Pop Mart CEO Wang Ning is now one of the richest people in China, and he is also the youngest billionaire in the country. His success is rooted in the popularity of the Labubu Toy, a quirky character with pointy ears and smiling, sharp teeth.
Pop Mart started in 2010 in Beijing as a store of various brands. But it became successful when they switched to making their own original characters and selling them through the "blind box" model—a box with a toy where you don't know what design you'll get. This approach has brought excitement and a collection craze especially to the younger generation and collectors.
Labubu, created by Hong Kong artist Kasing Lung, has become the most popular of all Pop Mart characters. Since it was licensed in 2019, it has become extremely popular around the world, especially with the help of celebrities like BLACKPINK's LISA, Emma Roberts, Dua Lipa and Rihanna who have been spotted carrying Labubu in their bags.
Due to overwhelming demand, Pop Mart's revenue soared 188% in 2024, reaching approximately 13 billion yuan or $1.8 billion USD. The "Monsters" franchise, which includes Labubu, saw revenue increase by more than 726.6%, becoming the company's top earner.
As a result, Wang Ning's wealth has reached over $20 billion USD, making him one of the Top 10 Richest People in China—all because of a small toy that became a global craze.
