Latest news with #TheMonsters


Indian Express
11 hours ago
- Entertainment
- Indian Express
How Labubu dolls turned CEO Wang Ning into China's youngest billionaire with a net worth of $22 billion
What began as a whimsical sketch in an artist's notebook has transformed into a global collectible sensation, catapulting Pop Mart CEO Wang Ning into the ranks of China's wealthiest individuals. The designer toy Labubu — a quirky, wide-eyed character with pointed ears — has become a cultural phenomenon, driving a massive surge in Pop Mart's growth and Wang's fortune. Labubu was originally created by Hong Kong-based artist Kasing Lung as part of his illustrated series 'The Monsters'. The character first appeared in Lung's book in 2015, but it wasn't until 2023 that it was introduced to the commercial market through Pop Mart's popular blind-box format. The toy's rise to global fame gained momentum in 2024, when K-pop star Lisa from Blackpink publicly expressed her love for Labubu. Lisa was also spotted with a Labubu doll. In a Vanity Fair interview, Lisa said, 'If I fly to New York, I go to Miami, I try to find Pop Mart there. Paris, everywhere. Kind of like finding treasure.' Lisa's endorsement sparked a wave of international interest, and soon celebrities like Kim Kardashian, Rihanna, and Dua Lipa were also seen with the collectible, boosting its appeal worldwide. Labubu dolls have has since evolved from a novelty into a major revenue generator. According to Emily Brough, head of licensing for Pop Mart North America, the toy generated over $419 million in 2024 alone — a 726 per cent year-on-year increase. Its popularity has extended to the collector's market, with a life-sized Labubu doll fetching 1.08 million Yuan (approximately $150,275) at a Beijing auction. Pop Mart's blind-box strategy—where customers don't know which version of the toy they'll receive—has been key to Labubu's appeal. The surprise element has resonated with both casual buyers and serious collectors, contributing significantly to the brand's explosive success. Wang Ning, the 38-year-old founder, chairman, and CEO of Pop Mart, has seen his net worth surge from $7.59 billion at the end of 2024 to $22.1 billion by June 2025, according to the Forbes Real-Time Billionaires List. This leap has made him the youngest billionaire among China's top ten richest individuals. A graduate in advertising from Zhengzhou University, Wang founded Pop Mart in 2010, initially selling comics and mobile accessories. The company pivoted in 2016 with the success of the Molly doll series, laying the foundation for Labubu's eventual breakout.


Daily Record
14 hours ago
- Entertainment
- Daily Record
Trading standards warning over fake Labubu dolls in Ayrshire
Ayrshire residents are being warned to be careful when buying Labubu dolls after counterfeits entered the market. Trading standards have issued a warning over counterfeit Pop Mart Labubu dolls being sold in Ayrshire. Originally designed by Hong Kong artist Kasing Lung, the Labubu dolls have exploded in popularity and have been spotted with celebrities like Rihanna, Dua Lipa and Cher. A flood of counterfeits have hit the market and Ayrshire residents are being warned to be cautious if purchase the product. A spokesperson for East Ayrshire Trading Standards said: "We are aware of concerns of safety and counterfeiting of the popular Labubu Dolls. "Please take care if you are purchasing Labubu Dolls. "Check the goods and their packaging carefully. There should be age warnings and safety symbols such as a CE or UKCA mark. "Check for spelling mistakes or poor quality labelling; this usually indicates they are counterfeit and therefore very likely to be unsafe! "Buy from reputable sellers, so you can return the dolls if required. "Check the price. Be suspicious if it is a lot cheaper than you would expect. Everyone loves a bargain but not at the expense of the safety of the recipient." Part of Pop Mart's The Monsters series, Labubu and its was originally released in 2015 as a series of picture books by Kasing Lung.


