This Chinese CEO Made $1.6 Billion In A Day, All Thanks To A Viral Doll
Wang Ning, the chairman and CEO of Chinese toy maker Pop Mart International, became $1.6 billion richer in a single day, all thanks to his company's viral Labubu dolls. The seemingly innocuous doll is based on a character designed by Hong Kong-born artist Kasing Lung for his 2015 picture book series 'The Monsters'. The doll features distinctive bunny ears and a mischievous grin. It gained popularity after Mr Lung partnered with Pop Mart in 2019. Since then, the doll has become the latest collectable trend among Gen Z and has also been spotted hanging from the luxury bags of celebrities like Rihanna, Blackpink's Lisa, and Singaporean socialite Jamie Chua.
In fact, the Labubu craze is so much that it added billions to its creator's fortune. According to an April 2025 Forbes report, Wang Ning, the man behind these viral dolls, became $1.6 billion richer in a single day, thanks to his company's soaring popularity in the United States.
Today, Mr Ning's net worth stands at $18.3 billion, per Forbes Real Time Billionaires List.
Pop Mart's success with Labubu translated into an impressive digital performance as the company's app became the most downloaded shipping app in the US. Even with the ongoing trade tensions between China and the US, Americans queued up for hours to buy the rabbit-looking dolls. This digital surge, coupled with robust sales, significantly contributed to the substantial increase in Mr Ning's net worth.
"Pop Mart's shares got a short-term boost due to the app's ranking in the US and the rush to acquire its dolls," Kenny Ng, a Hong Kong-based securities strategist at Everbright Securities International, told Forbes.
What are Labubu dolls?
Labubu is one of the characters created by Kasing Lung. It belongs to Mr Lung's imaginative storybook world, 'The Monsters', which also features other whimsical characters such as Zimomo, Tycoco, Spooky and Pato.
According to Mr Lung's book, Labubu is an elf, a girl distinguished by high-pointed ears, no tail, and a unique face that ranges from innocent to impish. Labubu is admired for her kind-hearted character. Her slightly eerie, toothy grin and kooky expressions are a hit among children. Over the years, Labubu has been reimagined in over 300 variations, in different colours, outfits, sizes and themes.
In 2019, Pop Mart teamed up with Kasing Lung to launch Labubu figures in their The Monsters series. These are sold in blind boxes, and each sealed package hides a surprise design. This element of surprise has fueled a buying frenzy, encouraging repeat purchases to complete collections. In 2024 alone, the company reported a revenue of $1.8 billion, with Labubu contributing nearly $400 million to that figure.
Trending News