“买时贵卖时平”，老铺黄金“奢侈品”如何破局？

Core Insights - Laopuhuang is attempting to transition from traditional gold jewelry to "cultural luxury goods," despite its high pricing, which is 1.7 to 1.9 times that of similar brands [1][3] - The brand has achieved a market capitalization exceeding 100 billion yuan, becoming the first gold brand in China to do so [1] Pricing Strategy - Laopuhuang's handcrafted gold jewelry is priced significantly higher than competitors, with a specific example showing a 7.6-gram pendant priced at 17,850 yuan, translating to 2,350 yuan per gram, compared to 1,339 yuan and 1,240 yuan per gram for similar products from other brands [1] - The brand's pricing strategy reflects a broader perception of luxury, where higher prices are often associated with exclusivity [1] Store Experience and Branding - The store design and customer service are tailored to reflect a high-end identity, featuring a black and gold color scheme and luxury items like Godiva chocolates [2] - The brand's signature pieces, such as the flower silk qilin and unique craftsmanship, are highlighted to enhance the perception of value [2] Sales Performance - Despite the overall pressure on gold jewelry brands, Laopuhuang reported a remarkable sales performance with a single-store revenue nearing 460 million yuan and a total revenue of 12.35 billion yuan, marking a year-on-year growth of 251% [3] - Citigroup's recent report has given Laopuhuang a "buy" rating, predicting a same-store sales growth rate exceeding 200% during the November promotional period [3] Second-Hand Market Challenges - In the second-hand market, Laopuhuang's brand premium is not reflected in resale values, which primarily focus on gold weight and purity rather than craftsmanship [4] - The brand's high craftsmanship fees do not translate into higher resale prices, leading to a situation where consumers face a "buy high, sell low" dilemma [4] Future Strategies - To enhance its brand value, Laopuhuang is advised to strengthen the uniqueness of its designs and establish a self-operated second-hand circulation system to control prices and boost consumer confidence [8] - The company has initiated its international expansion with plans to open its first overseas store in Singapore by June 2025 and aims to establish 6 to 7 additional stores in Hong Kong, Macau, or overseas within two years [8]