Aged 35, Mr. Wang Ning made his fortune with an improbable bet: selling toys (figurines and dolls) in surprise bags. In 2020, his company Pop Mart recorded a turnover of US$382 million, up by 49% (via 50 million toys sold). One year ago, it raised US$676 million during its I.P.O. in Hong Kong.
Ten years after the opening of the first Pop Mart store in Beijing, which sells original figurines such as Molly, recognisable by her big round eyes, or inspired by international licenses such as...