The global craze for Labubu dolls has propelled Wang Ning, the founder of Pop Mart International Group, to new heights of wealth, surpassing even Jack Ma, the co-founder of Alibaba. This surge in popularity has made Wang Ning one of China's youngest billionaires, with a fortune estimated at $27.5 billion.
The rise of Labubu dolls can be attributed to several factors. The "blind box" sales strategy, where buyers don't know which character they will receive, has created an element of surprise and excitement, encouraging repeat purchases. This is akin to the Beanie Babies craze of the past, where limited edition variations and restricted supply fueled hype and collectibility. Social media has also played a significant role, with influencers and celebrities showcasing Labubu dolls, further amplifying their appeal. Blackpink's Lisa, for instance, has been credited with sparking the craze by displaying the dolls on her bags and promoting them as a "secret obsession". Other celebrities like Dua Lipa, Rihanna, and Kim Kardashian have also been spotted with the dolls, contributing to their popularity.
Pop Mart's strategic approach has also been key to its success. The company has created a "collectible, pop-culture movement" by targeting adults and offering a range of customizable dolls and accessories. The dolls blend traditional craftsmanship with modern pop culture, appealing to a broad audience. Limited editions and collaborations with artists and brands have further boosted their exclusivity and demand. Furthermore, Pop Mart has expanded aggressively overseas, opening flagship stores in major cities like London, Los Angeles, and Tokyo.
The financial impact of the Labubu craze on Pop Mart has been substantial. The company's shares have soared over 250% this year, giving it a market capitalization of HK$435.7 billion ($56 billion). This valuation is more than three times higher than the combined worth of U.S. toy companies Mattel and Hasbro. In the first half of 2025, Pop Mart reported a 204.4% year-on-year rise in sales to 13.9 billion yuan, with profits attributable to shareholders surging 397% to 4.6 billion yuan. The Americas, including the U.S., have been the company's fastest-growing region, with sales increasing over 1,000% year-on-year. Wang Ning projects USD 4 billion in sales by the end of 2025.
The Labubu phenomenon has also created a thriving secondary market, with rare collector's editions selling for thousands of dollars at auction. For example, the Three Wise Labubu sold for $28,300 in May, and the Sacai x Seventeen x Labubu went for $31,250 in July. A limited edition Labubu made in collaboration with Vans sold for $10,585 on eBay. The new mini Labubu toys have also seen staggering pre-sales and increased value on second-hand platforms.
However, the Labubu craze has also raised some concerns. The popularity of the dolls has led to a flood of unauthorized products entering the market, raising safety concerns. Unauthenticated dolls may be poorly made, with loose parts posing a choking hazard, and may contain unsafe materials. There are also concerns about overconsumption and the environmental impact of the unboxing trend. Some videos have shown people destroying or throwing out Labubu dolls they don't want. Additionally, some analysts suggest that signs of overheating are appearing in the market, with resale prices dropping after a supply increase.
Despite these concerns, the Labubu craze shows no signs of abating. The dolls have become a global phenomenon, capturing the hearts of collectors and fans worldwide. As long as Pop Mart can continue to innovate and maintain the quality and exclusivity of its products, the future looks bright for Wang Ning and his company.
