Sometimes fate changes due to unexpected events. That’s what happened to Wang Ning, the founder of Pop Mart.
In 2025, his wealth soared by $20 billion, taking him from the 400th to 79th place in the Bloomberg Billionaires Rankings, not thanks to tech investments, but thanks to Labubu: a collectible doll collaboration.
From a Random Sketch to a Cult Phenomenon
Labubu, created by artist Keysing Lun as a character from The Monsters series, has found a second life thanks to the “blind box” format: a doll in a sealed box, the buyer does not know what kind of figure is inside.
The element of surprise turns every purchase into a gamble. Pop Mart began using this format in 2023, and it has become the basis for Labubu’s success especially among Gen Z and millennials.
Crazy Demand and a Culture of Collecting
The doll has become a fashion accessory; it has been held by Lisa from Blackpink, Rihanna, Kim Kardashian, Dua Lipa and even David Beckham. Some are willing to pay tens of thousands of dollars to buy Labubu through the secondary market.
One life-size figure sold in excess of $150,000.
In my view, this craze highlights how modern consumer culture values rarity and emotional connection over practical utility. It is fascinating to see how a simple toy can transform into a status symbol and investment asset, blurring the line between playthings and financial commodities.
Personally, I find it both impressive and slightly surreal that collectibles can drive such intense demand and social influence.
Economic Impact: Dolls as Assets
Labubu’s popularity has turned into a colossal financial move. Pop Mart increased its revenue by 204% in the first half of 2025, to about $1.93 billion, and its profit grew by 396%, exceeding $636 million.
The company’s stock price jumped by 250%, and its capitalisation exceeded $40 billion: more than Mattel and Hasbro combined.
The Shadow of a Phenomenon: Counterfeits and Addiction
With such popularity, counterfeits have emerged: meet “Lafufus.”
They can be toxic and pose a danger to children. Hundreds of counterfeits have been confiscated in the U.S., prompting regulators to warn buyers.
Critics also point out that blind-box marketing encourages compulsive consumption, especially among vulnerable people, causing addiction to gambling.
The story of Labubu clearly demonstrates that the modern market is capable of turning even the simplest and at first glance "non-serious" things into large-scale financial empires. Where wealth was traditionally associated with oil or technology, today billions are created around collectible dolls.
The success of Pop Mart is not just a commercial success, but an indicator that value is born from emotional involvement and a cultural phenomenon. Wang Ning managed to turn a “toy” into world-scale capital and thus proved that in the 21st century, real money is made not only on resources, but also on emotions.
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