Outlook Business Desk
Pop Mart’s Labubu toy looks cute and surprise-box style made it super popular. This sent the company’s stock price soaring, and in just one day, CEO Wang Ning became $1.6 bn richer.
Born in Henan province in 1987, Wang Ning is the founder of Pop Mart. He graduated from Zhengzhou University in 2009, started the company the following year. As of April 2025, his net worth stands at $18.7 bn ,According to Forbes.
Labubu was created by Hong Kong artist Kasing Lung and first appeared in his 2015 book The Monsters. It started as a niche toy but became famous after Lung teamed up with Pop Mart in 2019. With bunny ears and a cute, quirky look, Labubu is now a global sensation.
Pop Mart’s blind box toys hide the exact item inside. This mystery model creates thrill and repeat buying. Customers try their luck in hopes of finding rare editions, which adds to the brand’s market pull.
Labubu alone contributed $400 mn revenue in 2024. Its success has helped Pop Mart become a top player in the designer toy space, especially among young collectors in China and abroad.
Labubu’s popularity caused chaos during store launches in the UK, leading to fights and disorder. As a result, Pop Mart paused in-store sales of Labubu at all 16 UK shops. They plan to restart physical sales in June while continuing online sales.
Social media and celebrities have made Labubu even more popular. Stars like Lisa from Blackpink have been seen carrying the dolls, often clipped to designer bags. Her photo with Labubu went viral, reportedly boosting the toy’s fame. On TikTok, the #Labubu hashtag has over $1.4 mn posts, fueling the craze even more.