Look at Us! Harvard Business School's First-Ever Labubu Party
StirringThingsUpAtHarvard
As everyone knows, life at Harvard is — study * sports * parties: Study Hard, Work Hard, Party Hard (sleep never gets a look-in!)
To Stand Out here, you really do have to bring a party trick or two.
So for OPM Unit 2, our little Chinese group put together a 👇
LABUBU Party 🎉🎉🎉 All glory to the party organizers! 👇
Such a team work!
From planning to purchasing to execution, the classmates did all of it themselves. And on top of that, everyone was up early and up late reading cases, going to class, socializing…
To make it more interactive, we even got a tai chi master to come and teach a few moves~
The program was three weeks long; the party was in week two, and we spent the whole of week one promoting it — we put out several versions of the poster alone~
And the result…
Of course! A smashing success~~!!
My Opening for the party
Nobody can resist the lure of a blind box, especially with our hype squad on the job!
It started with singing and dancing and ended in total, glorious chaos.
Our foreign friends even showed off their Labubus when they went out to restaurants~
Even the professors came to draw blind boxes, and the next day one told me: "My wife and kids are so happy, you made me a hero at home!" hhhh🤣
The party started at 7 and didn't wind down until nearly midnight. Almost the whole cohort came: 181 classmates from 47 countries around the world (only a dozen or so of them Chinese).
There were Ukrainians, and there were Russians…
Whatever the wars or conflicts, whether we represent our countries, our peoples, our companies or just ourselves. Yemen, Kuwait, Lebanon, Italy, Brazil, Christians, Muslims, Hindus, communists, capitalists, men, women, first generation and fifth generation… and so we all sang Can You Feel the Love Tonight together.
Another fun detail: to give this party some proper intellectual heft, I had AI write a business case on Pop Mart and attached it when I invited the professors. I'm rather fond of the title,
Taking the art of stirring things up to the max hhh
Here's the case:
Pop Mart: How to Industrialize "Surprise" — From a Small Beijing Shop to the Global Labubu Phenomenon
Opening Hook: An Underrated Beginning
In 2010, in a corner of the Europlaza Mall in Beijing's Zhongguancun, a small stationery and knick-knack shop of barely twenty or thirty square meters opened its doors. The owner was 23-year-old Wang Ning, a young man from Henan who had just graduated in advertising from Sias International College of Zhengzhou University.
He had neither the halo of an Ivy League school nor any connections in venture capital. His four years at university were ordinary; like most of his classmates, his initial goal was simply to find a stable job. But after graduating, unwilling to settle into a life of following the script, he resolutely turned down an offer from an advertising agency and set out on the entrepreneurial path with RMB 100,000 in savings scraped together by himself and his family.
In the shop's first few months, he guarded the shelves every day, watching monthly revenue in the ledger come in at less than US$4,300 (about US$4,100), and often fell deep into thought. The only goal he could come up with was: "Keep the shop alive first."
No one could have imagined that fifteen years later, this little stationery shop would grow into a designer-toy giant with a market capitalization of about US$49 billion, surpassing countless well-known internet companies on the capital markets.
Chapter 1: Three Rounds of Trial and Error — From Selling Goods to Searching for a Soul
First Attempt: Trendy Stationery
Wang Ning initially positioned the shop as a "trendy stationery store," with shelves full of imported Korean stationery. He even went to Hong Kong himself to bring back brands not available on the mainland, hoping to attract students and white-collar workers.
But the stationery business was fiercely competitive with razor-thin margins. He often worked late into the night sorting inventory, only to open the ledger the next day and find that after selling a whole pile of stationery, the profit wasn't even enough to cover utilities and rent.
Second Attempt: Imported Toy Collection Store
In 2013, he decisively pivoted, turning the shop into a "trendy toy collection store" selling Japanese capsule toys, American figurines and little designer dolls from Hong Kong. For a while, the shop really was buzzing, with customers lining up to drop coins into the capsule machines.
