Riding on the Laopu Gold Rush, Its Competitors Now Flood Chinese Malls

LONDON — The occurrence of Laopu Gold successful 2025, with full-year revenues exceeding 27.3 cardinal renminbi, oregon $3.95 billion, has inspired a increasing database of Chinese jewelers to vie successful a comparatively caller class known arsenic Gufajin, oregon ancient-method gold.

According to Ting Zhou, laminitis of luxury probe and consulting steadfast Yaok Institute, successful summation to selling products with distinctive taste designs made utilizing a premix of accepted Chinese techniques, what sets this arena isolated from China’s accepted golden jewelry giants, specified arsenic Chow Tai Fook and Lao Feng Xiang, is that these players physique their brands utilizing the playbook of a luxury location and unfastened stores astatine cardinal locations to thrust marque consciousness and growth.

More from WWD

• EXCLUSIVE: Ashley Graham Partners With Zales connected Mother's Day 'Best For The Best' Curated Collection

• Maison Margiela Welcomes Visitors to View Tabi Collectors' Personal Shoes astatine Chengdu, China Exhibit

• Marie Kristine Schmidt connected Why Gubi Is the Master of the Design Re-edit

Laopu Gold’s laminitis and president Xu Gaoming has reportedly stated publically that his brand’s competitors are planetary luxury groups, not Chinese concatenation jewelers. The company’s pricing policy, raising prices 2 to 3 times per year, independently of golden terms fluctuations, reinforces the connection that the worth present is the marque and the craft, not the commodity.

Zhou noticed that Laopu Gold’s occurrence has been wide imitated. To wit, China’s top-performing luxury promenade Nanjing Deji Plaza unsocial hosts nary less than 5 past golden brands.

According to section media reports, astatine slightest 19 of the 32 buying malls wherever Laopu Gold operates successful mainland China, which besides see mega luxury hubs similar China World Mall successful Beijing, IFC Shanghai, Hangzhou Tower and Shenzhen Bay MixC, person simultaneously brought successful competing Gufajin brands.

Notable players successful the bourgeoning Gufajin tract besides see the Shenzhen-based Jemper, which has placed 9 of its 12 existing oregon forthcoming stores successful malls already hosting Laopu; Lamchiu, a Lanzhou-based marque that has built its individuality astir craftsmanship and archetypal design; Baowangfu, a statement hailing from Qingdao, equipped with an intangible taste practice craftsman grooming base, and the Kering-backed Borland, founded by Xu Zewei, whose household has been successful the made-to-order jewelry concern since the 1980s.

Still, per Zhou’s observation, astir of Laopu Gold’s would-be rivals person yet to meaningfully differentiate. “There are flimsy variations successful merchandise style. Jemper leans into innovative design, Borland emphasizes intangible taste heritage, and Lamchiu focuses connected couture-level customization, but nary of these differences are significant,” she said.