Despite gold prices soaring, gold-centric traditional Chinese jewellers like Chow Tai Fook and Lukfook continue to struggle. One of them, however, is not like the others: Laopu Gold, which is known for its “traditional craftsmanship” gold (古法黄金) jewellery.
On 14 February, Laopu Gold’s share price reached 495 HKD (54.39 USD) per share, up 1,122% compared to 40.5 HKD (5.21 USD) last June when it was first listed.
This CNY, with its promotions across the country and surging gold prices, Laopu saw long queues even before opening.
- #有人排队8小时买老铺黄金 someone queued for 8 hours for Laopu: 20.54 million views on Weibo, no. 15 on Hot Search list.
- #南京一金店排队4小时起步 A Nanjing gold shop had 4 hours plus queues: 21.98 million views on Weibo, no. 35 on Hot Search list.
For a relatively new brand, Laopu quickly harnessed the “guochao” cultural wave with its traditional goldsmithing storytelling and VIP programmes to establish itself as a luxury brand.
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