The Labubu doll has emerged as the breakout trend of 2025, generating worldwide excitement and catapulting Pop Mart, its distributor, to new heights of success.
As global sales of the quirky “monster” doll continue to surge, Pop Mart’s founder and CEO, Wang Ning, has seen his net worth skyrocket to an estimated $22.1 billion, according to Forbes. This marks a dramatic increase from just $1.18 billion at the end of 2024.
Much of this financial leap is credited to the soaring popularity of Labubu, which first appeared on Pop Mart shelves in 2023 as a keychain. Originally introduced in 2015 by Hong Kong artist Kasing Lung in his book The Monsters, Labubu’s resurgence began when K-pop icon BLACKPINK’s Lisa revealed the toy as her “secret obsession.”
Since then, the nine-toothed, furry creature has been spotted with global celebrities including Madonna, Rihanna, and Dua Lipa—turning it into a cultural phenomenon.
A major factor fueling Labubu’s success is Pop Mart’s use of “Blind Box” packaging, which keeps the doll’s identity a surprise and heightens the sense of thrill and collectibility among consumers.
The model has proven particularly effective in driving repeat purchases and maintaining excitement.
According to Emily Brough, Pop Mart’s Head of Licensing in North America, Labubu generated over $419 million in revenue in 2024—a staggering 726% increase from the previous year.
The unprecedented success of Labubu has not only reshaped the toy market but also cemented Wang Ning’s status as one of the most influential figures in the global retail industry.
