As a devoted admirer, I can’t help but marvel at the meteoric rise of my beloved Labubu! The mastermind behind Pop Mart, its sole distributor, has not only gained immense popularity but has also joined the esteemed ranks of China’s youngest billionaires. It’s truly amazing to witness such success!
The popularity of Labubu, a cute rabbit-like character introduced by artist Kasing Lung in 2015 for a children’s book series, has never been higher, with its smiley visage appearing on handbags across the globe.
People worldwide are forming queues outside Pop Marts, eagerly anticipating the possibility of acquiring one of the mystery dolls that come in ‘surprise packages’ – meaning customers don’t know which variation they will receive.
Indeed, the appeal of Labubu dolls has grown significantly, making them a sought-after item not just among collectors, but also among unscrupulous individuals. This popularity has led some enthusiasts to purchase insurance for their plushies when they travel overseas to safeguard them from theft.
Due to an overwhelming level of excitement surrounding this character, the proprietor of Pop Mart, who obtained the sole rights to market merchandise related to Labubu back in 2019, has since become a billionaire.
Labubu fever makes Pop Mart owner China’s 10th richest man
According to Forbes, it’s been announced that 38-year-old Wang Ning, creator of Pop Mart, has earned the title of China’s youngest billionaire. Notably, he ranks as the 10th wealthiest individual in China, with an estimated net worth of approximately $22.7 billion, largely attributed to his ownership of Pop Mart.
Besides Zhang Yiming, the creator of ByteDance (TikTok’s parent company), some other Chinese billionaires that Westerners may recognize include Ma Huateng, a co-founder of the gaming and tech firm Tencent. Both these individuals are listed among the wealthiest people in China.
In 2021, the worth of Pop Mart’s Hong Kong stocks has skyrocketed threefold, reaching approximately $270 ($34.40 USD), due to the intense enthusiasm for Labubu. This adored figurine has gained such popularity that numerous renowned celebrities like BLACKPINK’s Lisa, Rihanna, and Dua Lipa have been seen carrying one of these dolls.
However, let’s discuss Kasing Lung. Although the exact details of his income aren’t disclosed, considering that Labubu is a top-selling item at Pop Mart, it’s reasonable to assume that Lung is financially stable due to royalties from these sales.
This year, he’s planning to release a new Labubu picture book in China, and with characters like Sanrio’s My Melody and Kuromi getting an animated series on Netflix, it’s not difficult to imagine a future where Lung’s creations will have their time in the spotlight on the big screen.
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2025-06-13 00:48