Vipshop Holdings Limited

Ladies and gentlemen, good day, everyone, and welcome to VIP Shop Holdings Limited's fourth quarter and full year 2020 earnings conference call. At this point, I would like to turn the call to Ms. Jessie Fan, VIP Shop's Director of Investor Relations. Please proceed.

Thank you, operator. Hello, everyone, and thank you for joining VIP Shop's fourth quarter and full year 2020 earnings conference call. Before we begin, I will read the safe harbor statement. During this conference call, we will make forward-looking statements within the meaning of the Private Security Litigation Reform Act of 1995 that are based on our current expectations, assumptions, estimates, and projections about VIP Shop Holdings Limited and its industry. All statements other than statements of historical fact we make during this call are forward-looking statements. In some cases, these forward-looking statements can be identified by words or phrases such as anticipate, believe, continue, estimate, expect, intend, is or are likely to, may, plan, should, will, aim, potential, or other similar expressions. These forward-looking statements speak only as of the date hereof and are subject to change at any time. and we have no obligation to update these forward-looking statements. Joining us on today's call are Eric Shen, our co-founder, chairman, and CEO, and David Trey, our CFO. At this time, I would like to turn the call over to Mr. Eric Shen.

Good morning and good evening, everyone. Welcome and thank you for joining our fourth quarter and full-year turn-day-turn-day earnings conference call. We finished the year of 2020 with strong financial and operational results in the fourth quarter. During the quarter, our total GMV increased by 25% year-over-year to 59.3 billion from 47.6 billion in the same period last year, continuing the trend of accelerated growth. Specifically, GMV for our co-apparel-related categories increased even faster by 28% year-over-year, driven by the robust growth in our number of active customers, which increased by 37% year-over-year in the fourth quarter. Our new customers grew faster than total active customers during the quarter, showing that our differentiated offering product procured by our professional merchandising team are becoming more attractive to customers who did not shop with us before. We believe these strong customer acquisition trends are driven by the superior value and the convenient shopping experience we offer our customers as compared to the marketplace platform. The reason we are able to see continued robust growth momentum in our key operational and financial metrics is due to our focus on and expertise in the discount retail industry. We have over a decade of experience in the inventory clearance industry in China and have deep expertise in this field. We offer superior value to consumers looking for deals, particularly in apparel-related categories, while at the same time helping brands achieve faster inventory turnover, grow their business, and reach new customer segments. Looking into 2021 and beyond, we are deeply devoted to continue to execute on our merchandising strategy aiming to acquire more top brands while increasing our share in the business of our existing brand partners, which will enable us to offer more diversified, desirable products to our customers and attract new customers. In addition, we will continue to enhance our big data capabilities and technology know-how in order to serve a broader customer base enabling customers from different age groups, demographics, and income levels to shop with us and enjoy our product offerings. At this point, let me hand over the call to our CFO, Barry Tui, so that he may discuss our strategy in more detail and go over our operational and financial results.