Wang Ning loses $6 billion as Labubu doll sales decline

In mainland China, the toy industry has recently faced a downturn, particularly affecting Pop Mart International Group and its founder, Wang Ning. As of September 2025, Wang's net worth has decreased by nearly $6 billion within a short span of less than a month, with current estimates placing it at $21.6 billion. This is a significant decline from $27.5 billion at the end of August. The change in Wang's financial status is closely linked to the reception of the Labubu series of dolls, whose latest edition, Labubu 4.0, experienced a decline in popularity following its release on August 28, 2025. The Labubu 4.0 series is priced at 79 yuan ($11) each, featuring 28 rabbit-like plush toys offered in a variety of sizes and colors. However, post-release market data indicates that the retail price has significantly decreased by 14.3%, reflecting changing consumer interest. In response to findings by Dewu, experts have noted that concerns over the declining demand for Labubus have led to worries about the overall growth and future sales of Pop Mart's offerings. These concerns were exacerbated following JPMorgan Chase's recent downgrade of Pop Mart's stock to neutral, citing falling popularity for the company’s products. On that day, the company's shares dropped by as much as 9%, raising alarms among investors. Wang Ning, still only 38 years old, previously enjoyed a position among China’s wealthiest, outpacing industry giants like Alibaba's Jack Ma. However, under the mounting pressures of declining demand and investor sentiment, his ranking among the wealthiest individuals has fallen to 14th, while Ma remains in 7th place, according to the Real-Time Billionaires list. Market analysts have expressed their forecasts regarding the possible trajectory of Pop Mart’s growth moving forward, signaling that these stock pressures are likely to persist for the foreseeable future. This decline in both share price and net worth is indicative of a shift in the consumer sentiment surrounding the Labubu brand, challenging Wang's previous optimistic projections of reaching 30 billion yuan in sales for the year. Some analysts project potential slowdowns in overall growth by 2026 due to anticipated market corrections and high sales base effects. Furthermore, a spokesperson for Pop Mart attributed the falling prices of Labubu dolls in resale markets to an increase in production aimed at meeting heightened consumer demand. Nevertheless, it’s clear from the current investment climate that the toy market's dynamic is shifting, contributing to uncertainty about Wang Ning's once-optimistic market outlook.