$1.6 billion in a day: How Labubu dolls made this CEO a global sensation overnight
What do bunny ears, blind boxes, and celebrity handbags have in common? Apparently, a $1.6 billion boost to a CEO's net worth. Wang Ning, the 38-year-old founder and CEO of Pop Mart International Group, saw his fortune leap by a staggering $1.6 billion in a single day—all thanks to the runaway success of Labubu, the shaggy, mischievous figurine taking the world by storm.
Labubu, dreamed up by Hong Kong-born artist Kasing Lung, originated in the 2015 picture book The Monsters and was once a niche designer toy. That changed after Lung teamed up with Pop Mart in 2019, launching Labubu into global toy superstardom. With its bunny ears and gremlin-meets-Teletubby vibe, the doll has become a cultural phenomenon.
A major driver of Labubu's success is Pop Mart's use of 'blind boxes'—sealed packages that don't reveal which character is inside. This gamble has proven addictive for collectors. In 2024 alone, Labubu accounted for roughly $400 million in revenue.
The craze has had its wild moments. In the UK, store launches sparked chaos and even scuffles, prompting Pop Mart to suspend in-store sales of Labubu across its 16 locations. The company plans to resume in June but continues to sell the dolls online.
Social media and celebrity culture have only supercharged Labubu's appeal. Rihanna, Dua Lipa, and Blackpink's Lisa have been seen toting the dolls, often clipped to luxury bags. On TikTok, the #Labubu hashtag has exploded with over 1.4 million posts, feeding the frenzy.
LISA is recognized by Vogue Italia and Teen Vogue as the driving force behind the worldwide surge in popularity of Labubu plush, highlighting her pivotal role in setting the global trend. pic.twitter.com/txTcbNyUnl
— Pop Core (@TheePopCore) May 26, 2025
This success has propelled Pop Mart's app to the top of the US shopping charts and massively boosted investor confidence. According to Forbes, Wang Ning's real-time net worth as of April 2025 is $18.7 billion.
Born in Henan province in 1987, Wang graduated from Zhengzhou University in 2009 and founded Pop Mart the following year. What started as a small collectibles business is now a global toy empire—with bunny ears leading the charge.
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