In the world of toys, few characters have achieved the meteoric rise of Labubu—a sharp-toothed, bunny-eared elf born from the imagination of Hong Kong illustrator Kasing Lung. What began in 2015 as part of Lung’s whimsical series The Monsters has since evolved into a multi-billion-dollar global craze, reshaping the fortunes of Pop Mart, the Chinese toy giant, and propelling its founder and CEO, Wang Ning, into the ranks of the world’s wealthiest men.
From Illustrator’s Sketch to Pop Culture Sensation
Labubu was never meant to be a mass-market product. Inspired by folklore and Lung’s childhood imagination, the character first gained a cult following among art toy collectors in Asia. That changed in 2019 when Pop Mart—already a rising star in China’s booming blind-box toy industry—partnered with Lung to commercialize Labubu on a massive scale.
Pop Mart adopted the blind-box model, where customers buy sealed packages without knowing which specific figure they will get. This gamified approach created scarcity, excitement, and a collector’s frenzy. Suddenly, Labubu was no longer just an art collectible—it became a social media phenomenon and a must-have item across Asia.
Viral Demand and Celebrity Endorsement
The tipping point came when global celebrities and influencers embraced the character. BLACKPINK’s Lisa was seen with a Labubu keychain, sparking a wave of posts from fans across Asia. Soon after, Western celebrities such as Rihanna, Kim Kardashian, and David Beckham were also spotted with the doll. Social media platforms amplified the craze, with hashtags related to Labubu generating hundreds of millions of views.
The frenzy wasn’t just cultural; it translated into hard numbers. Pop Mart’s stock skyrocketed, and Labubu sales alone generated 4.81 billion yuan (about $670 million) in the first half of 2025—a 668% year-on-year increase. That single character accounted for more than a third of Pop Mart’s total revenue, proving that Labubu was no ordinary toy, but a global brand in the making.
Pop Mart’s Expansion and Strategic Growth
Under Wang Ning’s leadership, Pop Mart aggressively expanded beyond China. The company opened more than 570 stores worldwide, including over 40 in the United States, with plans to double that presence by year-end. North America quickly became its fastest-growing market, with revenue jumping over 1,100% year-on-year in 2025.
Pop Mart also diversified the Labubu brand into phone charms, home décor, collaborations with global brands, and even considered animated series and theme parks. Limited editions fueled collector demand, with a mint-green, four-foot Labubu doll selling for $170,000 at auction in Beijing in mid-2025. The aftermarket frenzy highlighted the toy’s value not only as a cultural icon but also as a speculative collectible.
The Financial Impact on Wang Ning
As Pop Mart’s share price surged more than 240% in 2025, Wang Ning’s personal fortune skyrocketed. His net worth, which stood at around $1.8 billion in 2024, soared to an estimated $22–26 billion by mid-2025, placing him among the youngest billionaires in China and solidly in the top ranks of global wealth lists.
Industry observers note that Labubu was the single biggest catalyst behind this meteoric rise. While Pop Mart has other successful product lines, none have come close to matching Labubu’s global cultural and financial impact. Investors now see Pop Mart not just as a toy company but as a cultural IP powerhouse with the potential to rival Disney or Sanrio in character-based merchandising.
Controversy and Counterfeits
With fame came challenges. Counterfeit versions of Labubu—nicknamed “Lafufu”—flooded marketplaces in China and Southeast Asia. The Chinese government stepped in with raids and crackdowns, but the sheer demand ensured fakes would continue to circulate. Pop Mart doubled down on brand protection, while also leveraging the attention to reaffirm Labubu’s authenticity and prestige.
Some critics also worried that the blind-box model encouraged compulsive buying, particularly among younger fans. Pop Mart defended the practice, noting that blind-box toys are a form of entertainment and that the company promotes responsible consumer engagement.
The Bigger Picture: AI, Entertainment, and Beyond
What makes Labubu’s success particularly notable is its timing. It comes during a global surge in interest around artificial intelligence and digital entertainment. Pop Mart has hinted at future plans to extend Labubu into animated content, interactive media, and even immersive experiences such as exhibitions or amusement attractions.
In many ways, Wang Ning’s strategy mirrors that of entertainment empires like Disney, where characters are not just products but entire ecosystems. Labubu could soon evolve from a collectible toy into a global media franchise, generating revenue streams that stretch far beyond retail sales.
A Billionaire Built on a Bunny-Eared Elf
For Wang Ning, Labubu has been more than just a profitable product line—it has been the crown jewel of Pop Mart’s transformation into a global cultural brand. The character’s unexpected appeal across demographics, geographies, and industries demonstrates the power of creativity fused with strategic execution.
As Wang Ning’s fortune continues to swell, Labubu stands as a reminder that in today’s economy, the next billion-dollar empire might be built not on oil or steel, but on the imagination of an illustrator and the savvy of a business leader who saw its potential.
Conclusion
From a fairy-tale drawing in Kasing Lung’s sketchbook to a billion-dollar collectible fueling Wang Ning’s rise to the top of the world’s rich lists, Labubu’s story is one of creativity meeting strategy at the perfect cultural moment. By harnessing celebrity influence, scarcity-driven marketing, and aggressive global expansion, Pop Mart turned a quirky elf into a phenomenon that redefined modern toy culture.
Labubu didn’t just make Wang Ning rich—it made him a symbol of how culture, commerce, and creativity can converge to create unprecedented wealth in the 21st century.
