Latest news with #WangNing
The Hindu
2 hours ago
- Entertainment
- The Hindu
Is Labubu mania still going strong or has India moved on? And how do you snag one?
They are small, mischievous, and impossible to ignore. With their fang-toothed grins and pointy ears, Labubus — once just quirky vinyl toys — have unexpectedly become 2025's 'It' accessory. No longer the preserve of toy collectors, these blind-box figurines are now dangling from luxury bags, trading hands across continents, and powering a global consumer craze. Labubu first sprang to life in 2015 as a character from The Monsters, a children's book series by Hong Kong–born, Belgium-based illustrator Kasing Lung, whose work draws heavily from Nordic mythology. Initially produced in Taiwan, it was not until Pop Mart — the Beijing-based toy giant founded by Wang Ning in 2010 — licensed the character in 2019 that things really took off. Using a signature blind-box model, where each sealed box contains a mystery figure, Pop Mart turned Labubu into a must-have collectible. But the tipping point came in November 2024, when Lisa of South Korean girl group Blackpink clipped one to her Louis Vuitton bag and later revealed her 'Labubu obsession' in a Vanity Fair interview. The Internet lost it. And just like that, labubu became a viral hit across Asia and beyond. It did not stop there. International stars like Dua Lipa, Rihanna, Kim Kardashian and even David Beckham have been spotted with Labubus — often attached to their bags, backpacks or keychains — catapulting the character into global fashion consciousness. By mid-2025, Pop Mart had released over 300 variants, with a mint green, 131 centimetre (4.3 feet) tall Labubu figure being sold at Yongle International Auction in Beijing in June 2025 for 1.08 million yuan (approximately ₹1.3 crore). As Labubu mania went global, Pop Mart CEO Wang Ning's personal stake in the company skyrocketed, placing him among China's 10 richest individuals. With an estimated net worth of ₹1.734 trillion, Wang is now one of the youngest billionaires in the country. The India craze In India, Labubu's rise has been just as wild. The Pop Mart outlet at Bangkok's Siam Centre has become a kind of pilgrimage site, as Mumbai-based filmmaker Faraz Arif Ansari discovered earlier this year. 'So, I got my first one (labubu) end April, early May, from Bangkok's Pop Mart. It is the best stocked and priced,' Faraz recalls. 'Then I started hunting for limited editions. Got a few from resellers in Bangkok and others through friends travelling around Malaysia, Hong Kong and Singapore.' While blind boxes cost around 550 THB (almost ₹1,500) in Thailand, resellers in India list the same figurines for ₹6,000–7,000. 'It's mad,' they (Faraz identifies as non-binary, their pronouns are they/them) laugh. 'Even the Thai resellers are way cheaper — and they bargain too. I picked up a few limiteds for about 1,500 THB (₹4,035) each.' Their collection now sits at around 20 figures — placing them somewhere between casual collector and hardcore enthusiast. Shelf appeal Anchit Kapil, co-founder of CrepDog Crew (CDC), was quick to spot the trend brewing on Instagram. 'Honestly, it was both demand and instinct,' he says. 'Collectors in India were already hooked, but there wasn't a reliable source to buy from — at least not without months of waiting or risking fakes. We've always curated what's culturally relevant, so bringing Labubu into the CDC world just made sense.' The reaction was instant. 'We teased a drop in May, and it went off,' he says. 'It validated itself before we even launched.' Unlike traditional retailers working off projections and data, CDC taps directly into the pulse of youth culture. 'Sometimes the community tells you what's hot before the numbers do,' he says with a shrug. What has been surprising, even to Anchit, is the diversity of Labubu fans. 'You had sneakerheads who were like, 'Why would I buy a toy?' And now, some of them are our most die-hard collectors,' he laughs. 'It's not just lads in their 20s either. Labubu's gone beyond 'toys'. It's gender-neutral, age-neutral, everything-neutral. We've seen uni students and working professionals alike building collections.' While CDC took the organic route, another player moved fast and commercial. Abbas Ali Zaveri, founder and CEO of HypeFly India (an online retailer of sneakers and streetwear), approached Labubu like he does all things viral — with a sharp eye and even sharper instincts. 'We're always scanning global trends. If it's hot internationally, we want to be the first to bring it here,' he says. 'It's about aspiration. People see something trending in the US or Korea and don't realise they can get it locally.' Abbas's team first clocked Labubu in May. 'We did a test run. My team wasn't convinced, they were like, 'Who's paying ₹5,000 for a toy?' So I posted a few videos myself. First day, we sold 10. I knew we were onto something.' A bold 'buy one, get one' launch followed just as the buzz reached fever pitch. 