Meet Wang Ning, Pop Mart CEO who's viral Labubu doll made him one of China's top 10 billionaires with a $22.7 billion fortune

Time of India

19-06-2025

Labubu, a Chinese doll, is a worldwide phenomenon dominating the internet. The strange toothy-eyed plus doll has turned into a viral hit, fashion statement and pop culture symbol, particularly among Gen Z collectors.
These blind boxes and limited-edition dolls have created huge demand, ranging from the long store lines to resale prices going into six figures. This viral craze has made founder of
Pop Mart International, Wang Ning, a top 10 richest billionaire in China with a net worth of more than $22 billion.
Labubu trend
makes Pop Mart founder Wang Ning
China's top 10 billionaires
Behind the dynamism of Pop Mart's explosive expansion is its 38-year-old founder, Wang Ning. A Zhengzhou University graduate in advertising, Wang opened the company's first store in 2010 in Beijing's tech district, Zhongguancun.
The store initially sold comics and phone accessories but shifted to collectible toys when Wang saw a gap in the market.
In 2016, he teamed up with artist Kenny Wong to introduce the Molly doll series, which turned out to be a business success. But it was Labubu that rocketed Pop Mart and Wang to the stratosphere. Wang is now
China's 10th richest man with a net worth of $22.7 billion
, according to
Forbes' Real-Time Billionaires List
.
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He is also the youngest member of China's elite billionaire club.
Labubu dolls
: From blind box toy to international sensation
Labubu dolls, with their unkempt hair, smiling faces, and alternative appeal, were created by Hong Kong designer Kasing Lung in 2019. Available in forms of plush toys, vinyl characters, and blind box mystery, the collectible series plays off the excitement of surprise and rarity. Customers usually have no idea what figure they'll receive until they unpack the box; a surprise that has been too tempting for Gen Z and millennial shoppers to resist.
From the unboxing on social media to streetwear combinations, Labubu dolls have gone mainstream. They have been seen up close with such celebrities as Rihanna, Dua Lipa, and BLACKPINK member Lisa, who have contributed to the doll's transformation from bohemian cult favourite into global fashion phenomenon.
Pop Mart becomes a $365 billion powerhouse thanks to Labubu
At the heart of this whirlwind success is Pop Mart International Group, the toy firm behind Labubu. Pop Mart has expertise in designer toys and blind box culture, combining art, collectability, and consumer psychology.
The company's success has been meteoric, largely owing to its skill in transforming toys into fashionable lifestyle products.
Pop Mart shops all over Asia and online websites often sell out in minutes, with resale prices of Labubu dolls reaching two to three times the original price. Some limited versions even sell for six-figure figures, such that they become highly sought-after amongst collectors.
Pop Mart was listed in December 2020 at a market cap of $12.5 billion, raising $676 million in its IPO on the Hong Kong Stock Exchange.
Ever since, its expansion has been proceeding at a remarkable rate. Shares have tripled, with just HK$365 billion in 2025 alone. Pop Mart, in its latest quarterly filing, reported a 170% year-over-year jump in sales, led by Labubu's aggressive growth. This expansion has prompted comparisons to business groups like Funko and even luxury fashion brands as far as cult-like status and customer loyalty are concerned.
How blind boxes and social media transformed Labubu into an international sensation
The trend is fueled by a combination of creative design, nostalgia, and healthy online communities, Pop Mart's brand executives say. Enthusiasts use social platforms such as TikTok and Instagram to post sophisticated display arrangements, exchange rare toys, and even dress up Labubu toys as accessories.
The blind-box model introduces a gamified experience consumers aren't merely purchasing a product; they're engaging in a game of fortune. Coupled with limited releases, seasonal drops, and celebrity promotion, Labubu has become a cultural phenomenon. Maybe due to its quirky looks, Labubu has been polarizing. Some have called it "creepy," "overhyped," or even "odd." Others see it as an ingenious combination of street culture and collectible art.
This divisive attraction has only spawned more attention, making every new drop a spectacle.
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