What started as a “cute but creepy” little toy with bunny ears, sparkling eyes, and a mischievous grin has now snowballed into one of the world’s most surprising collectible sensations.
Labubus — the fuzzy dolls dangling off handbags, popping up on TikTok, and even making cameos with global celebrities — are no longer just toys.
They’ve become a full-blown cultural phenomenon.
And behind this playful empire is Wang Ning, the 38-year-old Chinese entrepreneur who turned his love for niche toys into a multibillion-dollar empire through his company, Pop Mart International Group.
The Blind Box Revolution
The magic of Pop Mart lies in its business model: the “blind box”.
Buyers don’t know which character or version they’re getting until they open the box, and that element of surprise transformed these figurines into collectibles almost overnight.
Fans rush to complete entire series, trading with each other like sports cards.
The concept took off globally, echoing Japan’s gashapon capsule toys, which originally inspired Wang.
Pop Mart’s first big hit came with Molly, a pouty figurine designed by Hong Kong artist Kenny Wong, which pushed sales into the tens of millions by 2018.
That success paved the way for Labubu’s meteoric rise.
From TikTok Trend to Celebrity Status
Labubus truly exploded after TikTok users started showcasing their collections.
Now, these fuzzy little misfits are everywhere — attached to handbags, decorating birthday cakes, and even walking onto tennis courts.
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Madonna marked her 67th birthday with a massive Labubu cake labeled “Madudu.”
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Naomi Osaka carried a diamond-encrusted Labubu worth nearly half a million dollars onto the US Open courts.
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Fans range from Paris Hilton and Rihanna to David Beckham and Michelle Yeoh.
The toys’ blend of “ugly-cute” design and social media visibility made them irresistible for collectors and celebrities alike.
Billionaire Status for the Man Behind the Bunny
For Wang Ning, Labubu isn’t just a toy; it’s a fortune-maker.
Since the craze went global, Wang’s net worth has tripled in 2025 alone, soaring to $27.5 billion.
That makes him the youngest of China’s top 10 richest billionaires, ahead of Alibaba’s Jack Ma, and even placing him above Rupert Murdoch and Peter Thiel on the Forbes list.
Wang estimates Pop Mart could “easily” hit $4.2 billion in sales this year, as demand continues to skyrocket worldwide.
The Artist Behind the Character
While Wang masterminded the business, the Labubu character was born from the imagination of Kasing Lung, a Hong Kong artist raised in the Netherlands and later based in Belgium.
Inspired by Nordic folklore, Lung created The Monsters series, introducing Labubu in 2015.
It wasn’t until 2019, after partnering with Pop Mart, that Labubu started to gain serious traction.
Now, the mischievous little elf has grown into a global icon.
Wang Ning’s Obsession With the Details
Though Wang allows artists creative freedom, he’s famously meticulous about Pop Mart’s stores.
From the brightness of the lights to the height of the display tables, he ensures every detail enhances the shopping experience.
Half of Pop Mart’s sales still come from physical outlets, making his obsession worthwhile.
He compares trendy toys to art, saying they’re not about movement or sound, but about emotional connection — happiness, healing, or simply companionship.
From China’s Disney to the World’s Pop Mart
Wang’s ambitions don’t stop at China. He wants Pop Mart to become a global powerhouse: “We originally hoped to become China’s Disney; now we hope to become the world’s Pop Mart.”
Sales outside China are now expected to surpass domestic ones, with North America emerging as the company’s strongest new market.
And if Labubu’s current craze is any indication, Wang’s dream of turning Pop Mart into an international cultural giant may not be far off.
