Shoppers will line up in their first store outside China on June 27, 2025 at Laupu Gold – outside the Pier Bay Beach Casino in Singapore.
CNBC | Victoria Yeo
Singapore/Beijing – A Chinese company with a new gold jewelry turning point is targeting its first overseas store.
Laupu Gold Opened in Singapore on June 21, just outside the Marina Bay Beach Casino. One employee said that in the first two weekends, the waiting time ranged from one hour to two hours.
Laopu’s windows echoed in the smooth front of the nearby Patek Philippe store, showing a beautiful golden deer and Lotus Sutra urn, glittering towards the black display panel as if in a museum. The company uses traditional Chinese gold making technology inspired by ancient royal jewelry.
Singaporean Jessie Lim, 52, said she had low expectations but had a bracelet on her wrist and a butterfly necklace around her daughter’s neck, which had purchased at least $4,000 in total.
“The design is very delicate. Even the butterfly’s wings are double-layered,” she said. “There are diamonds (splitter inserts).
The athlete’s representative told CNBC that signs of global attention have attracted global attention, with San Antonio Spurs player Victor “Wemby” Wembanyama also picked up Laupu’s “Hulu” gourd-shaped pendant necklace when he visited Beijing last month.
The 21-year-old French basketball player swayed his gold necklace in recent public occasions, including New York City Sports Show. He became a Last year’s brand ambassador of LVMH.
Laopu’s most popular work on Chinese e-commerce site Tmall is a handmade gourd-shaped pendant version of 12,520 yuan ($1,747). The precious gourd (29,250 yuan) is made of gold thread and ranks fifth.
According to its annual report, Laopu’s surge in China has excited investors – a 166% increase to RMB 9.8 billion ($1.37 billion) in 2024. The company’s shares have soared more than 2,000% since the public offering of port 40.50 in Hong Kong in June 2024.
Hong Kong-listed jewelry brand Laopu Gold keeps crying
While Laopu is clearly a beneficiary of the surge in gold prices, its success is contrary to European luxury giants, which have seen them Sales in China fell due to insufficient domestic consumption. In May, Cartier’s parents Richmont Warning investors noted that Laup’s rise puts pressure on European companies to “be creative and develop ways to make our brand ideal.”
In addition to Singapore’s adventures, Laopu has launched an exclusive diamond-set gold cross for local customers in addition to a wide range of products such as the popular Hulu necklace, which draws on Chinese folk beliefs and Taoist culture.
Xew Ling, 60, a local construction business, said the waiting time was still an hour after the store opened. Instead, she came back the next day and waited only about 30 minutes.
To avoid Laopu’s lineup, people working near the iconic Singapore landmark even took advantage of the weekday lunch break.
“The whole office not only bought one piece, but three pieces,” Juliana Go, 58, said of his daughter and colleagues.
Go must meet Laopu in person and point out that its design does not always adhere to the traditional impression of Chinese design. She said the pearl was “out” and added that gold has investment value.
To maintain its exclusivity, Laopu rarely offers discounts, but raises prices at least twice a year, even if gold prices fall, no drops. Nomura added that the company plans to open a store in Japan next year.
Early stage
One question remains whether Laopu can make it a stage for European luxury once the initial excitement of Singapore stores.
“So far it’s not bad, but I’m not sure if they will continue to succeed,” said Li Jie, professor and director of the Center for Luxury Brand Research at Shanghai Heqiao University. Laopu’s rise in the past two or three years is based on 16 years of efforts, he said, and the product effectively addressed the functional, emotional and social needs of middle-class consumers.
He said many Chinese companies overemphasize the functional or emotional value of their brands. For global markets, he said, Chinese brands need to act slowly and steadily to consistently build their reputation, such as by hosting events.
To date, part of Laopu’s success is due to its exclusiveness. Pan Tai Chia Hong Kong jeweler with a history of nearly 100 years More than 6500 stores. But as of December, its gross profit margin was 29.5%, and 41.2% of Laopu Goldit takes a more selective approach with fewer than 50 stores.
Li, also the vice president of the China Price Association, said he worked with Chow Tai Fook a few years ago to develop the jewelry heritage line, but was not partly separated due to changes in management. Since then, Laopu has captured the same high-end segment with its target products, recovering from soft patches a decade ago when it had to close some stores, Lee said.
Laopu’s management declined to be interviewed for this story.
According to public records, it was not until the second half of 2016 that Laopu founder Xu Gaoming directly led product development, which currently has 20 employees in the department. In a broader management restructuring, Xu became chairman in November 2023.
Dave Xie, an consultant for Oliver Wyman, noted that Laupu’s first overseas adventure was still at home. Singapore has a large Chinese population, and the visa-free policy has attracted many Chinese tourists.
Xie added that other Chinese companies, such as cosmetics brand Florosis, have used legacy-inspired product design and packaging to attract global consumers.
A bigger trend
Laopu Gold’s story is unfolding for the critical moment of Chinese brands – Pop Concert Hall‘ Labubu Collection arrive BitDespite trade tensions, they tried to expand globally.
In China, local brands have captured seven of the top 15 luxury handbags in TMALL, said Ashley Dudarenok, founder of Chinese market consulting firm Chozan. Overseas, she said, there is growing interest in Chinese brands, “the legacy of the heritage is accelerated by the preference for the heritage rather than traditional prestige and geopolitical readjustment, which benefits the eastern manufacturing sector.”
As for Laopu, if it could “balance real storytelling with universal appeal, its trajectory would be a good reflection of the early global rise in the European Prime Minister’s house.
Hazel Chan, senior vice president of beach retail at Marina Bay, said Singapore’s integrated resort has more than 170 luxury brands.
“Laopu Gold is one of the new market brands we welcome this year,” she said in a statement. “Their first international boutique outside of China will further enhance one of our most consistent categories, luxury watches and jewelry.”
Fashion brand Shanghai Tang, Chinese jewelry brands Qeelin and Haidilao Hot Pot owned by Keelin also have stores in Marina Bay Sands.
Chen Luo, head of Chinese consumer research at BOFA Global Research, said that while more Chinese companies may become senior players around the world, every success story may match many failures.
But they are making money for Western brands, Lu said, pointing out how Chinese companies can adapt to consumer demands that change rapidly at home.
“My opinion is that many Western companies, especially American companies, have become too easy for their lives.”
