In 2025, Chinese toy mogul Wang Ning, founder and CEO of Pop Mart International Group, became a household name worldwide. Riding the unprecedented global craze for Labubu dolls—rabbit-eared, mischievous plush toys—Wang briefly surpassed Alibaba co-founder Jack Ma in wealth, with his fortune soaring to $27.5 billion. However, the meteoric rise has recently reversed.
Concerns that the Labubu craze may be a fad have sent Pop Mart’s shares tumbling nearly 40%, erasing billions from Wang’s net worth. Analysts now warn of slowing growth, weakening demand in Greater China, and fashion fatigue among collectors. As Pop Mart navigates these challenges, the company faces a critical test: sustaining consumer excitement while building a lasting brand in the highly competitive global toy market.
From Billionaire Heights to Market Slide
In August, Chinese toy magnate Wang Ning briefly surpassed Alibaba co-founder Jack Ma in wealth, riding the global craze for Pop Mart’s Labubu dolls. The 38-year-old chairman and CEO of Pop Mart International Group saw his fortune soar to $27.5 billion.
However, recent months have brought a dramatic reversal. Wang has lost $11.3 billion as investors question whether the rabbit-eared, mischievous Labubu dolls are a lasting phenomenon or just a passing trend. Forbes now estimates his wealth at $16.2 billion, still substantial but well below his August peak.
Shares of Pop Mart have plummeted nearly 40%, from HK$339.80 ($43.7) in August to around HK$200, allowing Jack Ma to reclaim his position among China’s richest.
Slower Growth on the Horizon
The new year may bring further challenges for Pop Mart. Jeff Zhang, a Hong Kong-based equity analyst at Morningstar, predicts revenue growth could slow to 30% next year, down from an estimated 200% in 2025. Zhang attributes the slowdown to both the high base effect of this year and weakening demand in Greater China, alongside slower growth in international markets.
On China’s resale platform Dewu, the latest Labubu 4.0 series—28 small plush toys available in multiple colors—has seen secondary market prices drop 30% to roughly 115 yuan ($16.3) each since their August release. While still above the official 79 yuan retail price, some collectors have exited the market to capitalize on prior gains.
Company Performance and Strategic Outlook
A Pop Mart spokesperson declined to comment on share price fluctuations but highlighted the company’s fundamentals and growth prospects. In the first half of the year, Pop Mart reported revenue of 13.9 billion yuan, tripling year-on-year, while profits surged fivefold to 4.6 billion yuan. Wang has projected that Pop Mart could “easily” reach 30 billion yuan in sales by 2025.
Market analysts, however, caution that growth may naturally slow due to strategic choices. Mark Tanner, managing director of China Skinny, notes that Pop Mart has increased toy supply intentionally, aiming to evolve into a Disney-like entertainment brand rather than relying solely on scarcity-driven marketing.
Celebrity collectors—including Rihanna, Kim Kardashian, and Lisa from K-pop group Blackpink—once fueled long store queues worldwide. Tanner observes, “Pop Mart is intentionally becoming increasingly accessible to build scale.”
Signs of “Fashion Fatigue”
Deutsche Bank analyst Sammi Xu confirms that Pop Mart’s production has ramped up, from 10 million to 50 million dollars per month. Yet the market is showing signs of “fashion fatigue.” Overseas stores now see fewer queues, except in newly opened locations or select cities. Deutsche has maintained a “hold” rating on Pop Mart shares with a price target of HK$228.
Kenny Ng, a securities strategist at Everbright Securities, emphasizes that the company’s future stock performance hinges on whether it can sustain Labubu’s popularity or launch another blockbuster intellectual property (IP).
Navigating the “IP Gap Period”
Ke Yan of DZT Research describes Pop Mart as entering an “IP gap period,” with other product lines like Skullpanda and Twinkle Twinkle failing to match Labubu’s success. He projects that the company’s shares could fall to HK$100 next year.
Morningstar’s Zhang suggests that a potential movie collaboration with Sony could boost Labubu’s global influence. He adds that Pop Mart may follow the example of legacy brands such as Disney and Sanrio to expand into entertainment and media-related products.
Frequently Asked Questions
Who is Wang Ning?
Wang Ning is the 38-year-old chairman and CEO of Pop Mart International Group, a Hong Kong-listed toy company famous for its collectible Labubu dolls.
What is Labubu?
Labubu is a series of rabbit-eared plush dolls with a mischievous smile. The dolls became a global craze, attracting celebrity collectors and causing long queues at Pop Mart stores.
How did Wang Ning become one of China’s richest people?
Wang’s fortune surged in 2025 as Pop Mart shares soared due to the popularity of Labubu dolls, temporarily making him wealthier than Alibaba co-founder Jack Ma.
Why has Wang Ning lost billions recently?
Pop Mart shares fell roughly 40% from their August peak amid concerns that the Labubu craze may be fading, leading to a loss of $11.3 billion in Wang’s net worth.
How is Pop Mart performing financially?
Despite the share decline, Pop Mart’s fundamentals remain strong. In H1 2025, the company tripled its revenue to 13.9 billion yuan and saw profits soar fivefold to 4.6 billion yuan. Wang forecasts sales could reach 30 billion yuan in 2025.
Is Pop Mart making more toys?
Yes. Production has increased from 10 million dollars per month earlier in 2025 to 50 million per month to support broader accessibility and scale.
Conclusion
Pop Mart and its founder Wang Ning have experienced a meteoric rise fueled by the global Labubu craze, briefly placing him among China’s wealthiest individuals. However, the recent decline in share prices and signs of “fashion fatigue” highlight the challenges of sustaining consumer enthusiasm in the collectible toy market.
