当SKP的队伍转向老铺，奢侈品逻辑已改写

Core Viewpoint - The luxury goods industry is at a crossroads of price and value imbalance, with the brand Laopugold leading the way into a new era of value consumption through cultural, craftsmanship, aesthetic, and genuine product value [2][12]. Industry Overview - By 2025, Laopugold is expected to disrupt the long-standing dominance of Western brands in China's high-end consumer market, as it experiences a contrasting growth amidst a global slowdown in luxury goods [2][12]. - Bain & Company reports that the global luxury market is entering a critical adjustment phase, with the Chinese market projected to shrink by 3% to 5% from 2022 to 2025, and active customers decreasing from 400 million to 330 million [4]. - There is a notable shift among high-net-worth individuals who are increasingly reluctant to display overt logos, indicating a move away from "symbolic consumption" towards a more intrinsic value-based approach [4][5]. Shift in Consumer Behavior - Similar to the changes seen in Japan during the 1990s, Chinese consumers are moving away from ostentatious consumption towards brands that represent cultural depth and time-honored values [5][10]. - Laopugold's success is attributed to its focus on cultural assets and craftsmanship, appealing to consumers' desire for products that embody time and cultural significance [7][10]. Laopugold's Unique Value Proposition - Laopugold emphasizes craftsmanship through traditional techniques such as engraving and hammering, which enhances perceived value beyond just the gold price [9]. - The brand has established a stable Eastern aesthetic logic that prioritizes both classic and innovative designs, allowing products to transcend fleeting trends [9]. - Laopugold integrates Chinese cultural elements into its designs, creating a strong emotional connection with consumers [9][10]. Market Position and Future Outlook - In 2025, Laopugold is projected to become the only Chinese brand present in the top 10 commercial centers in China, with a half-year store efficiency nearing 500 million, surpassing that of leading international luxury brands [12][14]. - HSBC notes that Laopugold has transitioned from a "golden flywheel" to a "brand flywheel," establishing pricing power independent of gold price fluctuations, positioning it to compete with luxury giants like Tiffany and Richemont [14]. - The rise of Laopugold signifies a shift in the luxury market, moving from a focus on price wars to a new value system based on product quality, channel strategy, and brand establishment [14][15].