Wang Ning, founder of toy maker Pop Mart International Group, has become richer than Alibaba cofounder Jack Ma thanks to the global mania for the company’s Labubu dolls.
The 38-year-old chairman and CEO, the youngest of the ten richest billionaires in China, has amassed a fortune of $27.5 billion largely based on a company stake, according to Forbes estimates. He ranks eighth, ahead of Jack Ma ($26.7 billion) and chipmaker Cambricon Technologies cofounder Chen Tianshi ($25.1 billion), according to the Real-Time Billionaires List.
Pop Mart’s Hong Kong-listed shares have soared over 250% this year, giving the toy maker a market capitalization of HK$435.7 billion ($56 billion), more than three times higher than Barbie manufacturer Mattel and fellow American toy maker Hasbro combined.
Late Thursday, the company released in China the newest Labubu dolls, rabbit-ish toys that have pointed ears, jagged teeth and a mischievous grin. Retailing for 79 yuan ($11), the Labubu 4.0 series features 28 10.5-centimeter plush toys in a variety of colors. There are also two special edition types that will be harder to come by.
The mini-Labubus sold out within minutes on online channels including Pop Mart’s stores on WeChat and Tmall. On China’s second-hand goods platform Xianyu, some resellers are already offering the 4.0 series for more than twice the original price.
Earlier this month, billionaire Wang predicted that Pop Mart could “easily” generate 30 billion yuan in sales this year. In the first six months, the company reported a 204.4% year-on-year rise in sales to 13.9 billion yuan. Profit attributable to shareholders soared 397% to 4.6 billion yuan from a year earlier.
The company cited the Americas, including the U.S., as its fastest growing region with sales surging over 1,000% year-on-year to 2.3 billion yuan in the first half.
The Labubu series has been collected by celebrities such as Rihanna, Kim Kardashian and Lisa from the K-pop group Blackpink. The mini-edition will be launched in major overseas markets including Australia, Thailand and the U.S. starting from Friday morning local time, according to the company.