On a bitterly cold evening in Beijing, many of the western luxury boutiques at the high-end WF Central mall are almost empty. But at Chinese jeweller Laopu Gold, half a dozen customers try on necklaces and rings as keen sales associates hover.
“Some brands are very special, like Louis Vuitton and Chanel,” said Linda, a 41-year-old Beijinger browsing in the store. However, she added, China now had some “very good” local brands that were catching her attention. “They fit my taste, and they are a bit less expensive.”
Since listing in Hong Kong in 2024, the jeweller’s shares are up more than 800 per cent, giving it a market capitalisation of HK$120bn (US$15bn). Investors are betting that a Chinese company focused on the domestic market, at a time when most western luxury brands’ sales are falling in China, has plenty of room to grow.