AsiaOne
19 hours ago
- Entertainment
- AsiaOne
Uniqlo to debut Labubu collection in September, here's what to expect, Lifestyle News
The Labubu craze in Singapore is set to continue with Japanese retail brand Uniqlo launching a collection featuring this devilish little creature. Set to drop in September, the collection is titled The Monsters and consists of 14 styles of T-shirts and sweatshirts, priced from $14.90 to $39.90. The collection will be in women's and girls' sizes, while male customers can check the sizes when making a purchase. Although Uniqlo is expecting high demand, the brand will not be implementing a purchasing limit for each customer, The Straits Times reported. No specific launch date was provided as of the time of writing, so Labubu fans will have to keep their eyes peeled for when exactly can they snag these exciting pieces. For the uninitiated, Labubu is a devilish character that is part of The Monsters series created by Hong Kong-born artist Kasing Lung back in 2015. Labubu's popularity skyrocketed onto the world stage after international celebrities such as Lisa, Dua Lipa and Rihanna were spotted with the dolls, often attached to a bag. It's not just clothing collaborations and dolls either. In June, a human-sized Labubu figure was sold for $194,000 at an auction house in Beijing. [[nid:718315]] amierul@
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First Post
a day ago
- Entertainment
- First Post
How Labubu frenzy made its founder Wang Ning China's youngest billionaire
Wang Ning, founder of toy maker PopMart, the company behind Labubu dolls, is one of China's youngest billionaires. The 38-year-old is now among the country's top 10 richest people, with a net worth of $22.7 billion, rubbing shoulders with founders of companies like Tencent, ByteDance and Nongfu read more Wang Ning, the founder of Pop Mart International Group, is now one of China's wealthiest individuals, all thanks to the skyrocketing popularity of Labubu dolls across Asia, Europe, and the US. Image courtesy: PopMart You might not fully understand the hype around Labubu, and honestly, you're not alone. The scruffy, bug-eyed doll is everywhere these days. Love it or not, one thing's certain: this odd little creature has minted its maker a fortune. Wang Ning, the founder of Pop Mart International Group, is now one of China's wealthiest individuals. At just 38, he's become the country's 10th richest person, and the youngest on the list, all thanks to the skyrocketing popularity of Labubu dolls across Asia, Europe, and the US. According to Forbes' Real-Time Billionaires List, Wang Ning's net worth has soared to $22.7 billion — nearly quadrupling from $7.59 billion earlier in 2024. He now ranks alongside industry giants like ByteDance's Zhang Yiming, Nongfu Spring's Zhong Shanshan, and Tencent's Ma Huateng. STORY CONTINUES BELOW THIS AD So, how did this 'ugly-cute' toy build a billion-dollar empire? Here's what we know. How did the Labubu craze begin? Labubu was born from the imagination of Kasing Lung, a Hong Kong-based Belgian artist known for his quirky monster-themed artwork. The character first appeared in 2015 in his illustrated book series The Monsters, where it stood out for its wild hair, wide eyes, toothy smile, and that odd mix of creepy and cute. While Labubu started as a niche character known to art toy collectors, everything changed in 2019 when Pop Mart saw the character's potential. The company teamed up with Lung, licensed Labubu, and introduced it into its popular 'blind box' collections—a hit format among Gen Z and millennials where buyers don't know which figure they're getting until they open the box. That mystery factor, combined with Labubu's offbeat charm, quickly sparked a collector craze. From small keychains to life-sized plush toys, Labubu is now available in hundreds of designs. Some of the rarest ones have sold for thousands of dollars in resale markets. While Labubu started as a niche character known to art toy collectors, everything changed in 2019 when Pop Mart saw the character's potential. File image/AFP With its growing popularity , Labubu soon crossed over into global pop culture. Celebrities like Rihanna, Kim Kardashian, Dua Lipa, BLACKPINK's Lisa, and even Bollywood actor Ananya Panday have been spotted with the doll. Every time a new Labubu design is released, it flies off the shelves. While standard figures sell for about $30 (around Rs 2,500), limited editions can fetch much higher prices. In one jaw-dropping example, a human-sized Labubu recently sold for $150,000 (roughly Rs 1.28 crore) at an auction in Beijing. A Labubu doll in China recently fetched $150,000 (Rs 1.28 crore) at auction. Reuters A bank in China also tried to entice new customers by offering Labubu toys to anyone who opened a new account and deposited more than 50,000 yuan. However, the move was blocked by financial regulators. How Labubu made Wang Ning one of China's richest Wang Ning, the man behind Pop Mart, didn't start out in the toy business. A former state television employee, he launched Pop Mart in 2010 as a small Beijing-based store selling designer lifestyle products, toys, and gadgets. But it wasn't until he leaned into the growing demand for collectible art toys—especially blind box figures—that his business truly took off. STORY CONTINUES BELOW THIS AD In 2020, Pop Mart went public on the Hong Kong Stock Exchange, and shares surged by 79 per cent on the first day of trading. Since then, the company has expanded globally, opening flagship stores in cities like New York, London, Tokyo, and Seoul, and launching its own theme park in Beijing. Pop Mart's financial success hit new highs. The company's net profit surged by 188 per cent, with overall sales more than doubling to around 13 billion yuan (approximately $1.8 billion). Image courtesy: PopMart By 2024, Pop Mart's financial success hit new