At first glance, it’s just a small, unusual-looking toy. With its big round eyes, pointy ears, and toothy grin, Labubu doesn’t look like a typical collectible. But this little character has taken the world by storm, becoming a global craze and helping Wang Ning, founder and CEO of Pop Mart, rise to the top of China’s rich list.
Today, Wang Ning is officially one of the top ten richest people in China, with an estimated net worth of US$22.7 billion (~RM107 billion). What makes his story even more impressive is that he is also the youngest person on that list, at just 38 years old. And it all began with a toy, or rather, a clever combination of art, psychology, and business genius.
A Modest Start with Big Dreams
Wang Ning’s journey started in Henan, China, where he was born and raised. After graduating from Zhengzhou University in 2009 with a degree in advertising, he opened the first Pop Mart store in 2010 in Zhongguancun, Beijing, often called China’s Silicon Valley.
In the early days, Pop Mart didn’t look like a billion-dollar company. The store sold comics, mobile phone accessories, and small gadgets. But Wang Ning had a passion for designer art toys, particularly those popular in Japan, Korea, and Hong Kong. This interest led him to notice a rising trend: people, especially young adults, were collecting small, artist-designed figurines not just as toys, but as part of their lifestyle.
The Blind Box That Changed Everything
Wang Ning’s breakthrough idea came when he introduced the “blind box” model to the Pop Mart brand. A blind box is a sealed package where the buyer doesn’t know which toy figure is inside until they open it. This element of surprise is what makes the experience exciting, similar to a lucky draw or a treasure hunt.
In 2016, Pop Mart released its first successful blind box collection featuring Molly, a cute, round-faced doll created by Hong Kong artist Kenny Wong. The concept quickly gained popularity, especially among Gen Z and millennials, who enjoyed the mix of surprise, collectibility, and playful design.
This success laid the foundation for what would soon become the brand’s biggest phenomenon: Labubu.
The Making of Labubu
Labubu was originally created in 2015 by Kasing Lung, a Hong Kong-based illustrator. The character first appeared in his book The Monsters, which featured whimsical creatures inspired by Nordic fairy tales. Labubu stood out with its unique mix of cute and creepy, a little mischievous, but strangely loveable.
Pop Mart teamed up with Kasing Lung to bring Labubu into its blind box collections in 2023. The toy immediately attracted attention, and within months, it became a favourite among collectors in Asia, Europe, and the US.
The turning point came when celebrities began collecting Labubu dolls. BLACKPINK’s Lisa mentioned in an interview that she searches for Pop Mart stores whenever she travels, from New York to Paris to Miami,and collects Labubu figures like they’re hidden treasures. Soon after, stars like Dua Lipa, Rihanna, Emma Roberts, and even Kim Kardashian were seen with Labubu dolls attached to their bags or displayed on social media.
The global exposure gave Labubu the kind of status few toys ever achieve; a true pop culture icon.
The Psychology Behind the Labubu Craze
Labubu’s success isn’t just about celebrity endorsements or cute design. According to psychologists, there’s a deeper reason why people are so drawn to this toy.
Sarah Rasmi, a psychologist at Thrive Wellbeing Centre, explains that the blind box model triggers a psychological effect called “variable ratio reinforcement.” This is the same concept used in slot machines. Since buyers don’t know what they’ll get, their brains release dopamine, the feel-good chemical, every time they open a box. The unpredictability makes the experience thrilling and addictive in a lighthearted way.
Other experts, like Daren Banarse, say Labubu also provides a sense of emotional comfort. It doesn’t have any real use, but in uncertain times, owning something cheerful and collectible can create joy, satisfaction, and even a sense of connection. Some fans even say that collecting Labubu helped them feel less lonely, especially during the pandemic.
This emotional connection, combined with the thrill of collecting, explains why some limited-edition Labubu figures have sold for as much as $170,000 at auctions. In June 2025, a life-sized Labubu figure sold for over 1.08 million yuan (approx. $150,000) in Beijing, breaking records in the designer toy world.
Labubu: A Business Boom Like No Other
Behind the scenes, Pop Mart has turned this wave of enthusiasm into a massive business success.
In 2024 alone, Labubu sales brought in more than $419 million, which was a 726% increase from the previous year. Pop Mart’s stock price soared, and its global expansion accelerated. The company now operates over 530 physical stores and has placed more than 2,490 vending machines around the world, from Asia to the US and Europe.
In Vietnam, Pop Mart made a big splash with new store openings in Ba Na Hills, Crescent Mall, and Saigon Centre. At the Crescent Mall launch, over 1,000 people queued overnight, and more than 4,000 Labubu products were sold on opening day alone.
Pop Mart’s loyalty programme also reached a new milestone in 2024, crossing 46 million registered members. On top of that, partnerships with global brands like KFC, Lenovo, Disney, and Universal Studios have brought even more attention to the company.
Even banks have joined in the fun. Ping An Bank in China launched a special promotion where customers could receive Labubu toys by maintaining a balance of over 50,000 yuan. That’s how strong the brand’s influence has become.
Wang Ning: The Quiet Genius Behind the Brand
Through all of this, Wang Ning has remained somewhat of a quiet figure. He’s not a flashy billionaire. But his ability to spot trends, study consumer behaviour, and build strong partnerships has turned him into one of the most successful entrepreneurs in China today.
He built Pop Mart from scratch with no outside funding. He saw an opportunity where others didn’t in turning toys into a lifestyle brand, and mystery into marketing gold. Wang Ning’s leadership through the COVID-19 pandemic also helped Pop Mart stay strong. When stores had to close, he quickly shifted focus to e-commerce, making sure fans could still get their favourite collectibles online.
A Global Toy Empire with No Signs of Slowing Down
Today, Pop Mart is more than just a toy company. It’s a global collectible art and lifestyle brand. And Labubu is more than a trend; it’s a cultural movement.
What started as a doodle in an artist’s notebook has become a billion-dollar empire. It speaks to people’s desire for surprise, joy, and self-expression. It brings together design, emotion, psychology, and social media in a way few brands have managed to do.
And at the centre of it all is Wang Ning, a young man who turned a playful idea into one of the most valuable toy businesses in the world.
In a world where trends come and go quickly, Labubu has proven that some ideas have lasting power. It’s not just about selling toys, it’s about creating experiences, building a community, and giving people something to smile about.
Source: here
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