'In that first week of pre-orders. It wasn't just a toy anymore; it was a flex.' Abbas believes Labubu's success is about access. 'It's a gateway to the culture. Before, being part of the hype scene meant dropping ₹45,000 on Off-White or Jordans. Now with ₹5,000, you're in.' Of course, success breeds counterfeits. 'Fakes are everywhere,' Abbas says bluntly. 'We've got a zero-tolerance policy. If it doesn't come with a Pop Mart invoice, we won't stock it.' He recalls spotting a fake barcode (the only way to tell if the Labubu is fake) that said 'Top Marie' instead of Pop Mart. 'The bootleggers are getting smarter. It's a full-time job keeping ahead.' That is where trusted platforms like HypeFly and CDC stand apart, offering guarantees in a sea of fakes. 'Anyone can buy a ₹2,000 labubu online,' he says. 'But they've no idea what they're getting. There is no regulation.' Interestingly, while demand in Mumbai and Delhi is beginning to plateau, interest is spreading elsewhere. 'Now it's Dehradun, Sikkim, the Northeast,' Abbas says. 'Tier-2s and 3s are waking up to it. It's going national.' From toy to trophy In the world of luxury resale, Labubu has taken on a new identity, that of an accessory enhancer. 'Bag charms are very 'in' right now,' says Anvita Mehra, founder and CEO of Confidential Couture. 'We've always seen that desire to personalise classics like Birkins and Kellys. Now, Labubu fills that space.' Hermès has long capitalised on this with its Rodeo charms, and Anvita believes Labubu works on the same principle. 'It's about adding personality. We once gave out free Labubus to some of our customers from stock we picked up in Thailand. But in the resale market in India, they can fetch up to ₹20,000 because most people want Labubus almost immediately. But like all trends, it eventually cools.' She believes Labubu landed at just the right moment. 'It's access, availability, and the thrill of the hunt. People were asking friends to pick them up from Dubai or Singapore. Now they're everywhere. That might cool the hype slightly but the desire to personalise luxury is here to stay.' A collector's tale Still, few stories capture Labubu's magic quite like Ensito's. Based in Charlotte, North Carolina, he has a collection of over 500 Labubus — figurines, pendants and plushies. 'It all started when a friend asked me to pick some up during a trip to London,' he says. 'I queued for three hours. Sold out two people ahead of me. But I was instantly hooked.' He was drawn in by the designs, the blind-box surprise, and the narrative behind each release. 'At first, they were just fun accessories to go with my designer bags. Then it became about the stories. The thrill of the hunt is real.' Ensito has shopped Labubus across the US and Europe, visiting over 15 Pop Mart stores. 'London used to be the best, but now it's all lottery-based. In the US, you've got to be fast online. I've found Seattle and parts of Texas are easier — less competition.' But for him, the real game-changer has been TikTok Lives. 'Pop Mart has live shopping channels in the US, UK, and now Canada's gearing up too. That's where I score most of mine.' And yes, he has spent over $20,000 on his collection. 'It's a lot, I know. But it's more than a hobby. It brings joy. And every piece has a story.'
South China Morning Post
5 days ago
- Business
- South China Morning Post
Labubu retailer Pop Mart focused on taking Chinese brand to world, CEO says
A new wave of Chinese consumer companies, led by toymaker Pop Mart, is seeking a greater global presence, reflecting China's strategic pivot towards exporting its brands, and not just products. 'We originally hoped to become China's Disney; now we hope to become the world's Pop Mart,' the company's founder and CEO, Wang Ning, said in an interview with state broadcaster China Central Television on Thursday. 'We use China's manufacturing industry and market to incubate artists from all over the world, and bring their creations back out to the world.' Pop Mart, a retailer with an intellectual property-focused business model, has seen its international revenue soar with the explosive global popularity of its Labubu dolls. The plush character with pointy ears, jagged teeth and signature mischievous grin, has gained high-profile fans like Lisa from K-pop group Blackpink and global music icon Rihanna, and is often sold out around the world. The company's revenue from markets outside mainland China surged 375.2 per cent to 5.07 billion yuan (US$708.35 million) last year and is set for further growth. 'This year, overseas sales will likely surpass domestic sales,' Wang said, noting that sales in North America were expected to exceed sales in Southeast Asia, its top-performing overseas market last year.
Al Bawaba
6 days ago
- Entertainment
- Al Bawaba
Did a woman commit suicide after failing to buy a Labubu?
