The Makers Of Labubu Earn Big Bucks As Doll Craze Sweeps World

If you don’t know what a Labubu is, you’re either Liam Neeson or you’re living under a rock. The devilish doll craze reached a climax this year after BLACKPINK’s LISA was pictured spotting it. Since then, celebrities have been pretty serious about their Labubus; some more than others, of course.

For example, Pixie Lott recently put together a free concert to celebrate her single “Coming of Age,” but there was a weird catch: fans without a Labubu doll weren’t granted entrance. So love it or hate it, their global appeal leaves no room for argument.

If the world is this crazy for the doll, how much money are we really putting in the pocket of the company that created it? Reports say lots.

Founder of Labubu’s Parent Company Grows Richer Than Jack Ma Thanks To Popular Dolls

Founder of toy maker Pop Mart International Group, Wang Ning, has grown richer than Alibaba co-founder Jack Ma, thanks to the buzz of the Labubus.

At age 38, Ning remains the youngest of China’s ten richest billionaires, and currently places in the eighth position ahead of Jack Ma ($26.7 billion). Per Forbes, the Pop Mart founder and CEO has amassed a fortune of $27.5 billion largely based on a company stake.

This year alone has seen Pop Mart’s Hong Kong-listed shares soar to over 250% – three times more than US competitors Barbie manufacturer Mattel and Hasbro combined.

And they’re not ready to stop pushing the Labubu craze to new heights. New versions of the coveted dolls keep hitting the market, like the latest ones with pointed ears.

Now in its 4.0 phase, they’ve become 10.5-centimeter plush toys that come in a variety of colors. Two special edition types harder to come by also come as part of the Aug. 25 release.

The mini-Labubus sold out like wildfire on Pop Mart’s online channels WeChat and Tmall minutes after release.

The demand for the doll was so real that some resellers started offering the dolls for more than twice the original price on China’s second-hand goods platform Xianyu.

Amidst the frenzy, Pop Mart has cited America as one of its fastest growing market places with sales surging over 1,000% year-on-year to 2.3 billion yuan in the first half.

They’re hoping to penetrate other countries like Australia and Thailand with future launches.

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