Labubu Maker Pop Mart’s Shares Rise After LVMH China Chief Joins Board
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AsiaLabubu Maker Pop Mart’s Shares Rise After LVMH China Chief Joins BoardByRussell Flannery,Senior Contributor.for Forbes ChinaFollow AuthorDec 14, 2025, 08:35am ESTDec 14, 2025, 09:32am ESTLabubu is seen on Pop Mart's "Pop City" float at the Macy's Thanksgiving Day Parade on November 27 this year in New York. (Photo by Michael Simon/Getty Images for POP MART)Getty Images for POP MARTShares in Pop Mart International Group, the Chinese maker of globally popular Labubu dolls, rose this week after the company named one of the country’s most seasoned luxury brand executives to its board. Andrew Wu, group president of LVMH Greater China since 2005, joined Pop Mart’s board as an non-executive director effective December 10, the company announced on Wednesday. In his LVMH role, 69-year-old Wu oversees LVMH’s multi-brand portfolio in the Chinese marketplace. Pop Mart’s Hong Kong-traded shares ended the day at HK$194.10 on Friday, up from their close of HK$190.40 on Wednesday ahead of the announcement. They have more than doubled from a year ago, lifting the fortune of chairman Wang Ning and his family to $15.7 billion on the Forbes Real-Time Billionaires List. Buoyed by the Labubu craze, Pop Mart’s revenue for the third quarter of 2025 increased by 245%-250% compared to a year earlier, the company said in October, citing unaudited figures. Revenue from operations in China rose by 185%-190%, while overseas sales climbed by 365%-370%, Pop Mart said, without providing revenue figures. Its stock has slid below its 2025 high of HK$335.40 in August. Wu on Friday declined to comment on how he hoped to contribute to Pop Mart. Founded in 2010, Pop Mart in its announcement on Wednesday lauded “his valuable insights and global visions as a leading authority on consumer trends and an influential professional in the luxury industry for the region."MORE FOR YOUAndrew Wu as he appeared on the cover of Forbes China in 2019.Forbes ChinaIn an interview and cover story in 2019 in Forbes China, the Chinese-language edition of Forbes, Wu talked about how local talent in China benefits from the presence of international fashion and design leaders. “China is getting increased international attention from the whole world because of its importance, and that has started to attract local designers, local players and local participants. It's not just an international place. It rubs off,” he said. “I always tell people that the fact that the international players are here actually reduces the cost of learning for locals, because you can see them and you interact with them. We recruit local people, and the local people who get trained in international companies sometimes go to local companies and sometimes set up all their own companies. After 15-20 years of this, you are beginning to see all this spreading out,” Wu said.Prior to becoming LVMH’s group president in China, Wu was vice president of Asia at Sony Music Entertainment Group from February 2000 to October 2005, overseeing its China operations. He was earlier general manager and managing director of Parfums Christian Dior for the LVMH Group from August 1993 to February 2000, overseeing its China operations, according to a Pop Mart announcement. Wu holds a bachelor’s degree in international relations and humanities from York University in Canada and a master’s degree in international business and marketing from the Schulich School of Business also at York.His appointment at Pop Mart will continue for three years and be subject to re-election, Pop Mart said. He is entitled to receive a fixed annual cash compensation of HK$1.2 million, or $154,000, and annual share-based compensation of HK$1.8 million by Pop Mart.ForbesLabubu Billionaire’s Alma Mater Adapts To Changing TimesBy Russell FlanneryForbesBeyond Labubu: China Consumer Spending On Services Is On The RiseBy Russell FlanneryForbesLove Your Pet?
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