Pop Mart founder now one of the richest people in China because of Labubu
The Labubu frenzy that has gripped people across the world has made the Pop Mart founder really, really rich.
Just how rich? According to Hypebeast, the CEO, Wang Ning, is now the tenth wealthiest person in China and the country’s youngest billionaire. Both Wang Ning’s personal and company fortune drastically increased in 2024. And that’s largely due to the sensation of the toothy little monsters. The popular keyring series was released in 2023.
The numbers
In 2024, Pop Mart’s sales reportedly doubled, reaching $1.8 billion.
The company’s top franchise is now The Monsters, which includes Zimomo, Tycoco, Spooky, Pato, and most notably Labubu. This franchise saw a whopping 726.6% revenue increase the same year.
As for Wang Ning’s personal wealth—he’s now sitting at a cool $20 billion, according to Hypebeast.
The allure of Pop Mart
Wang Ning founded Pop Mart in 2010. The company found major success in collaborating with artists to create and sell products it owns, like The Monsters, Skullpanda, and Crybaby. Most of its products are sold as a “blind box,” which means the buyer doesn’t know which design from a series they have until they open it. This leads to buyers purchasing several boxes until they get the exact product they want or collect all the designs in one series. Adding to the gamification and collectibility of the products, buyers also have a very slim chance of unboxing a “secret” design.
For Labubus, that chance is usually 1 in 72. These highly coveted Labubu designs are being resold on platforms like StockX for hundreds. Three popular series feature the keyring design. Those are the Big into Energy, Exciting Macaron, and Have a Seat series.
The original cost of these blind boxes was $21.99 until recently. Pop Mart just increased its prices to $27.99 for those specific boxes.
Labubus are also extremely difficult to acquire, as they are often sold out online and in stores. And buying through an alternate site is a risk—as there are many fakes out there. These fakes are affectionately called “Lafufus” by fans.
How Labubus became so popular
The Monsters were created by artist Kasing Lung in 2015, originally as picture book characters. Lung was inspired by Nordic mythology when creating a fairy world where these magical creatures live. “Despite a mischievous look, LABUBU is kind-hearted and always wants to help, but often accidentally achieves the opposite,” the Pop Mart description for the collectibles reads.
Labubu gained popularity after several celebrities were spotted sporting them as a fashion statement. Since many of the newer Labubus are sold on a keyring, people put them on their bags. Lisa of Blackpink is often credited as the celebrity who popularized them. They have since been spotted in the hands and on the bags of celebs like Dua Lipa, Rihanna, Simone Biles, Emma Roberts, and David Beckham.
H/T Hypebeast
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