This document contains an investor presentation by Vipshop Holdings Limited. It discusses Vipshop's position as the leading online discount retailer for brands in China, leveraging a unique business model partnering with brands to sell excess inventory. It highlights Vipshop's rapid growth, loyal customer base, operational expertise, and financial performance including steady margin expansion. The presentation also outlines Vipshop's strategies to expand geographically, into new product categories, and channels to drive continued long-term profitable growth.

1. February 2013
Vipshop Holdings Limited
Investor Presentation

2. 1
Disclaimer
This presentation contains forward-looking statements. These statements are made under the “safe
harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking
statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,”
“plans,” “believes,” “estimates” and similar statements. Among other things, the business outlook and
quotations from management in this announcement, as well as Vipshop’s strategic and operational plans,
contain forward-looking statements. Vipshop may also make written or oral forward-looking statements in
its periodic reports to the U.S. Securities and Exchange Commission (“SEC”), in its annual report to
shareholders, in press releases and other written materials and in oral statements made by its officers,
directors or employees to third parties. Statements that are not historical facts, including statements about
Vipshop’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties. A number of factors could cause actual results to differ materially from
those contained in any forward-looking statement, including but not limited to the following: Vipshop’s goals
and strategies; Vipshop’s future business development, results of operations and financial condition; the
expected growth of the online discount retail market in China; Vipshop’s ability to attract customers and
brand partners and further enhance its brand recognition; Vipshop’s expectations regarding demand for
and market acceptance of flash sales products and services; competition in the discount retail industry;
fluctuations in general economic and business conditions in China and assumptions underlying or related
to any of the foregoing. Further information regarding these and other risks is included in Vipshop’s
registration statement on Form F-1, as amended, filed with the SEC. All information provided in this
presentation is as of the date of this presentation, and Vipshop does not undertake any obligation to
update any forward-looking statement, except as required under applicable law.

3. 2
China's Leading Online Discount
Retailer for Brands
Vipshop

4. No large discount retail chains or branded outlets
Massive retail opportunities in China
3
Massive
discount retail
opportunities
Immature
offline
discount retail
infrastructure
Constant
supply of
excess
inventory
Total estimated retail sales of US$3.8 trillion in 2013(1)
Total apparel retail sales were US$151.9bn in 2011(1) ;
apparel inventory accounts for approximately 50% of
total apparel market(2)
Total discount retail was US$23.6bn in 2012 with a
56.2% 12-15E CAGR(1)
Note:
(1) Data from Frost & Sullivan report; assuming 1 US$ = 6.2301 RMB.
(2) Data from BCG report “The World’s Next E-Commerce Superpower”.
Huge
consumer
demand

5. Consumers in China are skipping outlet model and
going directly online for discounted branded products
Online: the future of discount retailing in China
4
Note:
(1) As 2012 year end, including 1,867 Marmaxx stores and 374 HomeGoods stores in the US, from 2012 Company Presentation
(2) As of February 2013, including 1,091 dress-for-less stores and 108 dd’s DISCOUNTS stores in the US, from February 2013 Company Investor Overview
(3) As of February 2013, from Company Website
(4) As of February 2013, from Company factsheet
2,241stores(1)
1,199 stores(2)
67 outlets(3)
38 outlets(4)
China's offline discount retail are extremely underdeveloped
ChinaU.S.
Large
Off-price
retailer
Outlets
None

6. 5
China: A more attractive market opportunity
Broad universe of popular brands
for mass market
Limited upfront deposit
Most products can be returned to
suppliers
Need to pay for inventory upfront
Products can not be returned to
suppliers
Well established online presence
and capabilities
Largely rely on third party
platforms to build online presence
Market
positioning
Mostly focused on high-end and
luxury markets
China U.S.
Discount / outlet retail channels
saturated for mass market
merchandise
Lack of well-developed discount /
outlet retail channel
Competition from
offline channel
Brands’ own online
presence
Working capital
requirement
Broader addressable market
Better business model
Result

7. A unique player in China’s e-Commerce landscape
6
Market place
General B2C
Cosmetics
Broad based
Platforms
Vertical focused players and online retailers
Grocery
Online discount
Shoes/bags3C Apparel
• Partner with leading brands by selling their excess inventory at discount prices
• Unique business model partnering with brands has no direct competition

