【China】Laopu Gold’s Counter-Trend Surge: A Reshaping of High-End Consumption Values

This year, the global luxury industry has continued to focus on the major consumption shifts in the Chinese market.
While the luxury market has declined for several consecutive years and traditional giants have faced cold performance, the performance of the Chinese brand Laopu Gold has been particularly eye-catching, far exceeding the expectations of many international investment banks. Morgan Stanley commented in a research report: The outstanding performance of China’s Laopu Gold is enough to overturn the decades-long perception that European luxury brands are generally considered immune to threats from global local competitors.
The fundamental reason lies in the fact that Chinese brands representing classic Chinese culture and aesthetics are becoming the mainstream force in consumption. This reflects a change in market consumption trends at a higher conceptual dimension—high-net-worth individuals are shifting from their previous near-blind pursuit of international big brands towards a greater emphasis on culture, aesthetics, and more genuine brand value orientation.
On one hand, consumers’ judgment of value has become more rational, shifting from chasing “big LOGOs” to pursuing “real materials.”
Chinese consumers are gradually awakening from the Western-defined sense of “high-end” aesthetics and beginning to pay more attention to the real value and craftsmanship of products, rather than just brand halo. For example, consumers are becoming disillusioned with big-brand K-gold plain circle products costing tens of thousands of yuan, and instead pursuing Laopu Gold’s pure gold jewelry.
This is also a microcosm of current mature consumption, where consumers place more value on the practical luxury value of “genuine materials,” rather than paying a “vanity tax” solely for conspicuous brand logos.

The endogenous changes in high-end consumption values are reshaping the market landscape, ushering in an era of more diversified “cultural depth and identity” for high-end consumption.

This precisely is the core of Laopu Gold’s strong market advantage:
Benefiting from its classic culture, intangible cultural heritage craftsmanship, original design, and asymmetric strategic advantages, it has subverted industry traditions and restructured the market landscape.
However, grasping the pulse of the times and creating consumer demand is no easy task. As China’s high-end market has long been dominated by overseas big brands and is one of the most important global markets, compared to the three major luxury groups that are well-versed in high-luxury marketing rules and backed by strong capital, Chinese high-end brands have essentially entered a life-or-death battle mode from the start in their home market.
Currently, Laopu Gold, established 16 years ago, has already crossed the most difficult “from 0 to 1” stage. As consumers’ understanding of Chinese high-end brands deepens, Laopu Gold is moving towards the scaling stage from 1 to N, accelerating breakthroughs in brand, product, and channels.
First, in terms of products, from inheriting classic craftsmanship to innovating in fashion design, Chinese high-end brands are in a state of continuous evolution.
Laopu Gold, committed to building a world-class brand, adheres to classic culture and intangible cultural heritage craftsmanship while also incorporating fashionable expression, influencing more consumers’ perception of Chinese high-end gold jewelry. Today, the brand demonstrates continuously innovative product power. For example, at its first store in Singapore’s Marina Bay Sands, Laopu Gold specially launched gold crosses inlaid with diamonds for local customers. Analysts from J.P. Morgan who visited for research believe that 90% of new customers are attracted by Laopu’s design, craftsmanship, and product symbolism.

Looking at channels, after the initial victory of Chinese brands competing on the same field as international luxury brands, a protracted war of mindshare and efficiency has begun.
In terms of high-end mall layout, all Laopu Gold stores are located in top-tier commercial centers in first-tier and new first-tier cities. Morgan Stanley research shows that its store network highly overlaps with brands like Cartier and Van Cleef & Arpels. For example, about 32% of Cartier’s Chinese stores directly compete with Laopu. The result of this competition is that Laopu Gold’s average revenue per mall in 2024 surpassed that of all international jewelry brands; in 2025, the average revenue per mall is close to 500 million yuan, even surpassing some international first-tier luxury brands.

High store efficiency is the performance engine of Laopu Gold. The pre-profit announcement mentioned that among Laopu Gold’s three key elements, “channels,” meaning the support from new store openings and store optimization for performance, will become prominent in the second half of 2025. Stores opened after June, such as Shanghai’s IFC Center, Singapore’s Sands Center, and Shenzhen Bay MixC, along with more planned store openings, will provide stronger support for performance in the second half of the year.
In the long term, Laopu Gold is still in a channel expansion phase. Compared to the number of stores opened by Bulgari, Cartier, Tiffany, and Van Cleef & Arpels in Asia, Laopu Gold, with its existing 40 stores, has huge potential for nearly a hundred more stores, especially in overseas markets, Hong Kong, Macao, and Taiwan.
Finally, in terms of brand, Chinese high-end brands will deepen their influence through long-term cultural narratives.
Laopu Gold’s success proves that the combination of commercial efficiency and cultural depth can shape unique global value standards. It has been listed for three consecutive years in the “Hurun Best of the Best – Chinese High Net Worth Individuals Brand Preference Report,” confirming the brand’s recognition among China’s high-net-worth individuals.
This also illustrates that shaping profound brand cultural influence is far from an overnight achievement. From the print media era to the internet age, European and American luxury brands have taken a century to shape their brands into “cultural ambassadors + lifestyle leaders.” Laopu Gold has spent sixteen years telling the story of Chinese classic culture and aesthetics. In the future, a persistent “cultural expedition” still awaits.

Precious flowers blooming on fertile soil are inseparable from profound cultural heritage. The British institution’s “2025 Global Soft Power Index” report shows that China’s soft power has risen to second place globally. The rise of China’s cultural soft power has laid out the era’s “red carpet” for brands like Laopu Gold.
Today’s consumers have a better appreciation for classic culture and aesthetics, and also possess a “time filter” and natural trust in cultural brands that tell stories of heritage. For example, the Morgan Stanley report suggests that consumers perceive Laopu Gold as having a longer brand history than Cartier and VCA, even though it is a latecomer in the luxury field. This feeling actually stems from China’s long-standing culture.
For local high-end brands, converting this cultural trust into unshakable commercial discourse power is a longer and more enduring narrative.

Starting with more mature high-end consumption values, Chinese brands must carry the millennia of Chinese cultural heritage, making brands that embody classic culture and aesthetics the new expression of fashion, becoming increasingly captivating on the world stage.