VIPS - Growth In Marketing Spend Won't Rescue Vipshop

• Vipshop's market share and average unit prices have been declining year-by-year with no recovery in sight.
• The company is gradually losing consumers in low-tier cities, and the increase in marketing expenses has not returned new active users.
• Diverse new businesses, including finance, logistics and offline outlets, have not brought meaningful revenue and have even increased costs.
• Vipshop has arguably the weakest long-term prospects among its peers in the Chinese market.

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