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companies liquidate their excess inventory on all the platforms. The key to fend off competition for VIPS would be its service to both consumers and the fashion companies. As the two charts below indicate, VIPS invests in logistics infrastructure to reduce fulfillment expense. Source: Company Presentation Material On its recent Earnings conference call CEO Eric Shen commented: (Please read my bold highlights) We completed the year on a strong note delivering robust operational results with strong customer growth and market share gains, with over 50 million total unique active customers shopping on Vipshop platform in 2016. Vipshop had always put the quality of our merchandise as a top priority. We provide each of our customers with high-quality products selected by our 1,000 plus buyers, including many exclusive merchandise at guaranteed low prices. This includes more than 96% of our products checked by our staff for quality assurance before delivery. Through the Vipshop platform, we enabled more than 5,000 leading brands to liquidate products and generated large sales, while gaining high-quality customers. We provide these brands with extensive sales solutions and offer them a one-stop service for their full product lifecycle.

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Renan Keraudran "We didn't know all this would happen, but we've even had marriages through the movement. "We've had people putting each other up for free in their apartments all over the world, and on the business side we've had photographers get signed up, people have gotten digital work or video [commissions], or even jobs with corporate brands as ambassadors, where they get paid to travel to different cities." While global estimates of recreational runners are hard to come by, it is fast becoming one of the most popular forms of exercise in many countries. In England almost seven million people now run at least twice a month, while the number of Americans participating in running events quadrupled between 1990 and 2013. Image copyright Running Junkies Image caption A growing number of people are participating in running events Alongside the BTG movement, there are also more formal organisations co-ordinating events around the world, for a wide range of abilities. Parkrun, which launched in a suburban London park in 2004, now hosts free 5km (three mile) runs on Saturday mornings in 15 countries, marshalled by volunteers. Most major sports brands also organise free regular training sessions alongside competitive races. Nike's online running community, Nike+, has almost 17 million Facebook followers worldwide. Samuel Hedberg, a programme director at Swedish training and business support firm Hyper Island, says that running "rallies people to come together" in an age when they are otherwise just chatting over social media. "Running is a community that brings people together for real," he says.