But the good times didn't last: these products depended on imports, with long supply cycles and high costs. He often stayed up late running to the airport to pick up shipments, hauling back boxes of toys only to find competitors immediately selling the same items at lower prices. His business was stuck in a loop of "sell a batch, run out, go find more stock." His margins were squeezed almost to nothing.
Detail of failure: At his lowest point, he had to cut prices to clear stock, hanging a "buy two, get one free" banner in the shop, yet customers kept dwindling. During that period he nearly gave up, and even considered going back to find a job.
Third Attempt: Searching for "Emotional Resonance"
Amid the failures, Wang Ning gradually realized: what customers really wanted wasn't a functional "notebook" or "doll," but something that could spark emotional resonance.
In 2015, at the Hong Kong International Toys Fair, he came across Kenny Wong's "Molly." That little girl with lake-blue hair and a haughty look made him instantly understand that "emotion is value."
In 2016, Pop Mart launched its "blind box + IP" model. The randomness of the blind box created "surprise," while Molly's expression satisfied young people's craving for "buying things to make yourself happy." Pop Mart finally moved from "selling goods" into a new stage of "managing emotions."
Chapter 2: Blind Boxes and Emotion — The Secret of the Model
Blind Boxes: Probability as Design
Every box hides an unknown design, and "secret editions" and "limited editions" set users' hearts racing. Blind boxes aren't gambling, but "probability-based experience design." Core users' annual repurchase rate exceeds 80%, with each buying an average of 12 blind boxes a year.
Emotion: Products as Social Currency
Unboxing blind boxes gradually became a social talking point. Consumers weren't just buying a doll, but "the feeling of being understood" — a social identity.
Chapter 3: Labubu's Breakout — The Second Growth Curve
In 2019, Pop Mart partnered with Belgian illustrator Kasing Lung to bring the picture-book character Labubu to market. With its sharp teeth, at once goofy-cute and rebellious, it struck many people as "weird" at first. Yet the younger generation saw themselves projected in its weirdness. Labubu quickly broke into the mainstream, becoming a vehicle for the "loneliness economy" and "self-expression." Business takeoff: In the first half of 2025, Pop Mart's total revenue was about US$1.94 billion; The Monsters (including Labubu) contributed about US$670 million, up 668% year on year. The plush versions sold US$860 million in six months, 44.2% of total revenue. Gross margin reached a whopping 70.3%. Cultural moments: In Los Angeles, fans spontaneously held a "Labubu Rave," treating it as an emotional symbol of the club scene. At the US Open in New York, Naomi Osaka took to the court with a custom Labubu, setting global social media alight. At Beijing's Yongle Auction, a 131cm Labubu sold for about US$150,000, officially entering the realm of fine art.
Labubu became the "second curve" after Molly, powering Pop Mart's new growth engine.
Chapter 4: The Smart Moves Behind It
Testing the Waters with RoboShop Vending Machines
Before opening a store, Pop Mart often deploys RoboShops first as market tests. Three days to install, real-time data collection, and only once a trade area's potential is confirmed does it invest heavily. In the first half of 2025, RoboShop revenue doubled year on year, and "home delivery" was added.
Omnichannel Touchpoint Density
In 2024, Pop Mart had 401 stores and 2,300 RoboShops in China; and 120 stores and 172 RoboShops overseas. Overseas TikTok revenue grew +5,779.8% year on year.
In 2025, stores in the Americas increased to 41, with online revenue up +1,977% year on year.
Compliance as Experience
China requires a ban on sales to children under 8 and mandatory disclosure of odds and value. Wang Ning didn't dodge this, but built the rules into the product: semi-blind/open boxes, guaranteed pulls for members. Compliance became part of the user experience too.
High Share of Proprietary IP
In the first half of 2025, about 99% of revenue came from proprietary IP.
Wearable IP
Labubu was turned into bag charms and accessories, becoming a "social symbol" carried everywhere.
