China's Homegrown Jewelry Superstar

Bloomberg

4 days ago

Over the past couple of years, European and American luxury brands have faced falling sales in China—one of their key growth markets for decades—as mainland consumers grapple with an economy devastated by a collapse in real estate prices. In that same period, upstart domestic jewelry brand Laopu Gold Co. has prospered with a growing range of gold rings, necklaces, bracelets and more aimed at the aspirations of a bruised middle class.
The company's sales have more than doubled in each of the past two years, and its shares have soared more than twentyfold since their listing in Hong Kong a year ago. 'Chinese consumers are increasingly drawn to brands that honor tradition,' says Jacques Roizen, a managing director at industry consultant Digital Luxury Group. 'Laopu stands out by offering a product steeped in history and Chinese traditional craftsmanship.'