Thanks To The Labbu Doll, The Maker Is On The List Of 100 Richest People In China
JAKARTA - Wang Ning, owner and CEO of Pop Mart International Group is increasingly establishing himself as one of the 100 lists of the richest people in China in 2024. He is on the list thanks to Pop Mart's sales earnings, which are largely influenced by the popularity of the Labubu doll.
Launching from Forbes, the 37-year-old man's wealth reached 5.5 billion dollars or around Rp. 86.7 trillion in 2024. With this figure, Wang Ning is in 68th position on the list of 100 richest people in China.
Pop Mart was founded in 2010 selling small figures for about $10 in a box called a blind box, which doesn't show toys in it.
The company partners with a number of artists to produce its toys, and market its products to Europe, Southeast Asia, and the United States. Recently, the popular product of Pop Mart is a Labubu doll.
The Labubu doll is a toy character inspired by the Nordic fairy tale. Labbu is part of the toy series Ziqi X Monster and was created by Kasing Lung, a Hong Kong smoke artist.
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Thanks to toys in the blind box and the Labubu doll, Pop Mart's revenue in 2024 jumped nearly two-thirds or to 4.6 billion yuan or around Rp. 10 trillion from the previous year. The company's shares also nearly tripled from last year, leading Wang Ning to the list of the richest people in China for the first time.
Meanwhile, since its establishment in 2010, Pop Mart has opened 500 stores, including around 400 stores in mainland China. The company also plans to double the number of its stores in the United States in the future.