Chapter 5: Capital Markets and Uncertainty. Record market cap: In August 2025, Pop Mart's market capitalization was about US$49 billion. Hang Seng inclusion and share price dip: On September 8 it was added to the Hang Seng Index, but its shares fell 7–9% that same day as investors worried about dependence on a single IP. At a board meeting, Wang Ning said: "Write the heat into the moat." His strategy: a multi-IP portfolio, global expansion, and compliance innovation.
Lessons and Discussion
A Non-Elite Entrepreneur's Breakthrough
From an ordinary university, with no resources, he still succeeded. The key lay in a keen insight into "emotional needs."
The Power of Model Innovation
Pop Mart has no technological moat, yet it restructured the industry's value chain through "IP + blind box + social."
Sticking with Long-Termism
In an era where traffic is king, Wang Ning refused low-price promotions and stuck to the long-term experience. In the end, he won the trust of the world.
Conclusion
The Labubu story is a case of how an ordinary university graduate turned "surprise" into an organizational capability.
From a little shop with monthly revenue of less than US$4,300 to a global IP contributing US$670 million in six months.
Pop Mart proves that in the age of consumption, precisely capturing users' emotional gaps, combined with relentless execution, can let an ordinary entrepreneur build a business empire of his own.
From a Corner Shop in Beijing to the Global Labubu Phenomenon
Opening Hook: An Underrated Beginning
In 2010, in a quiet corner of the Europlaza Mall in Beijing’s Zhongguancun district, a 23-year-old named Wang Ningstood behind the counter of a tiny stationery shop called Pop Mart.
Wang was not a typical “star entrepreneur.” He was a graduate of Zhengzhou University’s Sias International College with a degree in advertising—a provincial school, far from Ivy League prestige. He had no venture-capital contacts, no wealthy patrons. He had scraped together about $14,000 (100,000 RMB) in savings, partly from family support, and poured it into this first venture.
The numbers were grim. Monthly revenue was barely $4,100, hardly enough to cover rent and utilities. Wang’s only goal at that time was simple: “Keep the shop alive.”
Fifteen years later, this same shop would grow into Pop Mart, a designer-toy giant with a market capitalization of nearly $49 billion—surpassing many Chinese internet heavyweights.
Chapter 1: Three Failed Attempts—From Selling Goods to Searching for a SoulFirst Attempt: Trendy Stationery
At the beginning, Wang stocked Korean stationery—colorful notebooks, pens, quirky bookmarks. He hoped to attract students and young professionals. But the stationery business was brutally competitive, margins razor-thin, and differentiation almost impossible.
Failure detail: He often worked late into the night counting unsold pens and folders, realizing he was making almost no profit even after long days.Second Attempt: Import Toy Collection Store (2013)
By 2013, Wang pivoted. He transformed the store into a “trend toy collection shop,” importing Japanese capsule toys and American figurines. For a while, it drew curious young customers; lines even formed around new gachapon machines.
But it wasn’t sustainable. Supply was unstable, margins were crushed. He would personally haul boxes from the airport, only to discover competitors selling the same toys at lower prices the next week.
Failure detail: At one point, he resorted to “buy two, get one free” clearance banners to move inventory. Sales still fell, and customers stopped coming. He nearly gave up and considered finding a salaried job.Third Attempt: Discovering Emotional Resonance
Repeated setbacks led to reflection. Why were customers willing to buy certain toys again and again? Wang realized the answer wasn’t functionality—it was emotion.
At the Hong Kong Toy Fair in 2015, he encountered artist Kenny Wong’s Molly. With her turquoise hair and sulky expression, Molly had no backstory, but she radiated emotional character. Wang instantly saw its potential.
In 2016, Pop Mart launched the “Blind Box + IP” model. Blind boxes provided surprise; IP characters provided emotional resonance. It marked Pop Mart’s transformation from selling products to managing emotions.
