Pop Mart Founder Wang Ning’s Net Worth Drops $6 Billion As Labubu Demand Cools

Core Insights - The founder of Pop Mart International Group, Wang Ning, has experienced a significant decline in net worth, dropping nearly $6 billion in less than a month due to waning interest in the Labubu doll series in mainland China [1][2] Company Performance - Wang Ning's current net worth stands at $21.6 billion, down from $27.5 billion in late August, reflecting a shift in his ranking among China's wealthiest individuals [2] - Pop Mart's shares have fallen over 20% since the release of the Labubu 4.0 series on August 28, which retails for 79 yuan ($11) each [3] - The transaction price for the latest Labubus has decreased by 14.3% to 150 yuan each following the product's launch, raising concerns about demand and growth outlook [4] Investor Sentiment - Investor sentiment has been negatively impacted by JPMorgan Chase's downgrade of Pop Mart's stock to neutral, citing declining product popularity, leading to a 6.4% drop in share price [5] - A spokesperson for Pop Mart attributed the declining resale prices to increased production aimed at meeting consumer demand, suggesting that greater accessibility has contributed to the price drop [6] Future Outlook - Despite recent setbacks, Pop Mart's stock is still up over 180% year-to-date, although growth may slow down in 2026 due to a high base effect [7] - Wang Ning had previously forecasted that Pop Mart could achieve 30 billion yuan in sales for the year, following impressive first-half results with nearly a 400% profit increase driven by Labubu's popularity [7]