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

Core Insights - Pop Mart International Group's Labubu doll series is experiencing declining popularity in mainland China, leading to a significant drop in the net worth of its founder, Wang Ning, by nearly $6 billion in less than a month [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 market sentiment and consumer interest [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][5]. - The transaction price for the latest Labubus has decreased by 14.3% to 150 yuan each post-release, 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, which resulted in a 6.4% drop in share price [5]. - A spokesperson from Pop Mart attributed the price decline in resale markets to increased production aimed at meeting consumer demand, suggesting that greater accessibility may have influenced pricing [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 a nearly 400% rise in profit in the first half of the year [7].