Labubu Doll CEO Becomes One Of World’s Youngest Billionaires
Wang Ning, the CEO of Pop Mart International Group, the very company that created Labubu has become one of China’s richest men. As per Forbes’ Real-Time Billionaires List, Wang Ning is one of China’s 10 richest individuals. With a net worth of $22.7 billion, he boasts of his stake in Pop Mart. The doll that has been embraced by celebrities like Ananya Panday, Rihanna and BLACKPINK’s Lisa is a viral sensation.
Interestingly, this isn’t the first time Labubu hit the toy market. Back in 2015, the ugly-cute coll first made its debut in the toy industry. It was the brainchild of Hong Kong artist Kasing Lung. The artist drew inspiration from his time in the Netherlands to create this doll. He revealed to Hypebeast that he liked to read storybooks, especially those revolving around ancient European elf legends
As a child, Kasing Lung didn’t have any console games to entertain himself. So, he sought solace in letting his imagination run wild, which led him to sketch dolls with a pen. His idea of painting fairytales as a child helped him create history in a box. Specifically, a doll that grins menacingly yet looks like a cute little doe-eyed child. While the doll graced the shelves of toy shops in 2015, it initially failed to pique the interest of buyers. That was until Pop Mart, the Chinese toy giant, entered the picture and collaborated with Labubu.
Also Read: Life-Sized Labubu Sold For Over ₹1 Crore At Beijing Auction; Breaks All Records
A Doll That Appeals To Collectors
The sales of these dolls over time skyrocketed. In 2024, the global craze for Labubu was at an all-time high, with net profit jumping by 188%. The CEO of Pop Mart Wang Ning, thanks to Labubu, has become one of the world’s youngest billionaires at justt eh age of 38. The man started out with an advertising degree in 2009.
At the age of 23, he opened a small Pop Mart store in China’s Silicon Valley, Zhongguancun. While the shop started out selling comics, toys and phone accessories, Ning decided to cater to the growing appeal of collectable toys. So, he started the now iconic Molly line of designer toys with Kenny Wong, a Hong Kong artist.
What adds to the appeal of Labubu is that the collectable toys are sold in ‘blind boxes’. So, it remains a mystery to buyers as to which toy they have received until they unbox it. This is what sparked the Labubu trend on social media platforms.
Also Read: Find Cutesy Labubu Dessert In Options Like Tiramisu & Fruit Cake For AED55 At CAIA Oriental In Dubai
Well, are you also caught up by the allure of Labubu?
Cover Image Courtesy: Wikimedia Commons and forbesmiddleeast/ Instagram