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Chinese e-retailers Vipshop and Dangdang grow in Q2
Vipshop sales increased by 160% and Dangdang was up 24%.
Vipshop Holdings, a Chinese discount apparel online retailer and No. 20 in Internet Retailer’s 2013 Asia 500, says revenue increased by about 160% year over year in the second quarter, to $351.3 million. Its customer base increased to 3.5 million, up 140% year over year.
Vipshop credits much of the growth to what it calls the underdeveloped discount retail market in China, which helps drive consumers to its site. Vipshop says it ran more than 8,000 sales events for some 3,500 brands in the second quarter.
For the second quarter ended 30th June, Vipshop reported:
• Total net revenue increased by 159.7% to US$351.3 million from $135.3 million over the prior year period.
• Net income reached US$9.0 million, compared to a net loss of US$5.8 million in the prior year period.
• Mobile sales now account for 14% of total sales, up from 2% a year ago. It launched marketplace business in April
• Added 1.5 million active customers during this quarter, up 108.3% from the same period a year ago. The repeat purchase rate stands at 75%.
In other e-commerce news from China, Dangdang Inc, a mass online merchant, reported that for the second quarter ended June 30, revenue increased 23.4% year over year to about $243.1 million from $197.0 million. The retailer’s loss narrowed to $10.4 million compared with a loss of $19.9 million a year-earlier. Dangdang said its number of new customers rose 35% to 2.4 million. Dangdang ranks as No. 16 in Internet Retailer 2013 Asia 500 guide.