This article is part of the Gigabeat Execs In Tech series, where we explore the minds and motivations of influential leaders. Wang Ning, founder and CEO of Pop Mart, transformed designer toys from a niche subculture into a mass-market phenomenon — led by runaway hits like Labubu — while building one of China’s most recognizable consumer brands.
Early Career: From Henan to Beijing — and a Merchant’s Eye for Culture
Born in 1987 in Henan province, Wang studied advertising before moving to Beijing, where a short stint at Sina gave way to entrepreneurship. He founded Pop Mart in 2010 and opened an early store near Zhongguancun, Beijing’s tech hub — a front-row seat to youth culture and fast retail cycles that would shape the company’s model. (Wikipedia, Bloomberg.com)
The Birth and Rise of Pop Mart: From Trend Shop to IP Powerhouse
Pop Mart began as a variety retailer, then zeroed in on designer-toy “blind boxes” — small, collectible figures sold in sealed packaging — and, crucially, on owning and operating character IP with artists. The company incubated and licensed hits across an expanding slate and listed on the Hong Kong Stock Exchange on December 11, 2020 (ticker 9992), funding a push from China to the world. (Reuters, Hong Kong Exchanges and Clearing)
The Labubu Effect
Among Pop Mart’s most potent franchises is Labubu, created by Belgian-based artist Kasing Lung as part of his series The Monsters. The character’s fairytale-meets-mischief aesthetic, drops, and collabs turned into a global craze and helped propel Pop Mart’s brand far beyond Asia. (Wikipedia, Pop Mart)
Scaling the Network: Stores, Robo Shops, and the U.S. Beachhead
What started in Beijing now spans a growing international footprint of flagships, mall stores, and Pop Mart “Robo Shops” (vending machines). The company has opened permanent locations across the U.S., including Los Angeles (Century City and Glendale), as part of a broader global rollout into 30+ countries. (Retail TouchPoints, Pop Mart, beyondretailindustry.com)
Leadership and Success: The Wang Ning Playbook
- IP first, retail everywhere. Pop Mart positions itself as an end-to-end IP platform — incubation, merchandising, retail, experiences, and digital — not just a toy seller. (Reuters)
- Scarcity with rhythm. Limited runs, seasonal “drops,” and mystery-box mechanics keep collectors engaged and discovery-driven. (See the cadence around The Monsters and Labubu lines.) (Pop Mart)
- Omnichannel machines. Human-staffed stores plus automated “Robo Shops” extend reach, lower labor intensity, and create constant touchpoints for fans. (beyondretailindustry.com)
- Go global, localize fast. The U.S. buildout emphasizes IRL experiences and exclusive releases tailored to local collector culture. (Retail TouchPoints)
Numbers That Matter
Public filings and market trackers show sharp growth post-IPO: Pop Mart reported ~CNY 13.0B in 2024 revenue and ~CNY 22.4B on a trailing-twelve-month basis by mid-2025, reflecting both core China strength and international expansion. Wang, who remains founder-CEO, is listed by major wealth indices among China’s richest entrepreneurs. (StockAnalysis, Forbes)
Headwinds and How He Navigates Them
The blind-box format draws regulatory scrutiny (e.g., China’s limits on sales to young children) and periodic media criticism. Pop Mart’s response has been to emphasize responsible retail, expand age-appropriate lines, and keep broadening into experiences and digital channels to reduce single-mechanic risk. (Fortune, Bloomberg.com)
Why It Matters: A New Consumer-IP Stack
Wang Ning’s real innovation isn’t a single toy — it’s a system that fuses artist-led IP, drop culture, and a hybrid of retail + automation. That stack turns small figurines into durable franchises and gives global youth culture a new way to collect, trade, and belong. (Reuters)
The Legacy in Motion
If the next decade of consumer brands are built on owned IP and community rituals, Pop Mart is already there. Wang Ning’s path — find great artists, productize wonder, then scale with discipline — has rewritten what a modern toy company can be. (Reuters)
