Vipshop advertising spend, FY2025

Vipshop (VIPS) reported $427M of advertising expense for the fiscal year ended Dec 31, 2025. That is 2.8% of revenue of $15.1B. Up 4.7% from FY2024.

Ad spend, FY2025
$427M
year ended Dec 31, 2025
Change vs prior year
+4.7%
vs FY2024
Share of revenue
2.8%
of $15.1B revenue
Rank by ad spend
#139
of 336 companies

Key facts

  • Ad spend is 1.3x its FY2015 level ($323M), slower than revenue (2.4x).
  • The highest year on file is FY2021 at $799M; FY2025 is 46% below it.
  • Largest increase +630.2% in FY2011; largest cut -48.6% in FY2022.
  • Ad spend is 2.8% of revenue, down from 4.2% in FY2020.
  • Vipshop spends more on advertising than 59% of the 336 US-listed companies tracked. Its ad-to-revenue ratio is below the median of 5.2%.

Ad spend by fiscal year

$0 $200M $400M $600M $800M FY2010 (ended 2010-12-31): $2M FY2011 (ended 2011-12-31): $14.6M 2011 FY2012 (ended 2012-12-31): $29.3M FY2013 (ended 2013-12-31): $71M 2013 FY2014 (ended 2014-12-31): $129M FY2015 (ended 2015-12-31): $323M 2015 FY2016 (ended 2016-12-31): $409M FY2017 (ended 2017-12-31): $458M 2017 FY2018 (ended 2018-12-31): $471M FY2019 (ended 2019-12-31): $477M 2019 FY2020 (ended 2020-12-31): $657M FY2021 (ended 2021-12-31): $799M 2021 FY2022 (ended 2022-12-31): $411M FY2023 (ended 2023-12-31): $457M 2023 FY2024 (ended 2024-12-31): $408M FY2025 (ended 2025-12-31): $427M 2025 $427M

Ad spend as % of revenue

0% 2% 4% 6% 8% FY2010 (ended 2010-12-31): 6.1% FY2011 (ended 2011-12-31): 6.4% 2011 FY2012 (ended 2012-12-31): 4.2% FY2013 (ended 2013-12-31): 4.2% 2013 FY2014 (ended 2014-12-31): 3.4% FY2015 (ended 2015-12-31): 5.2% 2015 FY2016 (ended 2016-12-31): 5.0% FY2017 (ended 2017-12-31): 4.1% 2017 FY2018 (ended 2018-12-31): 3.8% FY2019 (ended 2019-12-31): 3.6% 2019 FY2020 (ended 2020-12-31): 4.2% FY2021 (ended 2021-12-31): 4.3% 2021 FY2022 (ended 2022-12-31): 2.7% FY2023 (ended 2023-12-31): 2.9% 2023 FY2024 (ended 2024-12-31): 2.7% FY2025 (ended 2025-12-31): 2.8% 2025 2.8%

History

Download CSV
Fiscal year Period end Ad spend YoY Revenue Ad / revenue Tag Filing
FY2025 Dec 31, 2025 $427M +4.7% $15.1B 2.8% MarketingExpense 20-F Apr 16, 2026
FY2024 Dec 31, 2024 $408M -10.6% $14.9B 2.7% MarketingExpense 20-F Apr 17, 2025
FY2023 Dec 31, 2023 $457M +11.2% $15.9B 2.9% MarketingExpense 20-F Apr 18, 2024
FY2022 Dec 31, 2022 $411M -48.6% $15B 2.7% MarketingExpense 20-F Apr 19, 2023
FY2021 Dec 31, 2021 $799M +21.6% $18.4B 4.3% MarketingExpense 20-F Apr 27, 2022
FY2020 Dec 31, 2020 $657M +37.5% $15.6B 4.2% MarketingExpense 20-F Apr 16, 2021
FY2019 Dec 31, 2019 $477M +1.3% $13.4B 3.6% MarketingExpense 20-F Apr 27, 2020
FY2018 Dec 31, 2018 $471M +2.9% $12.3B 3.8% MarketingExpense 20-F Apr 18, 2019
FY2017 Dec 31, 2017 $458M +12.0% $11.2B 4.1% MarketingExpense 20-F Apr 19, 2018
FY2016 Dec 31, 2016 $409M +26.7% $8.2B 5.0% MarketingExpense 20-F Apr 14, 2017
FY2015 Dec 31, 2015 $323M +151.0% $6.2B 5.2% MarketingExpense 20-F Apr 22, 2016
FY2014 Dec 31, 2014 $129M +80.9% $3.8B 3.4% AdvertisingExpense 20-F Apr 24, 2015
FY2013 Dec 31, 2013 $71M +142.1% $1.7B 4.2% AdvertisingExpense 20-F Apr 24, 2015
FY2012 Dec 31, 2012 $29.3M +101.4% $692M 4.2% AdvertisingExpense 20-F Apr 24, 2015
FY2011 Dec 31, 2011 $14.6M +630.2% $227M 6.4% AdvertisingExpense 20-F Apr 25, 2014
FY2010 Dec 31, 2010 $2M n/a $32.6M 6.1% AdvertisingExpense 20-F Apr 10, 2013

What the figure is

Total marketing expense (XBRL tag MarketingExpense). It can include marketing staff costs, not only paid media.

Earlier years use a different tag. The Tag column above shows which one applies to each year.

Compared with similar spenders

The 6 companies closest to Vipshop in latest-year ad spend.

Rank Company Ad spend Ad / revenue YoY Fiscal year
135 Levi Strauss $437M 7.0% +1.6% FY2025
136 FedEx $436M 0.5% +2.6% FY2026
137 TAL Education Group $429M 14.3% +40.4% FY2026
138 Newell Brands $429M 6.0% +2.9% FY2025
139 Vipshop $427M 2.8% +4.7% FY2025
140 SoFi Technologies $426M 11.8% +32.4% FY2025
141 Charles Schwab $420M 1.8% +5.8% FY2025

Full ranking of 336 companies · Biggest increases #184

Questions

How much does Vipshop spend on advertising?

Vipshop spent $427M on advertising in fiscal 2025, the year ended Dec 31, 2025, according to its 20-F filed Apr 16, 2026.

What percentage of revenue does Vipshop spend on advertising?

2.8% of revenue in fiscal 2025 ($427M of $15.1B). The median across the 336 companies tracked is 5.2%.

Is Vipshop spending more on advertising?

Yes. Ad spend rose 4.7% in fiscal 2025 from fiscal 2024.

How does Vipshop rank by advertising spend?

#139 of 336 US-listed companies with $100M or more in ad spend, ranked on each company's latest fiscal year.

What does Vipshop's advertising figure include?

Total marketing expense (XBRL tag MarketingExpense). It can include marketing staff costs, not only paid media.

Source

Filing
20-F for FY2025, filed Apr 16, 2026
Accession number
0001104659-26-044015
Company
Vipshop Holdings Ltd, CIK 1529192, SIC 5961 (Retail-Catalog & Mail-Order Houses)
Data
SEC EDGAR XBRL company facts, retrieved Nov 4, 2026. Methodology.
Cite
Vipshop advertising spend, FY2010-FY2025. Aleksei Trudov, io.trudov.com, from SEC EDGAR XBRL company facts (latest: 20-F filed Apr 16, 2026), retrieved Nov 4, 2026. https://io.trudov.com/company/vipshop-holdings/advertising-spend/
Download
CSV, all years · CSV, all 336 companies