Labubu Craze Propels Pop Mart Founder into China’s Top 10

Light House Denver – The global Labubu phenomenon, a collectible toy from China, is taking the world by storm and boosting Pop Mart business. According to the latest reports, the company is now valued at US$46.1 billion (around Rp 75 trillion), and its founder, Wang Ning, has officially entered the list of China’s 10 richest individuals.

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Gen Z and Millennials Fuel the Trend

The Labubu craze is largely driven by younger generations, particularly Gen Z and millennials, who are eager to reconnect with the nostalgia of childhood. Due to overwhelming demand, Labubu figures are increasingly rare, with fans lining up as early as 2 a.m. just to secure a chance to purchase the iconic toy.

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One of Pop Mart’s strongest selling points is the “blind box” concept, where buyers don’t know which version of the toy they’ll receive. This element of surprise adds to the excitement. Collectors love the thrill of unboxing and hunting down rare Labubu variants.

From Toy to Investment

These furry monster figures have gone viral across global social media platforms. Some rare editions have even sold at auctions for as much as Rp 2.5 billion. It’s no surprise that many now see Labubu not just as a toy, but as a form of creative investment.

Pop Mart’s Global Market Dominance

According to Fortune, Pop Mart now dominates the designer toy market, with a market capitalization of US$46.1 billion. Beyond Labubu, the brand also boasts popular collections like Crybaby, Molly, and other designer figures. In 2024 alone, Pop Mart reported revenues of US$1.8 billion (around Rp 29 trillion), with US$700 million coming from international customers.

From a Small Shop to a Toy Empire

Pop Mart began as a small toy store in Beijing, founded by Wang Ning in 2010. Today, it operates over 530 stores worldwide and one theme park in Beijing. It has also amassed a staggering 46 million members in China alone.

This massive success has propelled 38-year-old Wang Ning into the ranks of China’s most powerful business figures. He holds a majority stake in Pop Mart, bringing his net worth to US$22.7 billion (around Rp 369 trillion). This makes him the 10th richest person in China.