Chongqing - On June 21, Lao Pu Gold opened its first overseas store in Singapore, highlighting Southeast Asia as a key market for Chinese jewelry brands. By September 2024, Chow Tai Fook saw a 14.3% sales rise in Singapore and ran 61 overseas stores, while Lukfook and Chow Sang Sang expanded via stores and platforms like TikTok and Shopee.

Lao Pu Gold's store at Marina Bay Sands in Singapore. (Photo/Lao Pu Gold)

According to a research report by Morgan Stanley, the strategic significance of the Singapore outlet lies not in immediate financial returns but in its role as a confidence signal for the brand's broader Southeast Asia growth plan. The bank noted that if the store performs well, it could improve the market perception of Lao Pu Gold's overseas potential.

Southeast Asia, led by Singapore, is a top destination for Chinese gold brands, thanks to its deep cultural ties to gold. In markets like Malaysia and Thailand, gold carries strong symbolic, religious, and ceremonial value, sustaining long-standing consumer demand.

"Singapore is both a hub of Chinese culture and a magnet for global luxury consumers," said Chen Jingjing, founder of branding consultancy JingJie. "It offers a bridge for brands like Lao Pu Gold to reach new customer segments."

Lao Pu Gold's overseas debut follows its explosive growth at home. According to its 2024 annual report, the company's revenue jumped 167.5% year-on-year to 8.5 billion yuan ($1.18 billion), up from 3.18 billion in 2023.

Founded in 2009, the company was one of the first in China to promote the concept of "ancient-style gold," blending traditional craftsmanship with cultural design elements inspired by motifs from the Forbidden City and Buddhist art. Often located alongside luxury brands like Hermès and Louis Vuitton, its stores offer a curated selection of core products, including handcrafted gold jewelry and pure gold artifacts.

By the end of 2024, the company had launched nearly 2,000 original designs and secured 1,314 domestic patents. Its continued focus on product innovation, including pure-gold diamond inlays and enamel-fired gold collections, has helped drive consumer demand for personalized, high-quality pieces.

According to data from Frost & Sullivan, the brand now outperforms many global luxury names in average store revenue and per-square-meter sales in mainland China, and has secured full placement in all major high-end shopping malls.

Data from Statista forecasts that Singapore's jewelry market will grow at a compound annual growth rate (CAGR) of 4.51% between 2025 and 2029. Analysts view the city-state's large ethnic Chinese population and steady inflow of international high-net-worth tourists as favorable conditions for Chinese heritage-based jewelry brands.

Regional demand trends also appear favorable. In the first quarter of 2025, Southeast Asia emerged as a key driver of global gold consumption, according to the World Gold Council's report. Singapore's gold demand reached 2.5 tonnes—up 35% year-on-year and the highest level since 2010. Investment demand also surged in Indonesia (8.9 tonnes, +35%), Malaysia (2.5 tonnes, +34%), and Thailand (7.4 tonnes, +25%). 

The sharp rise reflects both consumer behavior and national responses to economic uncertainty. Malaysian jewelers similarly noted robust local demand, citing inflation and high gold prices as key drivers.

Despite the growth potential, industry experts have highlighted challenges related to cultural adaptation and market differentiation. Chen noted that "narratives such as intangible heritage and family legacy need to be expressed in a way that resonates with international consumers." Morgan Stanley also cited risks, stating that the underperformance of the Singapore store could raise doubts about the company's global roadmap.

Lao Pu Gold's listing documents indicated plans to open five stores in Southeast Asia within two years of its IPO, leveraging shared cultural values to gradually expand into the broader Asian market.

China's jewelry industry recorded total imports and exports of USD 154.73 billion in 2024, up 6.46% year-on-year, according to the General Administration of Customs. Exports climbed 14.7% to USD 35.83 billion.