What began as a simple sketch in an artist’s notebook has evolved into a global collectible craze, propelling Wang Ning, CEO of Pop Mart, into the ranks of China’s wealthiest individuals and making him the youngest billionaire among the country’s top ten richest.
According to Indian Express, Labubu, the wide-eyed, sharp-eared character that has become the centre of this cultural phenomenon, was originally created by Hong Kong-based artist Kasing Lung for his illustrated series The Monsters.
While the character made its first appearance in 2015, it only entered the commercial spotlight in 2023 through Pop Mart’s signature blind-box format.
The toy’s breakthrough came in 2024, after global K-pop icon Lisa from Blackpink publicly endorsed Labubu. 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.” She was also seen holding a Labubu doll, a moment that ignited a surge of international interest.
The ripple effect extended to other high-profile celebrities. Kim Kardashian, Rihanna, and Dua Lipa were later spotted with Labubu collectibles, further boosting its popularity across global markets.
In Nigeria, many celebrities, including Nollywood actress Mercy Aigbe, have openly expressed their love for the Labubu dolls.
From a novelty to a high-performing commercial product, Labubu has become a major source of revenue for Pop Mart. According to Emily Brough, head of licensing for Pop Mart North America, the toy brought in more than $419 million in 2024 — representing a staggering 726 per cent year-on-year growth.
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In the collectors’ sphere, the demand has reached remarkable heights, with a life-sized Labubu doll selling for 1.08 million Yuan (about $150,275) at a Beijing auction.
Central to Labubu’s success is Pop Mart’s blind-box sales model, where customers don’t know which version of the toy they’ll receive.
The element of surprise has proved to be a winning formula, appealing to both casual buyers and dedicated collectors alike.
Wang Ning, who founded Pop Mart in 2010 after studying advertising at Zhengzhou University, originally sold comics and mobile phone accessories.
A major pivot came in 2016 following the success of the Molly doll series, which laid the groundwork for the Labubu sensation.
Since then, Wang’s fortune has climbed rapidly. From a net worth of $7.59 billion at the close of 2024, he reached $22.1 billion by June 2025, according to the Forbes Real-Time Billionaires List — earning him a spot among China’s richest and the title of its youngest billionaire in that elite circle.
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