The story of Wang Ning, the founder, chairman, and CEO of Pop Mart International Group, is one of the most compelling in the fast-paced world of entrepreneurship. Wang Ning’s journey, which began modestly in Beijing and ended with a fortune that increased by $1.6 billion in a single day, is a prime example of creativity, business acumen, and an extraordinary ability to appeal to the needs of a global audience. In addition to redefining the toy industry, his creation Pop Mart has grown a peculiar idea—blind box collectibles—into a multibillion-dollar business. This article explores Wang Ning‘s business career, the tactics that made Pop Mart successful, and the remarkable fortune he has amassed as a result.
Early Years: The Formation of a Visionary
Wang Ning was born in the Chinese province of Henan in 1987, and by the standards of a billionaire, his early years were ordinary. Because he prefers to keep personal information private, which has earned him the moniker “Master of Mystery,” little is known about his early years. Wang briefly worked at Sina Corporation, the digital media company that created Weibo, China’s version of Twitter, after earning a degree in advertising from Zhengzhou University in 2009. But his entrepreneurial spirit was too strong for the corporate world to control. Wang saw a chance to introduce a similar idea to mainland China after visiting Hong Kong and coming across the retail chain LOG-ON, which sold a variety of toys, cosmetics, and stationery.
At the age of 23, Wang took a risk in 2010. In Beijing’s Zhongguancun neighborhood, a technology hotspot sometimes referred to as China’s Silicon Valley, he persuaded college friends to combine their funds and opened the first Pop Mart location. At first, the store mirrored LOG-ON, carrying a range of items from various brands, such as stationery, toys, and lifestyle items. But Wang soon found it difficult to break even due to issues with staffing, inventory control, and customer service. Although it began modestly, a crucial insight quickly became apparent: toys, especially figurines, were the store’s top-selling item.
The Blind Box Revolution: An Innovative Concept
Drawing inspiration from Japan’s Gashapon vending machines, which dispensed random toys in tiny capsules, Wang made the audacious decision in 2014 to shift Pop Mart’s entire focus to toys. Although he wanted a more upscale experience, he enjoyed the element of surprise. As a result, the idea of the “blind box”—collectible figurines that are sold in sealed containers that hide the particular toy within—was created. These mystery boxes, which ranged in price from $8 to $10 each, appealed to consumers’ psychological desire for gambling by enticing them to purchase several boxes in order to finish a set or obtain a rare item.
Working with artists to produce distinctive, fashionable designs was Wang’s next brilliant move. He collaborated with Hong Kong-based artist Kenny Wong in 2016, who made the wide-eyed, pouty-lipped doll Molly, which became the breakout hit at Pop Mart. In a 2020 Forbes interview, Wang recalled, “I told Kenny, ‘You need a bigger stage.'” Sales skyrocketed, hitting $22 million in 2017 and $73 million in 2018 with Molly at the forefront. Other well-known figures included Labubu (a gremlin-like smile), Skullpanda (an edgy humanoid), and Dimoo (aliens with cotton candy-shaped hair). Pop Mart became a cultural phenomenon, especially among Millennials and Gen Z, thanks to these artist-designed figurines.
It turned out that the blind box model was addictive. Due to the limited supply of rare figures, some toys were resold for hundreds or even thousands of dollars, creating a secondary market. Venture capital firms took notice and began to experiment with this unique but profitable market. Pop Mart created a craze reminiscent of sneaker culture by combining social media buzz, scarcity marketing, and the lure of surprise. The company’s potential for worldwide dominance was demonstrated in 2019 when its revenue doubled from the year before to $240 million with a net income of $63 million.
A Billion-Dollar Milestone: Going Public
When Pop Mart went public on the Hong Kong Stock Exchange in December 2020, Wang Ning‘s vision reached a watershed. The IPO was a huge success, with shares doubling in early trading, and it raised $674 million by pricing shares at the top of the range (HK$31.5 to HK$38.5). According to Forbes estimates, Wang’s personal net worth soared to $3.2 billion after the company was valued at $6.9 billion at the listing, and he held slightly less than 50% of the shares. He became one of China’s youngest self-made billionaires at the age of 33, demonstrating his capacity to transform a modest concept into a worldwide phenomenon.
The aggressive expansion was fueled by the IPO funds. Pop Mart already operated more than 1,000 vending machines, known as “roboshops,” and 136 stores in 33 Chinese cities. In addition to 100 retail locations and 1,000 vending machines abroad in countries like Korea, Japan, and Singapore, the prospectus detailed plans to open 1,000 roboshops and 183 new stores in China by 2022. Its portfolio was strengthened by licensing agreements with well-known companies like Disney, Universal Studios, and Harry Potter. Toys created by artists, however, continued to be the mainstay, making up 76.5% of 2023 sales as opposed to 16.5% from licensed goods.
