Laopu Gold thrives despite downturn in luxury market

Vivian Wang discovered her forgotten gold medallion from Laopu Gold last year. The medallion, decorated with a dragon, had nearly doubled in value, selling for 220,000 yuan ($30,440). This prompted her to visit Laopu’s store in Shanghai’s Yu Garden, where she bought a decorative jewelry box to pass down to her daughter. Laopu Gold stands out in China's luxury market. While many luxury brands are struggling amid economic concerns, Laopu is thriving. They incorporate Chinese cultural elements into their designs, appealing to consumers looking for meaningful purchases. A source close to the company revealed that Laopu’s sales reached nearly 10 billion yuan in 2024, rising from 3.18 billion the previous year. Laopu Gold’s founder, Xu Gaoming, started the brand in 2016. Since then, it has grown rapidly, competing with established luxury names like Tiffany and Cartier. The brand has increased prices on its products, selling designer jewelry for a premium compared to competitors. Despite a decline in gold jewelry sales across China, Laopu has thrived. The brand aims to keep its retail experience exclusive with only 37 stores in Greater China and plans to expand internationally with a new location in Singapore. Laopu has earned a nickname among consumers as the “Hermes of Gold.” While Chinese brands have been gaining ground, they still face challenges in competing with global luxury giants known for their rich history and craftsmanship. Analysts believe Laopu has the potential to become a significant player in the luxury market, given its design quality and customer service.