Laopu Gold revenue, profit growth beat on robust China demand

Laopu Gold’s revenue and profit growth exceeded estimates in the first half, as the Chinese jeweller’s pieces, which blend traditional craftsmanship with rich cultural motifs, gained popularity among middle-class Chinese shoppers.

Revenue increased 251% to 12.35 billion yuan ($1.72 billion) in the first six months of the year, according to a company earnings statement. Net income rose 286% to 2.27 billion yuan in the period. Laopu expected revenue and net profit to grow at least 241% and 279%, respectively, in a preliminary assessment in July.

The brand, which primarily operates in luxury shopping malls, has more than 40 stores across China. It opened its first outlet outside the country in Singapore in June, a test of demand from the overseas market. 

Laopu plans to raise prices from August 25, without specifying the size of the increase.