Laopu Gold spurs wave of ancient-method gold brands in Chinese malls

Laopu Gold’s rise has done more than fill Chinese mall cases with yellow metal. The company posted 2024 revenue of RMB 8.50556 billion, up 167.5 percent, and profit of RMB 1.473106 billion, up 253.9 percent, while its H shares trade in Hong Kong under stock code 6181. That performance has pulled Jemper, Lamchiu, Baowangfu and the Kering-backed Borland into a fast-moving contest to open gufajin stores in Chinese malls, betting that heritage gold can sell both the story and the metal.

The formula is easy to spot once you know the code: a deeper high-karat glow, heritage motifs and textured finishes that read as crafted rather than flat or factory-polished. Laopu has turned that language into a premium strategy, charging for design and branding as much as for the gold itself. For everyday wear, the strongest versions are the ones that keep the look in smaller hoops, slim bangles, pendants or rings, pieces that feel rich without becoming heavy, fussy or fragile at a desk, on a commute or through a full day of skin contact.

The wider market explains why the mall rush is happening now. World Gold Council research shows China’s gold jewellery demand, measured in tonnage, peaked in 2013 and was still 49 percent below that level in 2024. Yet Chinese consumers spent RMB 84 billion on gold jewellery in the first quarter of 2025, up 29 percent quarter on quarter. Higher prices, weaker growth and changing youth preferences have cut volume, but cultural meaning, design innovation and gold’s investment appeal are still drawing buyers back. For shoppers, that makes the practical question more important than the fashion pitch: which pieces can survive handwashing, cooking, humidity and gym bags without losing their appeal?

Laopu’s expansion outside the mainland shows how far the idea has travelled. It opened its first overseas boutique at Marina Bay Sands in Singapore in June 2025, and the store drew peak-hour queues. Hong Kong officials later said Laopu’s Hong Kong stores were performing about 30 percent better than its mainland stores, and that overseas revenue in the first half of 2025 rose about 455.2 percent year on year to 12.9 percent of group revenue. Ancient-method gold is no longer just a mall trend in China; it is becoming a test of whether heritage can hold up as daily-wear luxury.