leading that demand,' says Michael Rapino, CEO and president of Live Nation Entertainment, in a statement. 'Partnering with Airbnb helps us make those trips even more memorable for fans, connecting them to the culture and community around the music that makes each festival unforgettable.' According to Airbnb, 75 percent of Lollapalooza attendees in Berlin don't live in town, and 50 percent of festivalgoers in Chicago are visiting from another city. Book on Airbnb 'The great thing about Lollapalooza and working with artists is it's another way to step into the culture of a city rather than the traditional — you know, double-decker bus tour, that idea of looking at things and seeing nothing,' Airbnb co-founder and CEO Brian Chesky tells Rolling Stone. Continued Chesky, 'We just want to do things that are cool. We want to do things that are different. We want to do things that are interesting. We're not giving a ton of experiences to start because we want to really work with Lollapalooza and make sure we do something really thoughtful. But I think this is the beginning of something. I imagine 10 years from now you'll be able to go to cities all over the world, and you're going to be able to have these incredible experiences. There could be this entire economy built around music experiences. Why would that not be possible?' Book on Airbnb Chesky also says that Airbnb could become an 'income source for musicians. You can sell music. You could go on tour. You can also share experiences, and isn't that what life is ultimately about? So I think this is, for us, the beginning of the next chapter with Airbnb.' This year's lineup for Lollapalooza in Chicago includes headliners like Olivia Rodrigo, Tyler, the Creator, and Sabrina Carpenter. Last-minute Lollapalooza tickets are still available before the four-day fest kicks off on July 31. Best of Rolling Stone The Best Audiophile Turntables for Your Home Audio System
