Lei Jun has made another strategic move by entering the high-end ancient gold jewelry market. Recently, Chinese luxury gold jewelry brand Borland completed a Series A funding round exceeding 100 million RMB, backed by prominent investors including Challenger Capital (led by Genki Forest founder Tang Binsen), global luxury conglomerate Kering Group, and Shunwei Capital (where Xiaomi Chairman Lei Jun serves as legal representative).
Borland’s pricing strategy stands out, with its per-gram gold prices nearing 2,000 RMB—50% higher than mainstream brands like Chow Tai Fook and Chow Sang Sang, placing it in the same premium tier as Laopu Gold. Despite operating only three physical stores, Borland has already announced two across-the-board price hikes in 2025, signaling aggressive positioning.
The brand directly competes with Laopu Gold in product offerings and pricing, but industry experts warn of intensifying homogenization risks in the crowded ancient gold segment. Establishing a unique identity remains Borland’s key challenge.
**Behind Borland: A Legacy Brand with New Leadership** Contrary to its "startup" perception, Borland traces its roots to 1988 when founder Xu Bidong recognized the value of "filigree inlay" craftsmanship amid declining market interest. After acquiring master artisans from Beijing’s defunct filigree workshop, Xu established Hangzhou Dingfu Jewelry in 2008, later evolving into Borland’s current operating entity, Hangzhou Borland Gold Culture Development Co., with 20 million RMB registered capital.
The brand’s management has transitioned to Xu’s son, Xu Zewei, who now holds 90% equity and leads both existing operations and new financing vehicles like Hangzhou Baoyun Lanhua Jewelry (registered August 2025), where he owns 60% stake. Investors include Tang Binsen’s Challenger Capital (11.52%), Kering (4.8%), and Lei Jun’s Shunwei Capital (4%).
**Premium Pricing: Handcrafted Uniqueness at 2,000 RMB/gram** Borland’s products command luxury-level pricing, exemplified by a 34-gram filigree palace lantern earring priced at 67,598 RMB (~1,988 RMB/gram) and a 65.14-gram bracelet at 125,718 RMB (~1,930 RMB/gram)—50% above market gold prices. This aligns with Laopu Gold’s 1,935 RMB/gram pricing for comparable items.
Currently limited to three flagship stores (Hangzhou Tower, MixC Hangzhou/Shenzhen), Borland emphasizes artisanal exclusivity. A staff member noted, "Each piece requires three months of handcrafting, making replication impossible." While no queues like Laopu Gold’s exist, post-funding inquiries have surged.
**Market Outlook: Growth Amid Homogenization Risks** The ancient gold sector thrives despite broader jewelry slowdowns, with Laopu Gold’s H1 2025 revenue soaring 251% to 12.35 billion RMB—outperforming Hermès and Cartier in per-store sales. Investors now seek "the next Laopu Gold," evidenced by Linchao Jewelry’s June funding from Dayone Capital.
Luxury analyst Zhou Ting views Borland’s filigree specialization and artisan network as competitive edges but cautions about scalability conflicts: "Handmade scarcity clashes with capital’s growth demands." Differentiation is critical as rivals like Laopu Gold and Junpei master similar techniques.
Zhou adds, "Kering’s investment reflects global luxury brands’ cautious exploration of China’s high-end gold market." While Borland joins the premium tier, its "follower" status presents both opportunity and obstacle in the impending market explosion.
As ancient gold’s boom continues, Borland’s challenge lies in balancing artisanal heritage with expansion—without diluting the craftsmanship that defines its premium appeal.
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