Labubu Dolls Lose Charm, Pop Mart Founder Wang Ning’s Wealth Takes Rs 50,000 crore Hit
Once the crown jewel of collectors, Labubu’s fading craze has wiped billions from Pop Mart’s market value and dragged its founder down China’s rich list
Labubu dolls, once a global collector’s craze, are rapidly losing their magic, dealing a major blow to Pop Mart and its billionaire founder Wang Ning.
According to Forbes, Wang’s net worth has fallen by nearly Rs 50,000 crore ($6 billion) in a month. At the end of August, the 38-year-old was worth around Rs 2.29 lakh crore ($27.5 billion), even surpassing Alibaba founder Jack Ma. But Pop Mart’s tumbling stock has cut his wealth to Rs 1.80 lakh crore ($21.6 billion), sliding him to 14th place among China’s richest.
The slump followed the launch of the Labubu 4.0 series on August 28. Priced at about Rs 900 (79 yuan), the dolls initially triggered excitement, with resale prices climbing as high as Rs 1,700 (150 yuan). However, values soon dropped nearly 14%, reflecting fading hype. Analysts at JPMorgan Chase said the slowdown extends beyond China, blaming overproduction that has diluted the toys’ exclusivity.
Despite the correction, Pop Mart shares remain up 180% since January. Still, the recent slide has erased nearly Rs 1.08 lakh crore ($13 billion) in market value within weeks.
Industry insiders say Pop Mart is already preparing new Labubu editions and interactive toys ahead of Christmas, betting on fresh launches to revive the craze.
