The word “focus” might best describe e-commerce stalwart Vipshop Holdings Ltd. (VIPS.US), which has survived for 14 years in the cutthroat sector despite being far less well-known than giants like Alibaba (BABA.US: 9988.HK) and JD.com (JD.US; 9618.HK). Its early strategic focus on the discount market has allowed it to find a comfortable – and even profitable – niche in China’s rapidly changing Chinese e-commerce landscape.

But it hasn’t been easy, and the company’s latest quarterly results show its strong momentum of the past may be losing steam.

Vipshop has managed to not only survive but also thrive, even as dozens of peers have come and gone over the past decade, by staying laser focused on discounted branded goods. The company is also notable for earning profits in every quarter since 2013, a year after its New York IPO, setting it apart from many other players in an industry that is notoriously profit-challenged.