Replay VIPS Short Pitch/Call (Jan 12) - HERE
If you look at VIPS vs its online retail proxy, it’s lagging behind. – big time. its GMV is down almost 10% in 2022 but the corresponding online index is showing growth. December's online NBS proxy for VIPS was +5.8% growth - no change from November's.
And if you look at VIPS vs its offline retail proxy, it’s a similar picture. Note that the correlation is tighter with this time series given that the NBS gives out more offline categories so I can show a closer relationship between the two data series. December's online NBS proxy for VIPS was -11% - slightly worse than November's 10% decline.
I remain below the Street for VIPS' Q4 2022 revenues and Q1 2023 revenues.
