What began as a simple doodle in the streets of Hong Kong has now become a global phenomenon - we are talking about Labubu. Whether you like it, hate it, or want to burn it, you cannot ignore this quirky, mischievous-looking doll.
The buzz around the doll has made Wang Ning, the founder of toy maker Pop Mart International Group, one of the richest men on Earth. According to a new report by Forbes, Ning has now become richer than Alibaba founder Jack Ma.
First, he became the youngest billionaire in China's top 10 billionaires, and now his fortune continues to reach new heights. According to the Forbes report, Ning has amassed a fortune of USD 27.5 billion largely based on the company's stake. He ranked eighth on the top 10 billionaires' list in China, leaving Jack Ma behind, who stands at USD 26.7 billion.
Thanks to the popularity of Labubu, Pop Mart has seen a 250 percent growth in shares this year, taking their market share to USD 56 billion - three times more than Barbie manufacturer Mattel and fellow American toy maker Hasbro combined.
With the new Labubu doll editions on the market, the company is poised to increase its profits, as predicted by Wang Ning. Earlier this month, the Labubu seller estimated 4 billion in sales by the end of the year, citing America as the biggest buyer of the doll.
Labubu dolls are plush toys and figurines based on a character from the book series The Monsters created by Hong Kong-born artist Kasing Lung. Inspired by Nordic fairy tales, Labubu has become a hit among celebrities, with many collecting these dolls, including Urvashi Rautela, K-pop idol Lisa, Rihanna, Kim Kardashian, and more.