Wang Ning becomes China's youngest top billionaire as Labubu dolls go from blind box toys to global collectibles in celebrity circles
The increase in Wang's fortune is tied directly to the growing international appeal of Labubu dolls, which are now being treated as collector's items and luxury art toys.
Labubu dolls: From illustrated book to billion-dollar brand
The Labubu characters were originally created in 2015 by Hong Kong-based artist Kasing Lung for his illustrated book series The Monsters. The dolls, known for their wide eyes, pointed ears, and mischievous grins, were inspired by Nordic fairy tales.
Pop Mart introduced these figures to its popular 'blind box' format in 2023. The model—where customers don't know which toy they'll get until they open the box—proved especially popular among Gen Z and millennial shoppers.
By 2024, Labubu dolls had become a major driver of Pop Mart's success, especially after celebrities such as BLACKPINK's Lisa, Kim Kardashian, Dua Lipa, Rihanna, and Bollywood's Ananya Panday were seen with them.
Pop Mart's strategy turns collectibles into global craze
Pop Mart capitalized on the trend by expanding the Labubu product line, offering hundreds of variants in different sizes—from small keychains to life-sized plush versions. The wide availability and constant new designs helped keep interest high.
The toy's popularity evolved further in June 2024, when a human-sized Labubu was auctioned in Beijing for 1.08 million yuan (approximately $150,275). It was the first auction dedicated to a single Pop Mart toy, marking its transition from viral hit to collectible art.
Wang Ning's rise and Pop Mart's market impact
Founded in 2010, Pop Mart's unique blend of art, mystery packaging, and pop culture strategy has now made Wang Ning one of the most influential figures in China's consumer goods industry.
The combination of youth appeal, celebrity endorsements, and blind box excitement continues to fuel both Pop Mart's sales and Wang's wealth. The company shows no signs of slowing down, with Labubu remaining its strongest franchise to date.
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