(Yicai Global) Aug. 17 -- Luxury discount platform Vipshop Holdings Ltd., (Vip.com) [NYES:VIPS] logged net profit of USD57 million (CNY386.5 million) in the second quarter, down 14.4 percent from CNY451.6 million in the same period last year, newly-released company financial data shows.

This marks the first annual fall of quarterly net profit for Vip.com in 19 straight quarters. The profit decline resulted from its increased promotional efforts to expand market share and increased investment in logistics, the company said.

Total net revenue for the second quarter was CNY17.52 billion, up 30 percent from CNY13.44 billion in the same period last year, an unaudited financial statement Vip.com released on Aug. 17 shows.

"This (net profit decline) is mainly due to our focus on improving quality services and increased promotional efforts to expand market share in the second quarter. At the same time, we kept increasing strategic investment in human resources, advanced technology, new media marketing, as well as internet finance and Pinjun Express, to maintain the momentum of sustainable development in the future," Vip.com explained.

The firm currently has about 27,000 employees for instant delivery and approximately 3,500 logistics stations, said Yang Donghao, its chief financial officer. 

Pinjun Express, Vip.com's proprietary logistics service provider, has obtained a national express service business license from China Post. Founded in 2013, Vip.com's Pinjun Holdings Ltd. is a large logistics service provider integrating express, trunk transport, air cargo, warehousing and distribution, cash on delivery, etc. It has a registered capital of CNY1 billion.