Vipshop, an online discount retailer for brands in China, completed the acquisition of Shan Shan Outlets, a leading player in the outlets industry in China, for RMB2.9bn. "We are delighted to have reached an agreement to acquire Shan Shan Outlets. This represents another milestone in our efforts to explore online and offline integration in our core business. Through this highly strategic transaction, we will gain presence in the offline outlet business in China, which further enhances our ecosystem and fortifies our leading position in China's discount retail segment. We look forward to working with the Shan Shan Outlets team and welcoming them to the Vipshop family," Eric Shen, Vipshop Chairman and CEO.