Vipshop Q2 revenue dips 4.3% to $3.6B as China consumers pull back
Vipshop's second-quarter revenue slipped 4.3% year over year to RMB24.7 billion, but the off-price retailer held gross margin near 23.3% by leaning on loyal SVIP members. Management said it is sharpening merchandising and scaling AI to sustain growth in a subdued consumer environment. For e-commerce operators, the release suggests discount players are prioritizing profitability over rapid top-line expansion.