老铺黄金的“国际化”：试水香港，顾客却仍是内地游客

Core Viewpoint - The opening of the new flagship store of Laopu Gold in Hong Kong's IFC marks a significant step in the brand's internationalization strategy, attracting a high volume of customers, particularly from mainland China, and showcasing its competitive pricing advantage compared to mainland stores [1][5][10]. Group 1: Store Performance and Customer Attraction - The new IFC store has been consistently busy, with customers often waiting 30 minutes to several hours to enter, making it the only store in the area requiring such queues [1][5]. - The store's pricing strategy offers products at approximately 18% lower than those in mainland stores, which is a key factor in attracting customers [5]. - Laopu Gold's sales in Hong Kong are reportedly 30% higher than in mainland China, indicating strong market performance [10]. Group 2: International Expansion Strategy - The opening of the IFC store increases Laopu Gold's presence in Hong Kong to three locations, with plans to expand further internationally, including markets in Japan, North America, Australia, and the Middle East by 2026-2027 [8][10]. - The brand's internationalization is supported by its performance in Singapore, where its first overseas store exceeded expectations [10]. Group 3: Product Strategy and Market Positioning - Laopu Gold differentiates itself by focusing on "ancient method gold," which emphasizes cultural consumption and traditional craftsmanship, maintaining a stable gross margin of over 40% [11]. - The brand's customer base overlaps significantly with high-end luxury brands, with a 77.3% overlap with major luxury brands like LV and Cartier [11]. - The brand's unique positioning allows it to attract consumers who are cautious with spending but seek high-quality, well-crafted products [11]. Group 4: Competitive Landscape and Challenges - Laopu Gold's success poses a challenge to traditional European luxury brands, with notable interest from LVMH executives [14]. - However, there are concerns regarding Laopu Gold's ability to maintain its luxury positioning and customer loyalty, especially as it navigates the complexities of international markets [16][20]. - The brand's reliance on rising gold prices for profitability raises questions about its long-term sustainability if the gold price cycle changes [17][20].