Pop Mart’s resilience was put to the test during the pandemic. In 2020, stores temporarily closed, but Wang quickly adjusted and shifted to e-commerce. With the help of websites like Alibaba’s Tmall and Pop Mart’s Paqu app, online sales—which were less than 10% of revenue in 2017—rose to almost a third by 2019. With revenue increasing 51% to 817.8 million yuan ($125 million) in the first half of 2020 and net profit increasing 24% to 141.3 million yuan, this change lessened the impact. According to Frost & Sullivan, Wang’s vision and flexibility cemented Pop Mart’s dominance in the market, as it secured 8.5% of China’s pop toy market, surpassing its nearest competitor at 7.7%.
The $1.6 billion surge and the Labubu craze
In 2015, artist Kasing Lung created Labubu, a funny, shaggy figurine with bunny ears and a mischievous grin that propelled Pop Mart’s global rise to a new high in 2025. After Pop Mart partnered with the artist in 2019, Labubu, who was first a niche character from Lung’s picture book “The Monsters,” became a worldwide sensation. The craze was heightened by celebrity endorsements; Lisa from Blackpink, Rihanna, and Dua Lipa were all seen with Labubu dolls fastened to opulent purses. Over 1.4 million posts were made at the same time using the #Labubu hashtag in TikTok unboxing videos. Labubu made $400 million in 2024 alone, demonstrating its enormous influence.
In the United States, where Pop Mart’s app topped the free shopping charts in the Apple App Store, the craze reached fever pitch. In order to obtain limited-edition Labubu plush toys at stores in Chicago and Los Angeles, American fans waited all night, with some arriving as early as 2:30 a.m. Demand became erratic in the UK, and scuffles broke out. As a result, Pop Mart decided to stop selling in-store at 16 locations and switch to online channels, with plans to start up again in June 2025. The doll’s appeal was unstoppable, and on April 28, 2025, Hong Kong-listed shares surged as much as 13.2% in a single session despite trade tensions between the U.S. and China.
According to Forbes, this spike increased Wang Ning‘s fortune by $1.6 billion in a single day, bringing his current net worth to $18.7 billion. According to a 2024 filing, Wang owns between 40% and 47% of Pop Mart through holding companies, reflecting the company’s explosive growth. Nearly 40% of Pop Mart’s 13 billion yuan ($1.8 billion) revenue in 2024 came from its 2,300 roboshops and more than 450 stores operating in 21 countries by 2025. In 2025, Wang predicted that sales would have increased by 50% to over 20 billion yuan ($2.7 billion), with triple-digit growth anticipated abroad, especially in Southeast Asia, Europe, and North America.
The Strategy and Psychology of Success
Wang Ning’s wealth is not a coincidence; rather, it is the product of a masterful fusion of strategy and psychology. According to researchers, the blind box model appeals to Millennials and Gen Z’s love of material possessions and the excitement of the unknown by utilizing “herd mentality” and “gambler’s mentality.” Collectors purchase dozens of boxes due to scarcity marketing, which includes limited editions and rare figures, while virality is fueled by social media and celebrity sightings. Loyalty is increased by Pop Mart’s artist-forward philosophy, which includes meet-and-greets and collaborations, as well as by its foray into apps like Pop Mart Global, which was introduced in the US in 2021.
But there have been difficulties along the way. Citing addiction concerns, Chinese regulators prohibited blind box sales to children under the age of eight and demanded guardian consent for older children. The Labubu craze raised concerns about safety on a global scale, but Wang’s swift switch to internet sales reduced risks. His goal is still to establish Pop Mart as a world leader in pop culture and entertainment, with regional offices in Europe, Asia-Pacific, the Americas, and Greater China.
The Wealth and Legacy of Wang Ning
Wang Ning’s net worth increased dramatically from $3.2 billion after her 2020 IPO to $18.7 billion as of April 2025. His ability to transform a $10 toy into a worldwide obsession has made him one of the youngest self-made billionaires at the age of 38. His impact is highlighted by his 2024 cover appearance alongside a record six CEOs born in the 1980s, making him the youngest self-made founder on Forbes China’s CEO list.
Wang’s wealth is linked to his 40–47% ownership of Pop Mart, which by 2024 had grown to a valuation of over $6.4 billion. He continues to reinvest earnings into growth and innovation, however, and shows no signs of slowing down. His story disproves the idea that only tech or finance can produce billionaires, demonstrating that innovation, consumer awareness, and a cunning doll like Labubu can revolutionize the way wealth is created.
In conclusion
A prime example of entrepreneurship is Wang Ning‘s rise from Zhengzhou University graduate to Pop Mart billionaire. He created a toy empire that appeals to young people all over the world by embracing international markets, collaborating with artists, and capitalizing on the blind box trend. His 2025 $1.6 billion wealth spike, which was fueled by Labubu’s viral success, demonstrates the potential of innovation in unanticipated fields. Wang Ning’s reputation as the “Master of Mystery” keeps expanding as Pop Mart aims for sales of 20 billion yuan and more, encouraging businesspeople to have big ideas, even with a $10 toy.
