- By Soumyaroop Mukherjee
- Tue, 16 Sep 2025 05:51 PM (IST)
- Source:JND
The hype around the ‘Labubu Dolls’ seems to be draining down now, with the net worth of Wang Ning, founder of Pop Mart, the company that makes the plush toys, having dropped by over USD 6 billion. According to Forbes, Wang’s net worth drops from USD 27.6 billion to USD 21.5 billion in less than a month, due to the reduced sales of the toy in mainland China and other countries.
Wang’s earlier net worth made him go even past Alibaba’s co-founder, Jack Ma. With a significant drop in his net worth, Wang is now the fourteenth richest person on earth. The decline in Wang’s net worth can be attributed to a fall in Pop Mart’s Hong Kong-listed shares, which have plummeted more than 20% since August 28, when the company launched the 4.0 series of the dolls.
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Has The World Seen Enough Labubus?
According to JPMorgan Chase and Co., one of the main reasons for this decline in the stakes of Pop Mart is a fall in the demand for labubu dolls across the world, including China. In percentage terms, the positive response to these dolls has come down to 91 per cent, the lowest since 2024.
Moreover, the company has ramped up its production of these dolls, pushing it into a mass manufacturing model, as per an insider from Pop Mart quoted by Forbes. This has made the dolls more accessible, reducing the ‘aspirational’ aspect for the people.
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While things may look grim for the company, Pop Mart need not hit the panic button as of now. Even after plummeting shares, the company’s stock prices are 180 per cent higher than at the start of the year. Plus, to keep the Labubu craze alive, the company will launch a new version of Labubu and roll out interactive toys before Christmas, as per reports.
The Labubu dolls continue to remain an aspirational product for many buyers, having a high resale value on platforms like Dewu, which is known for reselling toys and luxury goods. However, the resale price of the latest Labubu toys has fallen by about 14% since launch, to around 150 yuan each.