Toys: Wang Ning – the multi-billionaire behind the Labubu hype

"It's a love-hate relationship: They're abysmally ugly, but so ugly that they're cute," is how one collector in Beijing describes her enthusiasm for Labubus. The little monsters evoke a sense of happiness in her. She's not the only one. For millions, the figures are now objects of desire, cult symbols, and even investment opportunities. For Wang Ning, the man behind the phenomenon, they are the foundation of a billion-dollar fortune.

The figures from China are sending the entire globe into a frenzy. And the Chinese toy manufacturer Pop Mart, founded in 2010 and behind the colorful, cuddly figures, is setting one sales record after another thanks to its little monsters.

Pop Mart has now released more than 300 of the quirky plush figures, supposedly inspired by Nordic fairy tales. Prices start at around €15 in the official Pop Mart store, although these can vary greatly depending on the figure or box. Some have already changed hands at auctions for six-figure sums, including a life-size Labubu figure for around $170,000. Their popularity with celebrities such as singer Rihanna and former soccer star David Beckham has contributed to the hype.

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Pop Mart is growing rapidly. In the first half of the year, the Chinese toy manufacturer recorded a 200 percent increase in sales and a nearly 400 percent jump in profits. A good third of the revenue came from the collectible figures called "The Monsters." The goal for 2025: sales of the equivalent of $4.2 billion. The first six months of the year have already brought in almost half of that.

Thanks to his plush toys, Wang is now China's youngest billionaire at just 38 years old. Wang owns 50 percent of his company. With Pop Mart shares rising more than 250 percent this year, his net worth swelled to $27.5 billion, according to Bloomberg—a full $20 billion of which was added during the course of this year.

On Bloomberg's list of the wealthiest people, Wang catapulted himself from 400th place to 79th place. What's particularly remarkable is that he not only earned more this year than Amazon founder Jeff Bezos or investment legend Warren Buffett, but as a toy manufacturer he can keep up with tech tycoons like Mark Zuckerberg or Jensen Huang of Nvidia.

Wang was born in 1987 in Huojia, a small town in the Chinese province of Henan. His parents ran a small business, so Wang grew up with family entrepreneurship as a daily routine. He later studied advertising. He realized early on that the passion for collecting and scarcity could become powerful drivers of a business idea. After graduating, Wang Ning moved to Beijing and founded his first Pop Mart boutique in 2010.

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What began as a lifestyle store quickly developed into a highly profitable business model. Wang discovered the potential of so-called "blind box" figures, sold in opaque packaging. Customers never know which doll they will receive upon purchase. The mechanism is simple but effective: surprise meets collecting instinct. Wang professionalized this principle and expanded Pop Mart into a factory for highly recognizable figures with global market potential.

A crucial step on his path to success was his transition from being a mere dealer to developing his own figures. Wang achieved initial success with the designer collectible figures Molly and Skullpanda. His breakthrough came with Labubu, a creation by Belgian artist Kasing Lung. Through limited editions, Wang created scarcity, aroused desire—and sold more than just one figure. He fueled the hope of finding a rare specimen and turned the act of buying into an experience.

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Wang also recruited artists as brand ambassadors to increase the value of the toys. In doing so, he drew on the principles of Pop Art, which has celebrated pop and consumer culture since the mid-1950s. The brand name is therefore no coincidence.

While the Chinese domestic economy is weakening, Pop Mart is using this strategy to generate returns that traditional toy manufacturers can only dream of, while simultaneously expanding aggressively abroad. 40 percent of its sales are already generated abroad. The message: Pop Mart is not a Chinese phenomenon, but a global cultural enterprise that wants to be mentioned in the same breath as Disney and Marvel.

Wang Ning is arguably one of China's most unusual self-made billionaires and represents a new generation of entrepreneurs in the country: creative, market-oriented, culturally sensitive, and quiet. Wang avoids the spotlight. Self-promotion and social media presence are rare. His success is based not on technology or industrial innovation, but on a deep understanding of consumer psychology and pop culture. Furthermore, Wang is not only a quiet entrepreneur but also an equally quiet philanthropist. He supports art and social projects. According to CEO Today, he is committed to disability inclusion, among other things.

This article originally appeared on ntv.de. The news portal, like Capital, is part of RTL Deutschland.