How Labubu Dolls Made Wang Ning China’s Youngest Billionaire
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What began as a simple character in an artist’s sketchbook has grown into a worldwide collectible craze, helping Pop Mart’s CEO Wang Ning achieve billionaire status. The whimsical designer toy Labubu — known for its big eyes and pointed ears — has played a central role in skyrocketing Pop Mart’s global growth and turning Wang into one of China’s wealthiest individuals.
From Sketchbook to Global Fame
Labubu was first imagined by Kasing Lung, a Hong Kong-based artist, as part of his illustrated series titled The Monsters. The character made its debut in Lung’s book in 2015, but it wasn’t until 2023 that Labubu entered the commercial space through Pop Mart’s signature blind-box format, a strategy that hides which version of the toy a customer will get.
A Celebrity Favourite
The Labubu doll ’s rise gained serious momentum in 2024, thanks to K-pop star Lisa from Blackpink, who publicly shared her fondness for the character. She was also seen carrying Labubu, adding to the toy's visibility. In an interview with Vanity Fair, Lisa stated, “If I fly to New York, I go to Miami, I try to find Pop Mart there. Paris, everywhere. Kind of like finding treasure.”
Her endorsement led to a global frenzy, attracting attention from other celebrities such as Kim Kardashian, Rihanna, and Dua Lipa, who were all seen with Labubu dolls. This surge in visibility helped boost the collectible’s worldwide appeal.
A Revenue Powerhouse
What started as a novelty has become a substantial source of income for Pop Mart. According to Emily Brough, Head of Licensing for Pop Mart North America, Labubu toys brought in over $419 million in 2024 — a staggering 726% year-on-year growth.
The brand's unique blind-box marketing strategy has added to its allure, especially among collectors. The excitement of not knowing which version of the toy they’ll receive has made each purchase feel like a treasure hunt. A life-sized Labubu even sold for 1.08 million Yuan (roughly $150,275) at a Beijing auction, highlighting its value in the secondary market.
Wang Ning: The Billionaire Behind the Brand
Wang Ning, now 38 years old, is the founder, chairman, and CEO of Pop Mart. According to Forbes’ Real-Time Billionaires List, his net worth jumped from $7.59 billion at the end of 2024 to $22.1 billion by June 2025 — making him the youngest billionaire among China’s top ten richest people.
Wang holds a degree in advertising from Zhengzhou University and launched Pop Mart in 2010, originally selling comics and phone accessories. The company shifted focus in 2016 after the success of the Molly doll, paving the way for Labubu’s eventual dominance in the global designer toy market.
From an obscure sketch to an international phenomenon, Labubu has reshaped Pop Mart’s fortunes and redefined the collectible toy industry. With celebrities backing the brand and fans treating each blind box like treasure, Wang Ning's journey from comic seller to billionaire entrepreneur showcases the power of creativity, marketing, and timing in modern business success.
From Sketchbook to Global Fame
Labubu was first imagined by Kasing Lung, a Hong Kong-based artist, as part of his illustrated series titled The Monsters. The character made its debut in Lung’s book in 2015, but it wasn’t until 2023 that Labubu entered the commercial space through Pop Mart’s signature blind-box format, a strategy that hides which version of the toy a customer will get.
A Celebrity Favourite
The Labubu doll ’s rise gained serious momentum in 2024, thanks to K-pop star Lisa from Blackpink, who publicly shared her fondness for the character. She was also seen carrying Labubu, adding to the toy's visibility. In an interview with Vanity Fair, Lisa stated, “If I fly to New York, I go to Miami, I try to find Pop Mart there. Paris, everywhere. Kind of like finding treasure.”
Her endorsement led to a global frenzy, attracting attention from other celebrities such as Kim Kardashian, Rihanna, and Dua Lipa, who were all seen with Labubu dolls. This surge in visibility helped boost the collectible’s worldwide appeal.
A Revenue Powerhouse
What started as a novelty has become a substantial source of income for Pop Mart. According to Emily Brough, Head of Licensing for Pop Mart North America, Labubu toys brought in over $419 million in 2024 — a staggering 726% year-on-year growth.
The brand's unique blind-box marketing strategy has added to its allure, especially among collectors. The excitement of not knowing which version of the toy they’ll receive has made each purchase feel like a treasure hunt. A life-sized Labubu even sold for 1.08 million Yuan (roughly $150,275) at a Beijing auction, highlighting its value in the secondary market.
Wang Ning: The Billionaire Behind the Brand
Wang Ning, now 38 years old, is the founder, chairman, and CEO of Pop Mart. According to Forbes’ Real-Time Billionaires List, his net worth jumped from $7.59 billion at the end of 2024 to $22.1 billion by June 2025 — making him the youngest billionaire among China’s top ten richest people.
Wang holds a degree in advertising from Zhengzhou University and launched Pop Mart in 2010, originally selling comics and phone accessories. The company shifted focus in 2016 after the success of the Molly doll, paving the way for Labubu’s eventual dominance in the global designer toy market.
From an obscure sketch to an international phenomenon, Labubu has reshaped Pop Mart’s fortunes and redefined the collectible toy industry. With celebrities backing the brand and fans treating each blind box like treasure, Wang Ning's journey from comic seller to billionaire entrepreneur showcases the power of creativity, marketing, and timing in modern business success.
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