8. 7
Rapid increase of new active
customers
Rapid increase of repeat
customers
High and stable rate of orders from
repeat customers
( in thousands) ( in thousands)( in thousands)
Highly engaged and loyal customer base
255
1,330
3,312
538
1,296
2010 2011 2012 4Q11 4Q12
New active customers
804
6,681
20,457
2,771
8,026
927
7,269
21,919
3,005
8,752
86.7%
91.9% 93.3% 92.2% 91.7%
2010 2011 2012 4Q11 4Q12
Orders placed by repeat customers
Total orders
Orders placed by repeat customers
155
903
2,625
644
1,861
276
1,491
4,110
934
2,586
56.2%
60.6%
63.9%
69.0%
72.0%
2010 2011 2012 4Q11 4Q12
Repeat customers
Total active customers
Repeat customer as % of total customer

9. Preferred discount channel for popular brands
8
One-stop solution for brands
Professional team with deep brand
knowledge
Fast inventory monetization
Minimal brand dilution
Clear industry leader(2)

Note:
(1) Number of our brand partners is a cumulative number since 2009, which includes primarily brand owners, and to a lesser extent, brand distributors and resellers.
(2) As measured by total revenues in 2011, the number of registered members as of June 30, 2012 and the number of monthly unique visitors in December 2012, according to the Frost & Sullivan Report.
Brand partners growth over time(1)
Product categories
Travel
Accessories
Home goods
SportswearCosmetics
Children
HandbagsFootwear
Apparel




Shoppers are not loyal, but our brand partners are.
411
1,075
2,759
2010 2011 2012
2010 –2012
growth by 6.7x

10. 9
Operational expertise

11. Relationship
with brands
Understanding
of consumers
Business
intelligence
system
Over 250
merchandising staff
Excellent merchandising
10
Brand
selection
Sales
management
capability
Consumer
insights
Customized
marketing
Sales events
optimization
Over 5,800
brands
Deepening
brand
partnership


1
2
3

12. 11
Differentiated logistics system
Extra process on top of traditional B2C e-Commerce (1)
Sales cycle Short Long
Traditional B2C e-Commerce
Volume of throughput Large Small
Note:
(1) Comparison on per same-size warehouse basis.
Customized and more complicated logistics and warehousing system
Sales process
No. of SKUs handled
Relatively fast
Much more
Relatively slow
Relatively few

13. Highly customized and seamlessly integrated
IT system for flash sales
12
Support huge traffic spikes
Customized ERP system
Warehouse management
system
CRM system
Time
Traffic
12am 10am 12pm 12am





14. High entry barriers
13
First Mover Advantage
Business model
Operational expertise
Economies of scale1
2
3
4
Vipshop is well
positioned in
China’s online
discount retail
market

15. 14
Visionary management team with strong
execution
Donghao Yang
Chief Financial Officer
12+ years experience in finance
Previously CFO of Synutra
International Inc (NASDAQ:
SYUT) and Tyson Foods (NYSE:
TSN) Greater China
MBA from the Harvard Business
School
Maggie Hung
Senior VP, Merchandising
20+ years experience in
merchandise retail
Previously VP of Grand Pacific
Mall and GM of Grand Ocean
Department Store in Nanjing
Bachelor’s degree from Ling Tung
University
Yizhi Tang
Senior VP, Logistics
10+ years experience in logistics
industry
Previously logistics department
head of Tesco in northern China,
and Senior Director of logistics
department of Dangdang.com
(NYSE: DANG)
Master’s degree from Sun Yat-Sen
University
Eric Ya Shen
Co-Founder, Chairman, CEO
18+ years experience in consumer
electronic products distribution
Previously Chairman of Guangzhou
NEM Import and Export Co., Ltd.
EMBA from Cheung Kong Graduate
School of Business
Xian Feng Cai
VP & GM, Shanghai Branch
19+ years experience in retail
industry
Previously GM of IGA Distribution
PTY LTD
Bachelor’s degree from University
of Melbourne
Mr. Daniel Kao
Chief Technology Officer
16 + years experience with leading
e-commerce and Internet
companies in the US and China
Previously director of site operation
and quality engineering at eBay Inc
Bachelor’s degree in computer
science from Iowa State University
Arthur Xiaobo Hong
Co-Founder, Vice Chairman, COO
12+ years experience in
consumer electronic products
distribution
Previously Chairman of Societe
Europe Pacifique Distribution
Alex Jiang
Senior VP, Business Intelligence and
Customer Relationship Management
(CRM)
20+ years of experience in China’s
retail sector
Previously VP of Dangdang.com
(NYSE: DANG) and Founder / Director
of E-elephant Consulting Company
Limited
Bachelor’s degree from Chongqing
Business School
Xiaohui Ma
VP , Online Marketing
10+ years experience in marketing
and media
Previously editor-in-chief of SINA
Bachelor’s degree from
Communication University of China

