Wang Ning, the 38-year-old founder and CEO of Pop Mart International Group, witnessed a remarkable increase of $1.6 billion in his net worth in just one day, driven by the overwhelming success of Labubu dolls.
Originating from Hong Kong-born artist Kasing Lung's 2015 picture book The Monsters, Labubu initially was a niche designer toy. However, after partnering with Pop Mart in 2019, Labubu evolved into a global sensation. The doll’s distinctive design, characterized by its bunny ears and whimsical gremlin-Teletubby appearance, has captured worldwide interest.
A significant factor behind Labubu’s success is Pop Mart’s innovative use of “blind boxes” — sealed packages concealing which specific character the buyer receives. This element of surprise has fueled an addictive collector culture. In 2024, Labubu generated approximately $400 million in revenue.
The craze has led to notable incidents, including chaotic store launches in the UK that resulted in temporary suspension of in-store Labubu sales across Pop Mart’s 16 locations. These sales are set to resume in June, while online sales continue uninterrupted.
Celebrity endorsements and social media have amplified Labubu's popularity. High-profile figures such as Rihanna, Dua Lipa, and Blackpink’s Lisa have been spotted featuring the dolls, particularly clipped onto luxury handbags. The hashtag #Labubu has amassed over 1.4 million posts on TikTok, further intensifying the fandom.
Pop Mart’s success with Labubu has propelled its app to the top ranks of the US shopping charts and bolstered investor confidence significantly. As of April 2025, Wang Ning’s estimated net worth stands at $18.7 billion.
Born in Henan province in 1987, Wang Ning graduated from Zhengzhou University in 2009 and founded Pop Mart in 2010. What began as a small collectibles venture has transformed into a global toy empire, driven by the unique appeal of Labubu dolls.
