ts after tax rose even faster, up 253 per cent to 1.4 billion yuan. For the first half of 2025, Laopu has forecast revenue growth of up to 255 per cent year-on-year, with net profit nearly tripling. Since listing in Hong Kong last June, its share price has climbed more than 14-fold. That performance places Laopu in the same league as other fast-growing Chinese consumer brands such as Pop Mart and Mixue. The question now is how a young Chinese jeweller intends to position itself not only against domestic stalwarts like Chow Tai Fook or Lao Feng Xiang, but also global icons such as Cartier and Tiffany. A new take on an old craft  Laopu, which translates as “old store,” takes its name from a desire to honour tradition. Its founder, Xu Gaoming, a former fisheries clerk, entered the jewellery business in 2009 and launched the Laopu brand in 2016.  Laopu specialises in techniques recognised as part of China’s cultural heritage, such as filigree inlay, which has been practised for more than 2000 years. The brand’s pieces often draw on Chinese mythology like dragons, phoenixes and auspicious motifs. A simple band might cost 5080 yuan (US$720), but elaborate pendants or statement pieces can reach 85,000 yuan ($12,000). The majority of its popular items sit in the 10,000 to 50,000 yuan ($1400–$7000) range, putting them directly in competition with Western luxury jewellery. “Laopu Gold has carved out a unique market position by combining the most appealing elements of traditional gold jewellers with those of global luxury brands,” Jacques Roizen, MD at Digital Luxury Group, told Inside Retail. “This strong connection to tradition, paired with their emphasis on value preservation, resonates deeply with Chinese consumers. “ What also makes Laopu stand apart from traditional Chinese jewellers is its pricing model. Rather than tying prices to daily gold market fluctuations which is a long-standing convention in the industry, it sets fixed prices with generous premiums for craftsmanship and design.  Equally important is where Laopu sells. Its 41 boutiques are positioned in the same rarefied spaces as Hermès or Cartier: Beijing’s SKP Mall, Shanghai’s Plaza 66 and Singapore’s Marina Bay Sands. Shoppers are also offered VIP perks such as private rooms and one-on-one consultations, designed to replicate the exclusivity of European maisons. By contrast, traditional gold retailers have historically sold in high-footfall but less rarefied settings, appealing primarily to customers shopping for weddings, dowries or ceremonial occasions. Laopu instead emphasises everyday wear and self-purchase, aligning itself with how younger affluent consumers now approach luxury. “Laopu Gold poses a unique challenge to both traditional gold jewellers and luxury brands,” Roizen said. “Their focus on cultural authenticity and craftsmanship has helped them capture market shares, particularly from traditional gold retailers.” Timing is key The analyst said Laopu’s success owes as much to timing as to strategy.  “While Western brands may feel some pressure, the threat is nuanced. Laopu’s gains against global luxury brands are tied to the current consumer focus on value preservation, which is unlikely to subside forever.” As global economic headwinds have created uncertainty, Chinese consumers have increasingly sought out purchases that combine emotional resonance with financial prudence. “Chinese consumers are increasingly drawn to brands that honour tradition and cultural heritage,” Roizen said. “Laopu Gold stands out by offering a product that is steeped in history and Chinese traditional craftsmanship, appealing to a growing sense of national pride.” The result is that Laopu is simultaneously eating into the market share of traditional jewellers and Western brands. Older players like Chow Tai Fook are still perceived as dowry suppliers, while Western brands are vulnerable to consumer concerns that their jewellery, while prestigious, does not necessarily preserve value in the same way gold does. Laopu’s meteoric rise culminated in its 2024 Hong Kong IPO, which has since rewarded investors handsomely. The stock’s more than 14-fold increase reflects not only investor enthusiasm for its financials but also a scarcity premium: few listed companies sit so squarely at the intersection of heritage, luxury and safe-haven assets. But such rapid gains also create pressure. Valuations are lofty, and sustaining growth at triple-digit percentages is notoriously difficult in the luxury sector.  “Laopu’s growth trajectory seems sustainable for the next few years, but traditional gold jewellers are likely to adjust their current strategy and emulate Laopu’s winning formula, while global luxury brands have at their disposal marketing budgets in China that are literally 10 times bigger than Laopu Gold,” he concluded. Further reading: Why China’s jewellery giants are selling less amid a precious metal boom.