16. 15
Financial highlights

17. Phenomenal growth
16
Net revenues
(US$ in millions)
Total orders
(in thousands)
927
7,269
21,919
3,005
8,752
2010 2011 2012 4Q11 4Q12
684.1%
201.5%
191.2%
32.6
227.1
692.1
105.2
299.6
2010 2011 2012 4Q11 4Q12
597.1%
204.7%
184.8%

18. 17
Steady margin expansion
Quarterly gross profit and gross margin
(US$ in millions )
Strong and defensible margins:
• Brands often sign exclusive deals to minimize brand dilution (>730 exclusive brands)
• Brands only liquidating excess inventory (limited quantity = inability to price shop)
• Brands want to efficiently monetize excess inventory and have little price sensitivity
4.9 7.4 10.0
21.0 21.4
29.6
34.8
68.7
17.0%
18.3% 19.0%
20.0%
21.2% 21.8% 22.3% 22.9%
1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12
Gross profit Gross margin

19. Continuous investment in logistics
infrastructure to drive long term growth
18
(US$ in millions)
Fulfilment expenses (Non-GAAP) 1
Note:
(1) All numbers are shown on a non-GAAP basis and excludes the impact from share-based compensation expenses
6.0
8.4
11.4
19.4
16.8
20.5 21.6
37.3
20.9% 20.7% 21.7%
18.4%
16.6%
15.1%
13.9% 12.5%
1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12
Fulfilment expenses (non-GAAP) Fulfilment as % of net revenue

20. Tremendous operating leverage and
historically low marketing expenses
19
Note:
(1) All numbers are shown on a non-GAAP basis and excludes the impact from share-based compensation expenses
(US$ in millions)
General and administrative expenses (Non-GAAP) (1)
(US$ in millions)
Marketing expenses (Non-GAAP) (1)
1.7
2.3
4.6
6.6
5.8
6.6
7.3
12.4
5.7% 5.7%
8.7%
6.2% 5.8%
4.9% 4.7% 4.1%
1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12
Marketing expenses (non-GAAP)
Marketing as % of net revenue
1.0
2.9 3.7
4.2 3.9 4.3 4.6 5.0
3.6%
7.2% 7.1%
4.0% 3.9% 3.2% 2.9%
1.7%
1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12
G&A expenses (non-GAAP)
G&A as % net revenue

21. 20
Note:
(1) All numbers are shown on a non-GAAP basis and excludes the impact from share-based compensation expenses
(4.2)
(7.1)
(10.8) (11.2)
(6.5)
(4.2)
0.6
8.1
-14.6%
-17.6%
-20.6%
-10.6%
-6.4%
-3.1%
0.4%
2.7%
1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12
Net income/loss (non-GAAP) Net margin (non-GAAP)
Net margin (Non-GAAP) (1)
(US$ in millions)
Net margin improvement

22. 21
(in $ thousands)
December 31, 2011 December 31, 2012
Cash and cash equivalents and held-to-maturity
securities
44,955 210,570
Current Assets 158,278 381,952
Total Assets 167,435 398,917
Current Liabilities 149,146 316,334
Total Liabilities 149,146 316,334
Total Stockholder’s Equity 18,289 82,583
Current Ratio 1.1 1.2
Balance Sheet Highlights

23. 22
Growth strategies

24. Our future growth strategy
23
Expand warehouse capacities to accommodate increasing
customer demand
Greater penetration in additional cities
Greater penetration in Northern, Eastern, Southwestern and
Central China
Increase brand partners and sales per brand
Expand product category
Exclusivity with brand partners
Further expand into mobile and connected devices
Extend partnership with social networking platforms such as
Weibo and Renren
Geographical expansion
Product expansion
Channel expansion

25. Major profitability drivers
24
Word-of-mouth ROI maximization
Cost control
Increased
Operating leverage
Stronger negotiation
power
Better pricing
Gross margin
Fulfillment
expense
Marketing
expense
G&A
expense
Distribution centers
build out Capacity utilization ramp up
Profitability
1
2
3
4

26. 25
Key investment highlights
Market leadership position
Strong industry growth fundamentals1
Highly engaged and loyal customer base
Superior operational expertise
2
3
4
Strong management team5

27. 26
Thank you!