Chinese luxury brands rise from challengers to market shapers as global houses lose lustre

A growing number of local brands are winning over premium consumers who prize craftsmanship, innovation and a high‑value sense of luxury After months of declining gold prices, Li Yue recently spent nearly 28,000 yuan (US$4,148) on a 10-gram (0.35-ounce) pure gold necklace – more than double the prevailing market rate for the metal. The piece in question: a gourd-shaped pendant from Laopu Gold, a Chinese heritage jewellery brand that has captured significant attention in recent years. But for Li, a software engineer in Shanghai, the purchase had little to do with bullion value. She cared more about the necklace’s design – the gourd is a traditional symbol of fortune and prosperity – and the care with which it was crafted. “No one asks how much the fabric of their Louis Vuitton bag costs, right?” she said.

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