Who would have thought that a creature with pointed ears and a devilish grin would lead him to the pinnacle of success?
In a world dominated by Labubumania, Pop Mart CEO Wang Ning strikes gold and is crowned China‘s youngest billionaire. But the brand, born in Beijing in 2010, was not always this toy titan. In fact, it started out as just another retailer, but Ning‘s vision was clear from the start: the future lay in the desire for the unexpected, in the blind box model, where you never know which character you are going to get.
This format not only transformed the market: it gramified it. With each box, an addictive dynamic is triggered that has managed to conquer several generations with that lethal mix of childish excitement and adult anxiety. Collecting has become a global obsession. And at the heart of this obsession are the Labubus.
Created by Hong Kong cult artist Kasing Lung, this wild and charming creature is truly magnetic. Its appeal lies in its ambiguity: ugly but lovable. And since Pop Mart acquired the licence in 2019, its rise has been unstoppable. In 2024, sales doubled and its net income soared by 188%. Figures that speak for themselves: the company turned over some 13 billion yuan (almost 1.8 billion dollars), and with that, Wang Ning positioned himself as the new king of cultural luxury, with a fortune that exceeds 20 billion dollars.
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