What is Labubu and Why Is Everyone Talking About It?

Labubu is a quirky, rabbit-like collectible figure with a mischievous grin and gothic charm that has taken the world by storm. Created by Hong Kong-born artist Kasing Lung, Labubu is part of the growing designer toy movement — limited-edition art figures that blend pop culture, fashion, and underground art. Once a niche collectible, Labubu has exploded into a global phenomenon, coveted by Gen Z fans, high-end collectors, and celebrities alike. With every limited release selling out in minutes, Labubu has become both a cultural artefact and a high-value fashion statement, fueling a frenzy from Beijing to London to Los Angeles.

Wang Ning, the 38-year-old founder and CEO of Pop Mart International Group, has officially joined the ranks of China’s top ten wealthiest individuals, thanks to the runaway success of Labubu. According to Forbes, Wang’s net worth has soared to $22.7 billion, making him China’s 10th richest person. His wealth is tied primarily to his stake in Pop Mart, the Beijing-based toy company whose stock has tripled in 2025, trading at over HK$270 ($34.40) and valuing the company at HK$365 billion.

What began as an underground art toy has become a celebrity obsession. Superstars like Rihanna, Dua Lipa, and BLACKPINK’s Lisa have been spotted with Labubu dolls, catapulting the brand into global pop culture. In April, the release of a third-edition Labubu sparked chaos at a London store, with fans scrambling to buy dolls priced between £13.50 ($18.30) and £50. A life-sized Labubu recently sold for 1.08 million yuan ($150,000) at auction in Beijing.

In China, Labubu’s appeal has even bled into banking: Ping An Bank briefly offered the dolls as rewards for customers who opened accounts and deposited over 50,000 yuan — a tactic regulators later banned for being “improper.”

“It’s rare for a toy IP to break the culture wall and be embraced by both Asian and Western audiences,” said Deutsche Bank analyst Jessie Xu, who praised Labubu as “a hybrid of art, fashion, and commerce.”

Riding this cultural wave, Pop Mart has seen massive international growth. Deutsche Bank raised its target price on Pop Mart shares by 52% to HK$303, while Morgan Stanley also revised its projections upward.

With his rapid rise, Wang Ning has become the youngest member of China’s billionaire elite, joining titans like ByteDance’s Zhang Yiming, Nongfu Spring’s Zhong Shanshan, and Tencent’s Ma Huateng.