Trending Labubu doll makes Wang Ning youngest top 10 billionaire in China

After Matcha drinks, another trend birthing in Asia is the Labubu doll. Everyone, including cricketer Rohit Sharma, K-pop girl band BlackPink and Bollywood actor Ananya Pandey are fans of Labubu dolls.

Following the global obsession of the Labubu doll, Wang Ning, the founder and CEO of Pop Mart International Group, has become one of China’s top ten richest individuals.

According to a recent Forbes report, Wang’s net worth soared to $22.7 billion, placing him 10th on China’s Real-Time Billionaires List and making him the youngest member of the country’s billionaire elite.

What is a Labubu doll?

Labubu – ‘elvish creature’ – is a creepy but cute-looking toy with the body of a rabbit. It is a collectible doll designed by Hong Kong artist Kasing Lung.

The weird-looking doll has now become a luxury toy due to its high demand, luxury collaborations and product shortage.

But what is so cool about it?

“Labubus are small monster-like toys inspired by Nordic mythology sold by Chinese retailer Pop Mart, which typically sell them for between $20 and $30 and come in ‘blind boxes’, so the buyer doesn’t know what colour or design the doll has until the box is opened,” says Forbes.

Probably, the ‘surprise’ factor of Labubus has led to a mass obsession regarding the toy, just like Indians going crazy for Kinder Joy Harry Potter toys.

Google searches for ‘Labubu doll’ and related terms have surged, with a recent peak of 2.1 million searches in a single month, according to NBC.

Celebs and Labubus

According to a Forbes article, celebrities and influencers have boosted the Labubu trend online, as singers Rihanna and Dua Lipa have been spotted wearing them, as well as members of the K-pop group Blackpink, which helped spark the toy’s craze in Asia. Kim Kardashian and David Beckham were also seen pushing the trend.

In India, Ananya Panday was seen flaunting her pastel pink Labubu keychain on her designer bag. Not much later, film director Karan Johar also jumped on the trend with a tongue-in-cheek Instagram story that read, “No one escapes it, we all desire it, but can’t always find it. It can make your heart skip a beat. No, it’s not love, it’s Labubuuuu…!!!”

Recently, Rohit Sharma posted a photo of many Labubu dolls in his story captioning it, “My girls tried explaining these to me, I still don’t get it.”

How much do Labubu dolls cost in India?

While a standard Labubu might cost around ₹2,000 to ₹3,000 in India, rare versions, especially those from collaborations or special collections, can fetch upwards of ₹12,000 to ₹55,000 on the resale market.

Recently at an auction in China, a four-foot tall mint-coloured Labubu doll fetched a jaw-dropping 1.242 million yuan (approximately ₹1.5 crore or $172,000).