highs. The company's net profit surged by 188 per cent, with overall sales more than doubling to around 13 billion yuan (approximately $1.8 billion), according to reports. Big luxury brands like Coach and Louis Vuitton have also teamed up with the company for special collaborations. Much of this success can be traced back to Labubu. Pop Mart's The Monsters series, which features the oddball character, saw its revenue soar by a staggering 726.6 per cent, making it one of the brand's most profitable and popular lines. With this momentum, global investment giants have taken notice. Deutsche Bank and Morgan Stanley have both raised their share price targets for Pop Mart. Deutsche Bank, in particular, raised its target by 52 per cent to HK$303, citing strong international growth. STORY CONTINUES BELOW THIS AD 'It is rare for a comic/toy IP [intellectual property] to break the culture wall and be embraced by both Asian cultures as well as mainstream Western pop stars and sports stars,' Deutsche Bank analyst Jessie Xu said in a note quoted by Forbes. With input from agencies


Forbes
2 days ago
- Entertainment
- Forbes
Labubu: How Asia's Quirky Toy Became A Global Business Phenomenon
In the booming landscape of designer toys and collectibles, an unlikely hero has emerged: Labubu, the mischievous plush elf from Pop Mart. Labubu has exploded into both a cultural and commercial juggernaut — offering a playbook for brands, startups, and investors aiming for global virality. In the booming landscape of designer toys and collectibles, an unlikely hero has emerged: Labubu, ... More the mischievous plush elf from Pop Mart. Born in 2015 from the imagination of Hong Kong-born artist Kasing Lung and inspired by Nordic folklore, Labubu began as part of an art series called The Monsters. In 2019, Beijing-based collectible toy powerhouse Pop Mart spotted its potential and turned it into a commercial product line. Few imagined how far — and how fast — this whimsical character would travel. Labubu's toothy grin and playful oddness became irresistible to collectors across Asia, and now, the world. Pop Mart didn't just sell toys — they sold collectibility, mystery, and emotional investment. Their blind-box model, launched in 2016, where customers purchase a sealed package without knowing which figure they'll get, taps into timeless psychological drivers: The results? Staggering. In 2024, Pop Mart's total revenue more than doubled to ¥13.04 billion (~US $1.81 billion), with plush toy sales—largely driven by the popularity of Labubu—skyrocketing over 1,200%. Labubus cost between $13 and $16 in Asia and are reselling online for up to $700. On June 10, 2025, the craze hit new heights when a four-foot-tall (131 cm) mint-green Labubu doll sold for approximately 1.24 million yuan — around $172,800 USD — at a dedicated Labubu auction in Beijing where all 48 lots were snapped up for a total of $520,000. Labubu isn't just a niche trend — it's at the center of Pop Mart's explosive growth. The 'Monsters' line, with Labubu as its poster child, brought in over RMB 3 billion (~23% of total revenue) in 2024. International sales soared by more than 700%, cementing Pop Mart's place as a global consumer brand. Today, the company boasts a market cap approaching $40 billion — surpassing legacy giants like Hasbro and Mattel — with Labubu mania at the heart of its success. Labubu's rise isn't just a quirky toy trend — it's a case study in Asia's growing innovation and cultural advantage, a theme echoed by global strategists at BCG and beyond. In an era where soft power, pop culture, and consumer products are shaping global influence, Labubu shows how Asia isn't just participating — it's setting the pace. From Kasing Lung's whimsical design roots to Pop Mart's mastery of gamified retail, this phenomenon reflects how Asian brands are blending creativity, technology, and deep cultural insight to spark global movements. It's no accident that a character born in Hong Kong, scaled by a Beijing company, and embraced across Southeast Asia is now fueling a global collectible craze. The ripple effects are everywhere — knockoffs flooding Indian markets, Labubu tattoos trending in Thailand, edible labubu tarts in Moscow, and viral debates about whether the quirky elf is cute or creepy. Labubu's success underscores a larger truth: Asia is no longer following Western consumer trends — it's setting them. The tipping point? Global pop icons. K-pop star Lisa from Blackpink casually flaunted a Labubu keychain on her bag in early 2024, igniting the trend across Southeast Asia. K-pop star Lisa from Blackpink casually flaunted a Labubu keychain on her bag in early 2024, ... More igniting the trend across Southeast Asia Soon after, sightings of Labubu with Rihanna, Dua Lipa, and other cultural tastemakers turned the once-niche character into a global must-have. Rihanna and Dua Lipa have been sighted with their own Labubus A Louvre-exclusive Labubu collection in Paris, with figures inspired by iconic artworks like the Mona Lisa, The Scream, and Girl with a Pearl Earring. Though some fans have admitted they're still on the fence about Labubu's aesthetic, the hype shows no signs of slowing. A Louvre-exclusive Labubu collection has launched in Paris. In fact, Pop Mart UK recently paused Labubu sales to curb supply issues, further fueling scarcity — and desire. Pop Mart's CEO became $1.6 billion richer in just 24 hours in late April, thanks to soaring demand for Labubu and other blind-box hits. Labubu is more than a collectible — it's a symbol of Asia's rising influence in global consumer culture, and a masterclass in emotional branding, community building, and strategic hype. For founders and investors alike, it's a reminder: the next global phenomenon might not come from Silicon Valley — it might just come from an Asian design studio with a mischievous grin and a brilliant business model.