Labubu dolls, once the crown jewel of collectors’ shelves, are losing their magic. The quirky, elf-like figures are no longer selling at their earlier pace. The slowdown has hit hardest at the top as Wang Ning, the 38-year-old founder of Pop Mart, the brand behind Labubu, has seen his fortune shrink dramatically.
According to Forbes, Wang’s net worth fell by nearly Rs 50,000 crore ($6 billion) in just a month. At the end of August, he was worth around Rs 2.29 lakh crore ($27.5 billion), even surpassing Alibaba’s Jack Ma. But with Pop Mart’s stock tumbling, his wealth slid to Rs 1.80 lakh crore ($21.6 billion), pushing him down to 14th place among China’s richest.
The dip came after the launch of the Labubu 4.0 series on August 28. Retailing at around Rs 900 (79 yuan), the dolls initially sparked excitement, with some resale prices hitting Rs 1,700 (150 yuan). But resale values soon dropped by about 14%, reflecting waning hype. Analysts at JPMorgan Chase noted the decline is not just in China but worldwide, partly due to overproduction that eroded the sense of exclusivity.
Despite the stumble, Pop Mart shares are still up 180% since January. Yet the recent correction has erased nearly Rs 1.08 lakh crore ($13 billion) from its market value in weeks. Insiders say the company is already preparing fresh Labubu launches and interactive toys ahead of Christmas to reignite the craze.
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