Laopu Gold: the Chinese luxury player global leaders should be watching

RMB 27.3 billion in revenue. Yet how many European luxury executives really know Laopu Gold? That may be precisely the issue. While much of the industry continues to focus on the slowdown of luxury consumption in China, a new generation of Chinese players is reaching a scale that makes the word “emerging” increasingly inadequate.

Laopu Gold deserves particular attention. In 2025, the Chinese jewellery House reported RMB 27.3 billion in revenue, up 221% year on year, while net profit reached RMB 4.87 billion, an increase of 230%. According to the company’s 2025 reporting, this is no longer a weak signal. Laopu has become a significant player within the hard luxury landscape.

A luxury model rooted in Chinese heritage

What makes Laopu particularly interesting is that its model does not rely on reproducing Western luxury codes. Founded in 2009, the House draws on the heritage of traditional Chinese gold craftsmanship, including filigree and gold and silver inlay techniques associated with China’s cultural heritage.

This cultural positioning is supported by an intentionally selective distribution strategy. The House has built a network of more than 40 boutiques across 29 premium shopping centres in China, placing itself alongside international luxury jewellery brands while developing a visual and cultural language of its own.

International expansion has already begun

The most important signal may now be coming from outside mainland China. In June 2025, Laopu opened its first boutique outside Greater China at Marina Bay Sands in Singapore, marking a significant step in its international development.

During the first half of 2025, revenue generated outside mainland China increased by 455.2% and represented 12.9% of total revenue, according to company reporting. Management has also identified further opportunities across Asian markets including South Korea, Malaysia and Thailand, suggesting that internationalisation is becoming an increasingly important part of its growth strategy.

Laopu is part of a broader movement

The shift extends beyond a single company. Chinese jewellery giant Chow Tai Fook opened a flagship store in Bangkok in January 2026 and has been pursuing further international expansion, including opportunities in markets such as Dubai and Doha.

Reuters has also documented the increasing competitive pressure that newer Chinese luxury jewellery players are placing on established domestic leaders. What is emerging is therefore not simply the internationalisation of one successful brand, but the gradual development of a more ambitious Chinese luxury ecosystem.

It is too early to call Laopu the “next Cartier”

There are important reasons for caution. Laopu remains highly dependent on the Chinese market, while rising gold prices have also contributed to the broader momentum of the gold jewellery category. Transforming spectacular domestic growth into a truly global luxury House requires years of investment in desirability, distribution, brand consistency and cultural relevance across markets.

Calling Laopu the “next Cartier” would therefore miss the point. The more interesting question is why global luxury leaders often wait until a new competitor has already become international before taking it seriously.

Chinese brands have traditionally been analysed through the lenses of price, volume and consumer scale. Laopu introduces another dimension: luxury itself. Its combination of cultural heritage, selective distribution, premium positioning and rapid growth suggests that Chinese players are increasingly capable of building luxury propositions on their own terms.

Which local players are actually tomorrow’s global leaders?

The question is no longer simply who might become the “next Cartier” or the “next Hermès”. It is which future global leaders we are still looking at today as purely local players.

The next strategic risk for established luxury Houses may not be the arrival of new competitors. It may be recognising them too late.
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Sources: Laopu Gold 2025 annual reporting and HKEX disclosures, InvestHK, Bloomberg and Reuters.