Pop Mart is taking over the market, boasting a $46.1 billion market cap thanks to the success of its “blind boxes,” Labubu plushies, Crybaby figurines, Molly dolls, and other designer collectibles. The Chinese business reeled in $1.8 billion in total revenue last year, with $700 million coming from non-mainland consumers. It’s having a moment in the U.S. in particular: Getting your hands on its signature Labubu doll can set you back anywhere between $40 and $200, alongside an hours-long wait in line.

“In the U.S., we’ve had families queuing at 6 a.m. for store openings and first-time collectors grabbing blind boxes alongside seasoned fans,” Emily Brough, Pop Mart’s head of IP licensing for the Americas, told Fortune. 

“With a goal of 50 U.S. store openings this year, Pop Mart’s community is only growing,” she added.

Pop Mart is now a phenomenon shaking up the market—with over 530 stores worldwide, an amusement park in Beijing, and 46 million shopping members in China alone. But it all started when Wang, now 38, launched the company in 2010 as a small toy store in the country’s capital.

From a toy store in Beijing’s Silicon Valley to a $46.1 billion phenomenon

Wang Ning is now the 10th richest man in China—with a net worth of $22.7 billion based on his Pop Mart stake—thanks to a career choice he made right out of high school. 

One year after graduating with an advertising degree from Zhengzhou University in 2009, he opened a small Pop Mart store in Zhongguancun, informally known as China’s Silicon Valley. He was a young entrepreneur inspired by Hong Kong’s Log-On retail chain. His original store sold toys, comics, and phone accessories—but by 2014, Wang realized the true market potential of selling collectible toys. 

The company’s next breakthrough happened two years later, when it partnered with Hong Kong artist Kenny Wong to launch the “Molly” line of designer toys. But the run-of-the-mill series had an interesting catch: The collection was sold in blind boxes, where shoppers didn’t know which toy they would receive. Igniting a sense of surprise, mystery, and play, consumers heavily bought into the format. 

In December 2020, the Chinese toy behemoth went public, achieving a market cap of $12.5 billion and raising $676 million in an initial public offering. And things haven’t slowed down since; last year, its shares skyrocketed 370%, putting Pop Mart ahead of most on the MSCI China Index.

The Gen Z–fueled Labubu and blind-box craze 

The popularity of Labubu dolls among young American adults might seem perplexing. Designed by Netherlands-based artist Kasing Lung, the toy merges a plush monkey’s body with the face of an elf bearing a wicked grin. 

The public is divided on whether the doll is cute or not—but it’s undoubtedly become a staple purse token and huggable collectible for millions. 

“We’ve seen the community play a huge role in fueling this movement—whether it’s fans sharing display shelves, TikTok videos, or styling their bag charms,” Pop Mart’s Brough said, adding that “occasional celebrity moments certainly add visibility.”

Superstars Dua Lipa and Rihanna both have been paparazzied rocking Labubus on their designer bags—and even Blackpink’s Lisa was pictured cuddled up to the toy. It’s all part of the toy’s organic social-media takeover, with people posting videos of themselves waiting in line at 2 a.m. to snag a Labubu, and others showing off their collections to envious viewers. But it’s not little kids queuing at the mall—it’s young adults looking to reconnect with childhood fun.

Noted Brough, “We’re seeing surging interest from Gen Z and millennials, particularly those drawn to fashion, art, and nostalgia-infused collectibles.”