Wang Ning’s Labubu Goldmine: How a Fuzzy Key Ring Built a $22B Toy Empire
Pop Mart CEO Wang Ning has officially cashed in on nine-toothed, furry monsters—fast. In just two years since Labubu hit shelves in 2023, the collectible key ring has vaulted Ning’s net worth from a humble $1.8 billion at the end of 2024 to a staggering $22.1 billion today, according to Forbes. That’s right: a single blind-box toy series launched in 2015 by artist Kasing Lung—and supercharged by a viral “secret obsession” shoutout from Blackpink’s Lisa in a 2024 Vanity Fair video—is now the cash cow powering Asia’s hottest toy craze.
Celebrity sightings of Labubu have become almost as common as the mini-figures themselves. Rihanna, Madonna, Kim Kardashian, Dua Lipa and even David Beckham have all been spotted on a global hunt for “hidden” chase figures, and it’s not just fans emptying shelves. Pop Mart’s blind boxes generated over $419 million in revenue in 2024 alone—a 726 percent leap from the year before—according to NBC News. Head of North American licensing Emily Brough gushed that demand has “surpassed expectations,” especially after the recent Into Energy series release. Pop Mart’s secret? A perfect storm of global star endorsements, collectible suspense and an ever-expanding roster of mischievous Labubu variants.
Amid all the collectible chaos, Ning stays firmly behind the curtain, steering the company’s multi-billion-dollar climb with a savvy mix of artist collaborations and over-the-top blind-box marketing. Pop Mart’s success story—inspired by a playful toy and fueled by celebrity street cred—has investors and collectors alike asking what’s next for the world’s most lucrative key chain. Will Labubu keep dominating 2025, or is there a new plush phenom brewing? Stay tuned: the next chase figure could change everything.
Sources: Celebrity Storm and Forbes, Vanity Fair, NBC News
Attribution: Creative Commons Licensed
