Laopu Gold, a Beijing-based jeweller known for its handmade accessories, has emerged as a favourite among affluent consumers, as global luxury brands like Louis Vuitton and Gucci grapple with tepid consumer spending in China and sluggish sales across the region.
With just 36 stores in Greater China, the Hong Kong-listed company sold 3.5 billion yuan (US$482.7 million) worth of pure gold and gem-set jewellery in the first half of 2024, up 148 per cent from a year earlier, according to its interim report. Its net profit skyrocketed nearly 200 per cent to reach 588 million yuan during the same period.
Laopu Gold’s shares are up more than 550 per cent since the company’s trading debut in June, reaching a high of HK$457 (US$58.7) on Tuesday.
Do you have questions about the biggest topics and trends from around the world? Get the answers with SCMP Knowledge, our new platform of…
