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    Lianxiu Duan • Barclays

    Lianxiu Duan's questions to Vipshop Holdings Ltd (VIPS) leadership

    Lianxiu Duan's questions to Vipshop Holdings Ltd (VIPS) leadership • Q1 2025

    Question

    Lianxiu Duan from Barclays asked about the company's marketing strategy for the year, specifically how it plans to balance marketing spend with maintaining a stable margin profile while aiming for a return to GMV growth in the second half.

    Answer

    CEO Eric Shen (interpreted by Jessie Fan) stated that marketing spend will remain disciplined, projecting it to be around 3% of revenue for the full year, similar to previous periods. He emphasized that the company focuses on the ROI of its marketing initiatives and believes customer growth is driven by a combination of merchandise, value, and service, not just spending. Therefore, he does not expect marketing to be a drag on margins.

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    Lianxiu Duan's questions to Vipshop Holdings Ltd (VIPS) leadership • Q3 2024

    Question

    Lianxiu Duan (Roger Duan) of Barclays asked for a performance breakdown by product category in Q3 and inquired about any changes observed in SVIP user behavior, such as shopping frequency or average order size.

    Answer

    CEO Eric Shen, via interpreter Jessie Fan, reported that in Q3, apparel GMV saw a small decline while standardized items experienced a larger decline. For SVIPs, active customers grew 11% year-over-year to 7.5 million, contributing 49% of online spending. While new SVIPs had a dilutive effect, the ARPU for existing cohorts saw a small decline driven by lower frequency, whereas the average ticket size remained relatively stable. He noted no additional deterioration in SVIP customer health.

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