In the vibrant and ever - growing world of collectible toys, Labubu has emerged as a global sensation. But have you ever wondered which company is behind this adorable and unique character? Labubu is owned by the Chinese - based company Pop Mart, which has revolutionized the toy and collectibles market.
Pop Mart was founded in 2010 by Wang Ning. Initially, it started as a small shop in Beijing, selling a variety of items such as comics and phone covers. However, as Wang Ning noticed the rising trend and growing love for designer toys, he decided to pivot the company's focus. This strategic shift led to a significant transformation in Pop Mart's trajectory.
The company went public on the Hong Kong Stock Exchange in late 2020. Since then, its shares have experienced an astonishing upward climb. In fact, in the past year, Pop Mart's shares have jumped by more than 500%, according to the BBC. As of 2025, the value of its Hong Kong - listed shares has soared three times this year, exceeding HKD $270 (US $34.40), as reported by Forbes. This remarkable growth is a testament to the company's success in the market.
Pop Mart has expanded its reach far beyond China. It now operates stores across Asia and ships its toys worldwide. It has become much more than just a toy brand; it has cultivated a cult - like following among its fans, often being compared to fashion and luxury labels for the loyalty it commands.
Labubu was created by Hong Kong artist Kasing Lung. Born in 1972, Lung grew up in the Netherlands after moving there with his parents at the age of six. His interest in art led him to a career in creating unique and captivating illustrations. Labubu first emerged as a character in Lung's story series "The Monsters," which was inspired by the Nordic folklore and mythology he loved during his childhood. The character was initially part of Lung's picture books and "monsters" figurines produced by the company How 2 Work in 2015.
However, it was the collaboration between Kasing Lung and Pop Mart in 2019 that truly catapulted Labubu to stardom. Pop Mart, with its knack for identifying promising and market - appealing characters, saw the potential in Labubu. Through this partnership, Labubu became part of Pop Mart's blind - box toy series. The blind - box concept, where customers purchase a sealed box without knowing which figure they will get inside, added an element of surprise and excitement. This concept, combined with Labubu's already charming and distinctive design, proved to be a winning formula. It particularly appealed to Gen Z and millennial consumers, who were drawn to the mystery, collectability, and the sense of gamified luck associated with the blind - box purchases.
Labubu has had an indelible impact on Pop Mart's success. The character has become one of the company's most iconic and profitable offerings. In 2024, Labubu generated over $419 million in revenue for Pop Mart, reflecting a staggering 726% year - over - year increase, according to Emily Brough, head of licensing for Pop Mart North America.
The popularity of Labubu has extended well beyond just the toy - collecting community. Celebrities around the world, such as K - pop star Lisa from Blackpink, Rihanna, Dua Lipa, and even Kim Kardashian, have been spotted with Labubu dolls. Lisa's public expression of her fondness for Labubu, where she mentioned hunting for Pop Mart stores in different cities, was a significant moment. It attracted widespread attention and sparked a frenzy among fans. These celebrity endorsements have played a major role in making Labubu a household name and driving its global popularity.
The character's wide - spread appeal has also led to a booming resale market. Some limited - edition versions of Labubu dolls sell for six - figure prices in the resale market. There are even "secret" editions, which are super - rare and have only a 1 - in - 72 chance of appearing in a blind box. These highly sought - after versions often become collector's items, fetching thousands of dollars online.
At the heart of Pop Mart's success story is its founder, chairman, and CEO, Wang Ning. As of June 2025, Wang Ning has become one of China's top 10 richest people, with a net worth of $22.7 billion, according to Forbes. This incredible wealth is largely attributed to the success of Labubu and Pop Mart's overall business model.
Wang Ning's journey has been one of strategic vision and perseverance. After graduating from Zhengzhou University with a degree in advertising, he launched Pop Mart with a humble start. In the early days, the company faced challenges, with slow - moving inventory and tight margins. However, his decision to invest in the rights to the Molly doll in 2015 and pair it with the blind - box format was a turning point. This success formula of scarcity and surprise, which he later applied to Labubu, became the blueprint for Pop Mart's growth.
Wang Ning's ability to spot the potential of mixing art, surprise, and collectability has been crucial. His company's focus on creating an emotional connection with consumers through design has transformed small plastic toys into status symbols. Despite facing some challenges, such as a dispute with a designer over early character copyrights in 2022 and criticism from smaller toy studios regarding Pop Mart's growing dominance, Wang Ning has remained focused on the product and the company's strategy.
In conclusion, Pop Mart, under the leadership of Wang Ning, has not only brought Labubu to the global stage but has also built a multi - billion - dollar empire in the process. The story of Labubu and Pop Mart is a fascinating one, filled with elements of art, business acumen, and the power of consumer trends. As Labubu continues to charm collectors worldwide, Pop Mart is likely to further expand its influence in the global toy and collectibles market.