Chapter 2: Blind Boxes and Emotion—The Secret of the Model
Blind Boxes: Probability as Design
Each purchase was a moment of suspense—would you get the common figure or the secret rare? Scarcity and exclusivity fueled repeat buying. This was not gambling, but probability-based experience design. Core users showed over 80% annual repurchase rates, averaging 12 blind boxes per year.
Emotion: Toys as Social Currency
Opening blind boxes became a social ritual. People collected, traded, and posted their finds. They weren’t just buying figurines; they were buying the feeling of being understood and belonging to a community.
Chapter 3: Labubu’s Breakout—The Second Growth Curve
In 2019, Pop Mart partnered with Belgian-born illustrator Kasing Lung to commercialize Labubu, a mischievous monster with spiky ears and sharp teeth. Initially “too weird” for some, Labubu soon resonated with younger consumers seeking self-expression and a quirky antidote to loneliness.Business Impact: By the first half of 2025, Pop Mart’s revenue reached $1.94 billion. The Monsters series (including Labubu) contributed $670 million, up +668% YoY. Plush Labubu alone added $860 million, 44.2% of total sales. Gross margin soared to 70.3%.Cultural Moments:In Los Angeles, fans organized a “Labubu Rave,” dancing with plush Labubus like emotional totems.In New York, Naomi Osaka brought custom Labubus courtside at the US Open, igniting global media buzz.In Beijing, a 131-cm Labubu sold for $150,000 at Yongle Auction, cementing its place in art collecting.
Labubu became Pop Mart’s “second curve,” following Molly, and proved the model’s scalability.
Chapter 4: Smart Moves Behind the Success
RoboShop Market Testing
Before opening costly stores, Pop Mart tested demand by installing vending-machine-style RoboShops. Installation took three days, and sales data guided location strategy. In 1H 2025, RoboShop revenue doubled, and “home delivery” was added.
Omnichannel Density
By 2024: 401 stores and 2,300 RoboShops in China; 120 stores and 172 RoboShops overseas. Overseas TikTok revenue jumped +5,779.8%. By 2025, the Americas had 41 stores, with online revenue up +1,977%.
Compliance as Experience
Regulators required bans on under-8 sales and transparent odds disclosure. Pop Mart embedded compliance into design—semi-blind boxes, guaranteed pulls for members—turning rules into part of the delight.
Proprietary IP Share
In 1H 2025, about 99% of revenue came from proprietary IP, ensuring bargaining power and margins.
Wearable IP
Labubu charms and accessories made the IP visible on the street, magnifying organic reach and social sharing.
Chapter 5: Capital Markets and UncertaintyMarket Cap High: By August 2025, Pop Mart’s market cap was about $49 billion.Hang Seng Inclusion & Stock Dip: On September 8, Pop Mart joined the Hang Seng Index. Shares promptly fell 7–9% as investors worried about over-reliance on Labubu’s hype.
At a board meeting, Wang Ning remarked:
“We must turn heat into a moat.”
His strategy: diversify IPs, globalize distribution, and innovate compliance-based design.
Lessons and Discussion
The Underdog Entrepreneur
From an ordinary provincial university, with no elite resources, Wang proved success comes from sharp cultural insight.
Power of Model Innovation
Pop Mart didn’t rely on cutting-edge tech, but reinvented the toy industry with IP + blind box + social sharing.
Long-Term Discipline
While livestreaming and discount wars boomed, Wang resisted short-term temptations. He focused on experience, earning trust and long-term growth.
Conclusion
Labubu’s story is the story of Wang Ning’s hero’s journey. From a struggling shop making less than $4,100 a month, to a single IP contributing $670 million in half a year, Pop Mart shows how industrialized surprise—when combined with emotional insight and operational discipline—can transform an ordinary entrepreneur into the builder of a global empire.
All of the above is just for fun. Any mistakes are entirely AI's fault!
Finally, the Cohort made a Labubu sticker~
The Indian classmates say they're going to go all out for their own party too!
And just like that, the arms race is on😁