1. 3 Crucial Factors
For
Lightinthebox
Investors

2. Different
Companies,
Different
Products
• Dangdang sells
merchandise and
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
sale” model.
• Every day at 10 AM
Beijing time, flash sales

3. Lightinthebox
Lightinthebox, on the other hand, focuses on two
broad categories:
Apparel brought in 29% of revenue in 2013.
Electronics and other general merchandise
accounted for the other 71%

4. Where
Business
Gets Done
Dangdang and VIPShop cater
almost exclusively to the
Chinese consumer.
• In 2013, 100% of
Dangdang’s revenue came
from China.
• The same can be said for
VIPShop.

5. Lightinthebox
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.

6. But the most important difference between
Lightinthebox and the others:
It’s growth is slowing down
in a major way.

7. Dangdang Revenue
Growth

8. VIPShop Revenue Growth

9. When Lightinthebox Filed Its
Prospectus, Things Looked
Rosy

10. Since Then, Heady Growth has
Disappeared

11. Before You Invest in
Lightinthebox
1. Remember that the company’s business model is
fundamentally different than Dangdang and
VIPShop.
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
increased 47%.

12. Better Ways to Profit From
China
• We quickly forget that many American
companies have a strong presence in China.
• Apple is one of those companies.
• Click on our special free report below to find out
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