Earlier this summer, a Vans Labubu collaboration sold for 16,000 Australian dollars ($10,400) on eBay (NASDAQ:EBAY). The seven-inch brown doll was decked out in classic Vans streetwear designs, including the company’s iconic Sk8-Mid sneakers.
It wasn’t the first time one of these collectible plush toys had sold for five figures, and, given how trendy they’ve been over the last year, it likely won’t be the last.
For the Chinese toy company Pop Mart CEO Wang Ning, the doll’s popularity has skyrocketed his net worth.
Don’t Miss:
According to the Bloomberg Billionaires Index, Wang’s net worth has gone up by $19 billion since last year to $26.6 billion, as of Aug. 28. With a net worth that has nearly tripled since 2024, he’s outpaced Warren Buffett, Jeff Bezos, Elon Musk, and nearly every other billionaire alive.
As for Pop Mart, the company has seen a 204% growth in revenues and an increase of 362% in net profits since the start of the year. The Monsters, of which Labubu is part, generated 4.81 billion yuan ($584 million).
Labubus were created by artist Kasing Lung. They made their debut in his 2015 book “The Monsters,” according to NPR, and were turned into a toy series shortly thereafter. However, it wasn’t until Lung teamed up with Pop Mart that the dolls really took off.
In the years since the Pop Mart collaboration, Labubus have been spotted clipped to the bags of celebrities like Rihanna, Dua Lipa, and Lisa of the K-pop group Blackpink.
Trending: Kevin O’Leary Says Real Estate’s Been a Smart Bet for 200 Years — This Platform Lets Anyone Tap Into It
Tony Lee, a Pop Mart employee in Singapore, told Business Insider that the dolls are one of the company’s most popular items.
“[Labubus are] always out of stock. Even when we replenish, within an hour — or less than an hour — it’s gone,” he said.
To help combat the instantaneous sellouts and the huge number of scalpers that have started buying up available stock just to turn around and resell the dolls for a much higher price, Pop Mart doesn’t announce when restocks are set to happen. Still, the word gets out through dedicated Facebook and Telegram groups, and aficionados rush to stores and the company’s website to get their hands on the items.
Retail analysts have a range of opinions as to what led to the popularity of Labubus.
“I think the raging popularity of Labubu lies in its unique designs, emotional connection, exclusivity, and association with [Blackpink’s] Lisa,” Daxue Consulting Project & Content Manager Sory Park told Business Insider.
See Also: Wealth Managers Charge 1% or More in AUM Fees — Range’s AI Platform Does It All for a Flat Fee (and Could Save You $10,000+ Annually). Book Your Demo Today.
Juda Kanaprach, Milieu Insight co-founder and CCO, attributes Labubu’s popularity to Americans’ newfound interest in collectible figurines.
“People are getting really into ‘art toys’ — they’re kind of a mix of art, fashion, and pop culture all rolled into one,” she told Business Insider. “For a lot of millennials and Gen Zers, these aren’t just toys. They’re seen as little pieces of art or cool design items that look great in their homes. It’s like adding a bit of personality and style to their space, not just something to play with.”
Whatever the exact reason for the doll’s popularity, it’s safe to say that Pop Mart, Wang, and Lung have hit on a truly magical formula.
Read Next: Shaquille O’Neal Wants People to Take Heart Health Seriously — This AI-ECG Could Make That Easier
Image: Shutterstock