ALBAWABA - A terrifying incident recently hit a shopping mall in China after several reports claimed that a woman committed suicide when she failed to buy a Labubu doll. According to several reports, a fight broke out at a Labubu vending machine in the shopping center due to high demand, preventing the woman from purchasing a doll. Videos of the fight flooded social media, capturing several people hoarding the vending machine. While reports flooded social media, there has been no coverage from reputable Chinese journalists or outlets that confirmed the incident in question. Based on the available information, this appears to be a viral rumor. Labubu dolls were first launched in 2019; however, Pop Mart's famous dolls went viral in 2025 after endorsements from stars such as Blackpink's Lisa, Rihanna, Post Malone, and Dua Lipa. Their rise in popularity made Wang Ning (Pop Mart's founder) one of China's youngest billionaires. The masses' obsession with the dolls caused the creation of "Lafufus," knockoffs sold for less than a fraction of the original Labubus. According to Dexerto, "Lafufus" recently experienced a surge in production, resulting in the market being flooded with fake Labubu dolls, which made it difficult to track down authentic ones. According to The Economic Times, Chinese authorities took legal action against "Lafufu" dolls, seizing over 46,000 of them due to warnings regarding black market exploitation and violations of the original IP, Pop Mart.
Forbes
18-07-2025
- Business
- Forbes
How This Biotech Billionaire Outmaneuvered Merck In China. Plus: Your At-Home Office Is Adding To Burnout
This is this week's ForbesWomen newsletter, which every Thursday brings news about the world's top female entrepreneurs, leaders and investors straight to your inbox. Click here to get on the newsletter list! W hen K-pop star Lisa from Blackpink casually flaunted a Labubu keychain on her bag in early 2024, she likely had no idea of the phenomenon it would soon become. In the year and a half since Lisa's Labubu outing, the mischievous plush elf from Pop Mart has turned into a cultural and commercial juggernaut, doubling Pop Mart's 2024 revenue and appearing on the bags of stars like Rihanna, Dua Lipa, Madonna and more. Chances are good you've seen Labubus (and chatter about these creatures) on social media and out in the wild… or maybe you also own one? My colleagues on the Forbes breaking news desk reported earlier this summer that 'the hashtag #labubu has been used in 32,000 TikTok posts over the past week in the United States alone and in more than 1 million posts overall.' That was in early June. This week, those same colleagues reported on 'a limited edition collaboration' between Vans (the popular shoe brand) and Labubu that could 'sell for five figures on the secondary market as an eBay auction for the doll creeps toward the $10,000 mark.' Five figures! My Beanie Baby-collecting younger self is beside herself with jealousy… but the Pop Mart founder, Wang Ning, is laughing all the way to the bank. Cheers! Maggie McGrath Exclusive Forbes Profile: How This New Biotech Billionaire Outmaneuvered Merck In China aseko Michelle Xia gained experience at U.S. pharmaceutical firms before launching her own biotech company back home in China. In a trial last year, the firm's cancer drug outperformed the world's best seller—and its surging stock just made her a billionaire. With a $1.2 billion fortune, based on her and her family's 8.5% stake in the company, Akeso (named for a Greek goddess of healing), Forbes estimates she is one of just nine Chinese women billionaires in healthcare (including two who inherited their fortunes)–-and one of 13 self-made female billionaires in healthcare globally. ICYMI: News Of The Week Tunisia's Ons Jabeur celebrates victory against Colombia's Camila Osorio during their women's singles match on day five of the Australian Open tennis tournament in Melbourne on January 16, 2025. (Photo by Yuichi YAMAZAKI / AFP) / — IMAGE RESTRICTED TO EDITORIAL USE - STRICTLY NO COMMERCIAL USE — (Photo by YUICHI YAMAZAKI/AFP via Getty Images) AFP via Getty Images Ons Jabeur, two-time Wimbledon runner-up, posted on X that she is taking a break from tennis. She said she's no longer happy playing the sport and it's time to put herself first. We talk a lot about the sectors of work in which women are underrepresented, but did you know that women make up a majority of tipped waitstaff and bartending staff in the U.S.? And this week, we at Forbes released the first episode of a new video series hosted by one of the nation's top mixologists (of any gender), Pam Wiznitzer. In this first episode, Pam demystifies America's #1 drink, the Margarita, and she also interviews Indian Matchmaking" star Aparna Shewakramani. Check out the full episode here! While some reviews hail it the 'best show on Netflix,' an extensive press rollout that included a feature in The New York Times and hype around show creator Lena Dunham's much-talked-about return to television, her new show, 'Too Much,' didn't take off on Netflix during its debut week. Adelita Grijalva secured the Democratic nomination this week for Arizona's 7th Congressional District special election to fill the vacancy created by her father's death. If successful in September, she will become the first Latina to represent