"Queues reflect real store economics — ~¥573M average sales per store, 82% shared customers with luxury brands (industry research · co-cited). The open question: is the premium about the brand, or about gold, when prices fall?"
Laopu is one of those rare Chinese heritage names you can actually trust from the official reports — store economics work out to roughly ¥573M per store, which is staggering. I'd read the 'Hermès of gold' label for what it is: marketing that customers spread for free. The real test is whether that premium survives a gold downcycle. Watch the gross margins and resale spreads — if they hold while gold falls, you've got proof the value is in the brand, not the metal.