Pop Mart balances boom and bust: can Labubu’s leap match Molly’s momentum?
South China Morning Post
by Themis QiFebruary 14, 2026
AI-Generated Deep Dive Summary
Pop Mart, the international art toy brand founded in Beijing, faces a critical test as its meteoric rise begins to slow down. While Labubu, the company’s breakout figure, has seen sharp declines in secondary-market prices and significant stock volatility, Molly—the enduring big-eyed character designed by Kenny Wong Shun-ming—continues to capture hearts and sales. This contrast highlights the challenge Pop Mart encounters in transforming fleeting hype into long-term, sustainable intellectual property.
The story of Pop Mart’s founder, Wang Ning, provides insight into the company’s philosophy. As a struggling entrepreneur early in his career, Wang learned the importance of branding and emotional connections after failing to sell affordable men’s suits. This experience led him to launch the Michael Jackson-inspired “This Is It” exhibition, which demonstrated how powerful
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Originally published on South China Morning Post on 2/14/2026