Arizona in Congress and will bump Latina representation in Congress to an all-time high, according to the Center for American Women and Politics at Rutgers University. The Checklist 1. Switch up your work-from-home set-up. Physical clutter and visual distractions can drive stress, reduce focus and lead to emotional exhaustion. If you're feeling burned out in spite of a hybrid or virtual work structure that helps you avoid the drain of commuting, here's how to revamp your home office with wellbeing in mind. 2. Safeguard employees with your reproductive healthcare benefits. The most common mistake that companies make when offering reproductive health benefits is failing to protect the private data from employee benefits use, according to researchers at RMH Compass. Adopting the wrong delivery process for abortion care benefits can place you and your employees at significant legal risk. 3. Job search without losing your mind—or motivation. The emotional toll of looking for a new gig is real. There's the ghosting, the automated email rejections seven minutes after you hit 'submit' on your application, and the five rounds of interviews only to be told that the position went to an internal candidate. Here's how to buttress your sense of resilience. The Quiz Michelle and Barack Obama joked about the latest round of divorce rumors in a joint podcast appearance this week, with the former first lady shutting down speculation that their 32-year marriage was on the rocks. What has Michelle previously attributed divorce rumors to? Her candid statements on struggles when their children were young That she keeps a schedule separate from her husband's Speculation that she may run for president Changes to her physical appearance thanks to a new workout routine Check your answer. Liked what you read? Click here to get on the newsletter list!
Forbes
17-07-2025
- Business
- Forbes
Forbes Daily: Labubu Craze Makes Pop Mart Billionaire CEO Even Richer
Move over, stocks and bonds. Your next best investment might just be a plush doll with sharp teeth. Labubus, viral toys from Chinese company Pop Mart that typically sell in mystery boxes for $20 to $30, have been resold online for thousands of dollars, and a limited edition doll made in collaboration with shoe brand Vans could be the latest rendition to reach the five-figure mark. Labubus seem to be following in the footsteps of famous collectibles like Ty Beanie Babies and Cabbage Patch dolls, but one expert appraiser told Forbes she thinks the trend is here to stay. Whether that's true or not, Pop Mart is making a killing. The company expects a 350% year-over-year profit increase in the first half of 2025, while its founder Wang Ning joined the ranks of China's top 10 richest for the first time in June. Mark Zuckerberg Photo by BRENDAN SMIALOWSKI/AFP via Getty Images Meta CEO Mark Zuckerberg and other billionaire leaders tied to the social media platform went on trial Wednesday in an $8 billion case over whether the heads of the company knowingly violated a privacy agreement. Plaintiffs allege Facebook—which later rebranded to Meta—allowed third-party apps to collect users' data about their friends in defiance of a direct FTC order. The issue came to light in the Cambridge Analytica scandal, in which millions of users' Facebook data was harvested through a third-party app, and that data was allegedly used to influence major political events. Several cryptocurrencies and related stocks surged amid regulatory optimism Wednesday, as President Donald Trump said most Republicans who defected on advancing pro-crypto legislation would now support the bills. That eventually happened Wednesday night, as the House advanced the bills after a number of conservative lawmakers dropped their opposition. Trump, whose businesses have become more involved with crypto, has pushed the legislation in recent weeks. Photo Illustration byPresident Donald Trump on Wednesday claimed that Coca-Cola will switch its formulation in the U.S. to use cane sugar instead of high-fructose corn syrup, though the company did not explicitly confirm the change. The Corn Refiners Association, a trade body representing corn refiners in the country, pushed back against any change to Coke's formulation, saying the move would cost thousands of jobs and 'boost imports of foreign sugar.' In spite of the uncertainty caused by Trump's tariffs, small business earnings are up 75% since January, a new report shows. That's a sign that conditions are not yet worsening, though monthly earnings remain significantly lower than the levels seen in the past two years. TECH + INNOVATION Industrial battery units storing electricity in the desert. Getty Images As it spends billions to produce electric vehicle batteries, General Motors is partnering with Redwood Materials to use some of its cells for stationary energy storage systems for the power grid as well as AI data centers. GM is one of the fastest-growing sellers of electric vehicles in the U.S., but as the outlook worsens for EV sales, finding additional uses for battery cells beyond EVs would help the automaker maximize its investment in R&D and production of that technology. Hope Hydration, founded by Forbes Under 30 alum Jorge Richardson, is using advertising to fund free drinking water, setting up stations at events like Formula 