Pop Mart, a Chinese toy maker known for its “designer” blind-box collectibles, has struck gold with Labubu, a furry elf-like character created by Hong Kong artist Kasing Lung. Labubu dolls, sold in sealed “blind boxes” that hide which version buyers will get, have become a global hit. Fans, especially Gen Z and adult collectors, line up early for restocks, while celebrities like Blackpink’s Lisa, Rihanna, and Dua Lipa have carried Labubu dolls publicly—fueling global buzz.
Labubu’s appeal lies in its “ugly‑cute” charm: round body, big ears, quirky grin—and surprise packaging that turns buying into a game. In 2024, the character helped generate hundreds of millions a year in sales, with Pop Mart’s revenue nearly doubling. One day even saw CEO Wang Ning’s net worth jump by about US $1.6 billion after strong sales and a rising stock price driven by viral demand.
At just 38, Wang Ning has become one of China’s youngest top‑10 billionaires, with wealth estimates varying from US $17.4 billion to $22.7 billion on different reports. Pop Mart went public in 2020, and today operates hundreds of stores and thousands of vending machines across China, alongside overseas expansion into countries like the US, Australia, and France. Its market value now exceeds that of major Western toy firms.
The craze has not been free from debate. Critics question the addictive nature of blind boxes, likening them to gambling, and some governments—including Chinese regulators—are considering tighter rules to protect young buyers. Meanwhile, demand continues to soar: rare Labubu figures sell for thousands, and a special 4‑foot edition fetched US $170,000 at auction.
Despite potential regulatory hurdles, Pop Mart shows no signs of slowing. With planned collaborations—from Coca‑Cola to One Piece—and new Labubu releases, CEO Wang Ning’s decade‑long vision has paid off. A company once known for quirky toys is now a flagship of China’s creative economy—blending art, fashion, and entertainment, with Wang at the helm collecting both toys—and billions.