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Pop Mart CEO Gains Billions as Toy Sales Surge in the U.S.
A guest carries two Labubus during the Paris Fashion Week Women’s Fall/Winter 2025-2026 in March in Paris.
Wang Ning, the chairman and CEO of Pop Mart International Group, a notable Chinese toy manufacturer, saw his wealth increase by $1.6 billion in just one day, driven by the rising popularity of his company in the U.S. The company’s app has reached the top of download charts, reflecting a burgeoning interest in collectible toys.
As of now, Wang’s net worth stands at approximately $16.1 billion, as compiled by the Forbes Real Time Billionaires List. His fortune is largely tied to his stake in Pop Mart, whose shares listed in Hong Kong jumped by 13.2% on Monday. Year-to-date, the stock has more than doubled, fueled by the global phenomenon of Pop Mart’s collectible toys, which have particularly resonated with younger audiences in China.
Despite ongoing trade tensions between the United States and China, American consumers are actively seeking out Pop Mart’s products. Many are lining up overnight at stores for limited-edition dolls, thereby driving demand and sales.
Among the company’s best-sellers is the Labubu series, which features a whimsical rabbit-like character. This item has even been seen with celebrities like Rihanna, who featured it on her Louis Vuitton bag. Although the pricing in the U.S. can be as much as 60% higher than in China—prior to the imposition of tariffs under the Trump administration—American buyers are still willing to spend.
The excitement surrounding these dolls propelled the Pop Mart shopping app to become the most downloaded free shopping app on Apple’s platform in the U.S. last Friday, according to analytics from Sensor Tower, a firm focused on market intelligence. Notably, global icons like Lisa from the K-pop group Blackpink are also collectors of Labubu, sharing their acquisitions on social media.
Kenny Ng, a securities strategist at Everbright Securities International based in Hong Kong, commented via WeChat, “Pop Mart’s shares received a short-term boost due to the app’s ranking in the U.S. and the frenzy to obtain its dolls.”
Despite the price surge, Ng maintains that the share prices remain reasonable. Currently trading at approximately 40 times its projected earnings per share for 2025, he views this valuation as justified given the company’s growth trajectory.
Wang has previously projected that Pop Mart’s total sales may increase by 50% year-on-year, surpassing 20 billion yuan ($2.7 billion) in 2025. This optimistic outlook, expressed during the announcement of the previous year’s results, emphasizes Wang’s confidence in international sales, given the quick sell-outs of its products in Southeast Asian markets.
In 2024, international sales constituted nearly 40% of Pop Mart’s total revenue, which reached 13 billion yuan. The company also reported a full-year profit of 3.1 billion yuan, marking nearly a 200% increase from 2023.
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