1 races and SXSW that show ad campaigns to users as they refill their water bottles. Including its latest round closed this week, the company is armed with $26 million in total funding, which it hopes to use in part to expand to communities in need, like Flint, Michigan. MONEY + POLITICS President Donald Trump with Federal Reserve Chair Jerome Powell in 2017. Photo byPresident Donald Trump has tested the Federal Reserve's historic independence, but he denied that he plans to fire chairman Jerome Powell Wednesday, despite reportedly discussing his removal with congressional Republicans a day earlier. Trump first appointed Powell in 2017, but he has recently criticized him over the central bank's decisions not to lower interest rates, and Treasury Secretary Scott Bessent said a 'formal process' to find a successor for Powell, whose term ends in May 2026, is underway. The Senate voted to approve a White House request to cancel $9 billion in previously approved funding for foreign aid and public broadcasting early on Thursday. If the legislation passes the House before Friday's deadline, it would claw back $1.1 billion in funding from the Corporation for Public Broadcasting—which helps fund PBS and NPR—and about $8 billion from aid programs like USAID. Federal prosecutor Maurene Comey, the daughter of former FBI Director James Comey, was fired from her post at the U.S. Attorney's Office for the Southern District of New York on Wednesday. Comey was the lead prosecutor in the high-profile cases against Jeffrey Epstein and his associate, Ghislaine Maxwell, as well as rapper Sean 'Diddy' Combs. The reason behind Comey's firing was not immediately clear, according to Politico, though President Trump also fired her father from his position at the FBI in 2017. DAILY COVER STORY You're Not Imagining It: AI Is Already Taking Tech Jobs Moor Studios Amid the rise of generative AI, many have feared it could replace human workers, and the tech industry is especially vulnerable. Now, CEOs are starting to admit it. Already, younger and more inexperienced programmers are seeing a drop in employment rate; the total number of employed entry-level developers from ages 18 to 25 has dropped 'slightly' since 2022, after the launch of ChatGPT, said Ruyu Chen, a postdoctoral fellow at the Digital Economy Lab of Stanford's Institute for Human-Centered AI. Chen and her colleagues studied large-scale payroll data in the U.S. to examine generative AI's impact on the workforce. It's a small decline, but a significant development in the field of engineering in the tech industry, an occupation that has seemed synonymous with wealth and exorbitant salaries for more than a quarter century. Suddenly, after years of rhetoric about how AI will augment workers, rather than replace them, many tech CEOs have stopped mincing words. Anthropic CEO Dario Amodei has said AI could wipe out half of all entry-level white-collar jobs and spike unemployment up to 20% within the next five years. WHY IT MATTERS Tech companies have started cutting jobs or freezing hiring explicitly due to AI and automation. At stalwart IBM, hundreds of human resources employees were replaced by AI in May, part of broader job cuts that terminated 8,000 employees. Also in May, Luis von Ahn, CEO of the language learning app Duolingo, said the company would stop using contractors for work that could be done by AI. Still, while the technology is beginning to take a toll on developers in the tech industry, it's actually created more demand for engineers outside of tech, said Chen, because other sectors are adopting AI tools for the first time. MORE A Growing Side Hustle For American College Grads: Fixing AI's Wrong Answers FACTS + COMMENTS The IRS Direct File program, which allows eligible taxpayers to file taxes directly with the IRS online for free, has come under fire from Republicans in Congress. And while the One Big Beautiful Bill Act didn't eliminate Direct File, it's likely on the way out: 90%: The share of respondents to a survey who ranked their experience with Direct File as 'Excellent' or 'Above Average' $90 million: The amount taxpayers filed to obtain in refunds in Direct File's pilot program in 2024, saving an estimated $5.6 million in filing costs $15 million: The amount of money earmarked in the spending bill for a task force to review the cost and public opinions on public-private partnerships for free tax filing versus government-run programs STRATEGY + SUCCESS As the modern workplace often calls on workers to be 'always on,' a brief digital detox can help you restore energy, focus and work-life balance. Designate your bedroom a device-free zone, turn off non-essential notifications, and create specific times for checking email and social media. When the week is over, don't just go back to old habits: Try and create a more intentional relationship with your devices. VIDEO Generations often poke fun at each other for certain quirks, like the 'millennial pause.' What are some on TikTok mocking Gen Z for doing? A. Staring blankly before responding B. Fake laughing C. Using the word 'like' too much D. Not texting people back Check your answer. Thanks for reading! This edition of Forbes Daily was edited by Sarah Whitmire and Chris Dobstaff. We've updated this newsletter edition to correct background for Bedrock's founders.
