Popmart Founder Loses S$7.6Bil As Labubu Hype Dies Down

Despite hyping up its new Labubu 4.0 line (basically smaller keychain versions), fans are wondering if Popmart’s global Labubu fever has finally peaked.

The once must-have toy, boosted to cult status after Blackpink's Lisa flaunted one in April 2024, has seen demand cool.

And cool it did, with Popmart’s stock plunging more than 20 per cent since late August, wiping out an estimated US$6bil (S$7.6bil) off founder Wang Ning’s fortune, according to Forbes.

That drop reportedly shrinks his net worth to about US$21.6 billion (S$33.2bil). 

The 38-year-old is still China’s 14th richest man. 

In China, where demand has dropped the most, Labubus typically retail for 99 yuan (S$17), with the larger versions like the Zimomo going for as high as 1,299 yuan (S$233).

Even resale prices are slipping with the most hardcore collectors reportedly playing safe in splashing out cash for limited editions.

However, we won’t be so daring as to write off these dolls just yet.

Especially after a human-sized Labubu figure sold for 1.08mil yuan (S$193K) at a Beijing auction in June this year, proving that fiery demand still exists.

Plus, Popmart is already teasing new Labubu lines and interactive toys in time for the Christmas holidays.

Now the question is, will people still be interested then?

Photos: Popmart, hauterfly, lalalalisa_m/IG