Pop Mart CEO Wang Ning has lost $6 million in net worth due to dimming popularity for Labubu dolls, a line-up of quirky-looking figurines that gripped the attention of millions of people worldwide.
After the dip, Wang Ning still didn’t lose billionaire status with his net worth going down to $21.6 billion.
Source: Google Finance
The company has attributed the loss of value to an increase in production to cater to the requirements of fans, as told in a statement to Forbes. Pop Mart said the product was made widely available, leading to a large number of individuals eventually purchasing one doll.
Labubus became a fashion trend among celebrities when the line of dolls became popular, with celebrities like Rihanna and Dua Lipa sporting it on Birkin Bags.