Cover Wang Ning, China’s youngest billionaire, is the man behind Labubu’s success (photo: Pop Mart)
Wang Ning, China’s youngest billionaire, is the man behind Labubu’s success (photo: Pop Mart)
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With a fortune estimated at US$22.7 billion, Wang Ning, CEO and founder of the toy brand Pop Mart, has officially entered the ranks of China’s ten richest billionaires for the first time thanks to the staggering success of the Labubu empire.
After captivating audiences across Asia, Labubu made its way to the US and parts of Europe, creating a frenzy wherever it went. Long queues formed as collectors and fans clamoured to own the elusive toy. As a result, Wang Ning has become the youngest name among China’s business titans, joining the likes of Zhang Yiming, founder of ByteDance; Ma Huateng of Tencent; and Zhong Shanshan, chairman of Nongfu Spring.
Designed by Hong Kong artist Kasing Lung, Labubu dolls quickly gained cult status after being collected by global celebrities such as Rihanna, Dua Lipa, Lisa (Blackpink), and Emma Roberts. Their allure even caught the attention of financial institutions: Ping An Bank in China, for instance, launched a campaign offering Labubu figures to new customers maintaining balances over 50,000 yuan.
What makes Labubu a global phenomenon?
According to psychotherapist Jordan Conrad of Madison Park Therapy, Labubu’s appeal does not lie in revolutionary design but in its scarcity. This sense of rarity has turned the toy into a sought-after trend. Across social media, influencers and celebrities proudly display their Labubu collections, often customised into distinctive bag charms or backpack accessories. Some limited-edition sets have even fetched up to $170,000 at auction. This frenzy has created a ripple effect, propelling Pop Mart’s stock price sharply upward.
Daren Banarse, a London-based psychotherapist, believes the charm of Labubu goes beyond its physical form. More than just a toy, it offers an experience: an emotional reward and sense of satisfaction. Both Banarse and Conrad agree that Labubu does not signify wealth, nor does it serve a practical function. Yet, in uncertain times, it brings joy and fosters a sense of community, particularly for those experiencing loneliness or personal challenges.
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Sarah Rasmi, a psychologist at the Thrive Wellbeing Centre, explains that Labubu’s “blind box” model, where buyers do not know which version they will receive, triggers a psychological mechanism known as “variable ratio reinforcement.” This element of surprise fuels the desire to keep purchasing, driven by the hope of acquiring a specific figure. The process increases dopamine levels, the neurotransmitter associated with pleasure, reinforcing the thrill of the chase for Labubu devotees.
The impressive entrepreneurial journey of Wang Ning, the 39-year-old man behind Pop Mart
Born and raised in Henan, China, Wang Ning graduated from Zhengzhou University in 2009 with a degree in advertising. Just a year later, in 2010, he opened his first modest Pop Mart outlet in Zhongguancun, Beijing, an area often referred to as “China’s Silicon Valley.”
Above Wang Ning, founder and CEO of toy brand Pop Mart (photo: Pop Mart)
Wang Ning, founder and CEO of toy brand Pop Mart (photo: Pop Mart)
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At that time, Wang Ning was inspired by Hong Kong retail chain Log-On to establish Pop Mart. He also had a personal fondness for collectible art pieces, particularly those popular in Japan and Korea. Yet in its early days, the store sold only toys, comics, and phone accessories.
By 2014, Wang Ning began to recognise the potential of collectible toys. Around this period, he also pursued further studies in business and management, where he encountered like-minded individuals who would later become key figures at Pop Mart.
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Two years later, he partnered with Hong Kong artist Kenny Wong to launch a range of Molly designer toys, sold in the now-signature “blind boxes.” This business model, with its sense of surprise and playfulness, quickly captured the imagination of thousands of buyers.
By the end of 2020, Pop Mart made its debut on the stock market with a valuation of $12.5 billion, raising $676 million in its initial public offering. From there, the company showed no signs of slowing down, with shares soaring by 370 per cent in 2024 alone.
During the global Covid-19 outbreak, Wang Ning and the Pop Mart team moved swiftly to develop an e-commerce platform, allowing the business to maintain momentum despite temporary store closures. In addition, strategic collaborations with household names such as Lenovo, KFC, Walt Disney, and Universal Studios helped boost brand recognition and expand its customer base.
With such remarkable growth, Pop Mart has continued to expand its global footprint. As of December 2024, the company operates more than 530 physical stores and over 2,490 vending machines worldwide. That same month, its loyalty programme reached a milestone of more than 46 million registered members.
In Vietnam, Pop Mart has also seen notable success, with three debut locations at Ba Na Hills, Crescent Mall, and Saigon Centre. At the Crescent Mall launch in Ho Chi Minh City, over 1,000 customers queued overnight for the opening, and more than 4,000 products were sold on the first day alone. This speaks volumes about how Wang Ning and his team have harnessed the excitement of randomised collectibles and the power of artistic design to create a global sensation.
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