Vipshop Holdings Limited

Everyone, and welcome to the VIP Shop Holdings Limited First Quarter 2021 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, ma'am.

Thank you, Operator. Hello, everyone, and thank you for joining VIP Shop's First Quarter 2021 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 Securities Litigation and 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 may 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 Tui, 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 first quarter 2021 earnings conference call. We delivered another quarter of strong financial and operational results in the first quarter of 2021. driven by the continued robust growth momentum in our number of active customers. During the quarter, our total number of active customers grew by 54% year-over-year to 45.8 million from 29.6 million in the same period last year. As a result, our GMV for this quarter increased by 59% year-over-year to 46.1 billion from 28.9 billion in the same period last year. GMV for apparel-related categories, which are our bread and butter, grew even faster by 70% year-over-year. These successes are the result of our focus on the execution of our merchandising strategy. We have long-term collaborative relationships with our suppliers, particularly in our core categories. Leveraging those relationships, we aim to deepen our partnerships with them to increase contributions from our made-for-VIP products. As we continue to offer value to our customers through differentiated offerings from marketplace platforms, we believe we will acquire more new customers while increase the stickiness of our existing customers. Going forward, we remain committed to continuing to strengthen our leadership in China's discount retail market, aiming to generate sustainable value for our customers and suppliers. At this point, let me hand over the call to our CFO David Cui so that he may discuss our strategy in more detail and go over our operational and financial results.