Vipshop Holdings Ltd

Vipshop operates as an off-price retailer, selling a wide range of high-quality branded products at significant discounts. The company offers womenswear and menswear, sportswear and sporting goods, baby and children products, shoes and bags, skincare and cosmetics, supermarket and other products, and home goods and other lifestyle products from desirable domestic and international brands. As of December 31, 2025, Vipshop had 312.1 million cumulative customers and promoted and sold products for over 52,000 popular domestic and international brands. The company's Gross Merchandise Value (GMV) increased from 208.0 billion Chinese Yuan (RMB) in 2023 to RMB209.3 billion in 2024, and further increased to RMB213.5 billion in 2025. Total orders were 812.3 million in 2023, 757.5 million in 2024, and 732.4 million in 2025. The total number of active customers was 87.4 million in 2023, 84.7 million in 2024, and 84.8 million in 2025. Active Super VIP customers increased from 7.6 million in 2023 to 8.8 million in 2024, and further increased to 9.8 million in 2025. Vipshop was the first company in China to introduce "flash sale," an online retail format for off-price products. The company established a professional merchandising team in 2008, which consisted of over 900 specialists as of December 31, 2025.