The Rise of Pop Mart

In June 2025, a life-sized “Labubu” doll was sold in China for a record-breaking RMB 1.08 million (c. $150,000), sending shockwaves across Chinese social media. At the centre of this buzz is Pop Mart, the Chinese toy maker behind "Labubu", a toothy bunny monster that is gaining explosive popularity worldwide, and Pop Mart's 38-year-old founder, Wang Ning, who is now the 10th richest person and the youngest billionaire in China.

Pop Mart’s rise from a niche toy retailer in Beijing to a global collectible giant is nothing short of extraordinary. For those curious about how this retail startup built a billion-dollar empire in 15 years, we’ve put together a brief report unpacking their development trajectory and future growth projections.