Laopu Gold: The jeweler worth queuing for

What happened On August 2, Laopu Gold, a high-end Chinese brand specializing in traditional gold craftsmanship, opened a new store in Shanghai’s upscale Xintiandi district, and offered a limited-time 10% discount — sparking long lines of shoppers despite sweltering, rainy weather. To elevate the experience, the jeweller distributed handheld fans and umbrellas to those waiting, and rented out a nearby café, where customers could sit, sip complimentary drinks, and wait in comfort. The hospitality quickly went viral on social media. Even daigou (代购) agents (personal shoppers who buy luxury goods overseas to resell them in China, and often queue on behalf of clients), praised Laopu Gold’s exceptional sense of service on Xiaohongshu (also known as RedNote). This wasn’t Laopu’s first time offering premium queueing experiences. It has routinely provided Evian water and Godiva chocolates — and occasionally even lunch boxes, viral bakery goods, and cold-pressed juices — to those waiting in line. The Jing Take Laopu Gold has been steadily expanding into other key luxury retail hubs, including Shanghai’s Grand Gateway 66 and Hong Kong’s IFC Mall, positioning itself alongside some of the world’s most recognized luxury brands. To date, the company has entered more than 30 top-tier commercial centers across China and abroad — a clear signal of its ambitions to claim a seat at the luxury table. At the same time, Laopu is pushing forward with international expansion. The Singapore test case On June 21, the brand opened its first overseas store in Singapore’s Marina Bay Sands, a landmark luxury shopping destination. According to a recent report by JPMorgan, the store has since its launch performed above expectations. Roughly 95% of customers are Singaporean, and 90% are first-time buyers of the brand — many are drawn to Laopu’s distinct design language, craftsmanship, and cultural symbolism. Prior to this, these shoppers had been customers of brands like Van Cleef & Arpels, Tiffany & Co., Chow Tai Fook, SK Jewellery, and various Indian jewelers. With a conversion rate exceeding 95% and an average of four to 10 transactions per hour, Laopu has shown clear early traction in this overseas market. This rapid upscale expansion is backed by strong financial performance. According to its newly released earnings guidance for H1 2025, Laopu expects total revenue to reach between 12 billion and 12.5 billion RMB ($1.67 billion and $ 1.74 billion) — a YoY increase of 241% to 255%. Net profit is projected to rise 279% to 288%. Single-store annualized sales are approaching 500 million RMB ($69 million), further underscoring the brand’s efficiency and potential in the high-end retail space. Cultural heritage meets modern luxury Laopu Gold’s rapid rise is closely tied to broader macroeconomic forces. Soaring gold prices — coupled with declining public confidence in real estate and financial products — have brought the metal back into focus as a preferred store of value. Compared to gems and jade, which often come with high barriers and opaque pricing, gold’s pricing clarity and ease of transaction make it far more accessible to the average consumer. “The real strength of Laopu lies in its timing — launching products that resonate with today’s consumer psyche and aesthetic preferences,” Tiege (铁哥), a longtime jewelry industry insider, tells Jing Daily. “They deliver both emotional and investment value. In many ways, the brand hit the emotional inflection point of gold consumption, finding its place at the right time, in the right market, with the right message.” Unlike legacy gold jewelry brands, such as Chow Tai Fook or Chow Sang Sang, which have long focused on China’s lower-tier cities and rely on a pricing model based on gold weight plus minimal labor fees, yielding a typical profit margin of around 10%, Lao Pu Gold has carved out a distinctly different path. Breaking away from industry convention, Laopu operates a fixed-price model, allowing for significantly higher product markups, with margins reaching as high as 41.8%. At the same time, its retail spaces reflect a meticulous commitment to Chinese aesthetics — with antique-inspired displays and interiors styled after Ming dynasty residences. High-net-worth customers are invited into private VIP salons that echo the quiet elegance of a study. The jeweler draws deeply from Chinese cultural heritage, weaving together traditional symbols with a modern aesthetic sensibility. One of its bestsellers on Tmall — a filigree-crafted gourd pendant — carries the auspicious meaning of “blessings in abundance,” merging emotional symbolism with refined East Asian craftsmanship. It has quickly become known among consumers as a piece of “cultural jewelry.” NBA star Victor Wembanyama recently purchased pieces from Laopu during a visit to China. On returning home, he was photographed wearing the jewelry at public appearances, sparking conversation across social media. As a global ambassador for Louis Vuitton and a rising fashion icon, Wembanyama’s unintentional endorsement helped push the brand — and the idea of Chinese luxury — onto the global stage. From its brand positioning and product descriptions to its store experience and sales performance, Laopu has firmly established itself as a modern blueprint for high-end, culturally grounded Chinese luxury. But an enduring luxury brand needs more than strong products and visual language — it must connect on an emotional level through service. Laopu’s appeal lies not just in its designs, but in the warmth it delivers through customer interactions. This is where many legacy luxury houses fall short. Why warmth beats exclusivity Chinese consumers are no longer enamored with cold distance or exclusivity for its own sake. They seek respect at the point of purchase, and comfort throughout the experience. What Laopu offers is a new model of luxury, one that blends East Asian aesthetics with human warmth, and in doing so, provides a meaningful reference point for the global luxury industry. With additional reporting by Fiona Zhao The Jing Take reports on a piece of the leading news and presents our editorial team’s analysis of the key implications for the luxury industry. In the recurring column, we analyze everything from product drops and mergers to heated debate sprouting on Chinese social media. Read more: Who leads China’s jewelry innovation race? Laopu Gold soars 2,300% to become Hong Kong’s priciest stock Gold rush 2.0: China’s Gen Z transforms bullion into bling

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Laopu Gold: The jeweler worth queuing for