China: Pop Mart Founder's Net Worth Falls By $6BN as Labubu Craze Fades | Spotlight | N18G

China: Pop Mart Founder's Net Worth Falls By $6BN as Labubu Craze Fades | Spotlight | N18G

Wang Ning, founder of China’s toy giant Pop Mart, has seen his net worth drop by nearly $6 billion—down from $27.5B in August to $21.6B in September—amid waning demand for the once-viral Labubu dolls. Despite strong first-half 2025 revenue of $1.95B and $644M net profit, the oversupply of the Labubu 4.0 series hurt resale values, dropping by 24%. Pop Mart attributes the slump to increased production, not falling interest. Still, the hype around collectables appears to be cooling, casting doubt on Labubu’s long-term appeal. Wang remains one of China’s richest, but the toy bubble may be showing signs of strain.
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