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VIPS - Vipshop Sputters But Stays Focused On Brand-Name Discounts
Vipshop Holdings Limited American Depositary Shares each representing two
E-commerce stalwart’s profit dived 42% in last year’s fourth quarter and revenue fell 5%, as it blamed Covid-19 and warm weather than dampened demand for winter wear.
After years of steady growth, Vipshop posted a rare 5% revenue decline in its latest quarter, with profit down by an even sharper 42%.
The discount e-commerce company has rolled out a series of initiatives to jumpstart growth, including trying to convert more users into VIP members.