Labubu has become so insanely popular that the owner of Pop Mart, the character’s exclusive retailer, has now entered the ranks as China’s youngest billionaire.
Labubu fever is at an all-time high. First created in 2015 by artist Kasing Lung as part of a children’s book series, the rabbit-like critter with a toothy grin can now be seen hanging from handbags worldwide.
Customers are lining up at Pop Marts around the globe for a chance at scoring one of the dolls, which are offered in ‘blind-boxes’ so customers never know what version they’re getting.
In fact, Labubu dolls have become so popular that they’re now a prime target for thieves, even causing fans to take out insurance policies on their plushes while traveling abroad.
The hype around the character has gotten so intense that the owner of Pop Mart, which acquired the exclusive rights to sell merchandise for Labubu in 2019, has now achieved billionaire status.
Labubu is described as an “elf-like creature” who is “kind-hearted and always wants to help, but often accidentally achieves the opposite.”
Labubu fever makes Pop Mart owner China’s 10th richest man
As reported by Forbes, 38-year-old Wang Ning, the founder of Pop Mart, has become China’s youngest billionaire. In fact, he’s the 10th richest person in China, valued at $22.7 billion due to his stake in Pop Mart.
Other billionaires from China include names that Westerners might find familiar, such as the founder of ByteDance, TikTok’s parent company, Zhang Yiming. Gaming and tech company Tencent’s co-founder, Ma Huateng, also shares a spot on the list of the country’s richest people.
This year alone, the price of Pop Mart’s Hong Kong shares has tripled in value, rising over $270 ($34.40 USD) as Labubu fervor hits a fever pitch. The creature is so popular that even some of the world’s top celebrities have been spotted with one of the dolls, including BLACKPINK’s Lisa, Rihanna, and Dua Lipa.
But what about Kasing Lung? While Lung’s earnings aren’t public information, it’s safe to say that he’s making enough to live comfortably due to royalties from Labubu’s status as a top seller at Pop Mart.
He’s even coming out with a new Labubu picture book in China this year — and given that mascots like Sanrio’s My Melody and Kuromi are getting an animated series on Netflix, it’s not hard to envision a future where Lung’s characters get to shine on the silver screen.
Content shared from www.dexerto.com.