The global obsession with a whimsical and even 'not-so-cute' character named Labubu has propelled the founder of Pop Mart, Wang Ning, into an elite of China's richest billionaires. Wang, at 38 years old, boasts a fortune that surpasses even that of Alibaba co-founder Jack Ma, and this has been achieved through Wang's explosive success of the "blind box" collectibles.
He is the youngest of the ten richest billionaires in China and has amassed a fortune of $27.5 billion largely based on company stake, according to Forbes estimates. He ranks eighth, ahead of Jack Ma who has the worth of $26.7 billion and chipmaker Cambricon Technologies cofounder Chen Tianshi, with $25.1 billion worth, according to the Real-Time Billionaires List.
Wang mastered the art of the surprise toy and creating a viral, "ugly-cute" sensation. This wave took both Gen Z and millennials by storm. Pop Mart's Hong Kong-listed shares have soared over 250% this year, giving the toy maker a market capitalisation of around $56 billion.
The company cited the Americas, including the US, as its fastest growing region with sales surging over 1,000% year-on-year to 2.3 billion yuan in the first half. Collectors are drawn in by the element of chance, hoping to unbox a rare or limited-edition version of Labubu.
This strategy, combined with high-profile celebrity endorsements from stars like BLACKPINK's Lisa and Rihanna, has fueled an global frenzy. A new mini-edition will be launched in major overseas markets including Australia, Thailand and the US starting from Friday, according to the company.
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