• Dangdang sells
electronic media on line.
• In 2013, 67% of
revenues came from
electronic media, with
merchandise making up
the remaining 33%.
• VIPShop sells brand-name
products using a “flash
• Every day at 10 AM
Beijing time, flash sales
Lightinthebox, on the other hand, focuses on two
Apparel brought in 29% of revenue in 2013.
Electronics and other general merchandise
accounted for the other 71%
Dangdang and VIPShop cater
almost exclusively to the
• In 2013, 100% of
Dangdang’s revenue came
• The same can be said for
Lightinthebox, while headquartered in China,
counts overseas customers as the primary
source of income. In 2013:
Europe accounted for 62% of all revenue.
North American clocked in with 19% of revenue.
South America provided 9% of revenue.
All other countries came in with 10% of revenue.
But the most important difference between
Lightinthebox and the others:
It’s growth is slowing down
in a major way.
VIPShop Revenue Growth
When Lightinthebox Filed Its
Prospectus, Things Looked
Since Then, Heady Growth has
Before You Invest in
1. Remember that the company’s business model is
fundamentally different than Dangdang and
2. Almost all of its customers reside outside China.
3. Revenue growth has come to a standstill, with
only a 27% jump while operating expenses have
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