Vipshop Holdings (NYSE: VIPS) shares are down 4 percent following a 5 percent loss on Wednesday session and Nomura thinks that some of it might have to do with commentary from Alibaba (NYSE: BABA).

Specifically, Alibaba said during its Q4 call that warmer weather might have adverse impact on apparel GMV with sales of higher-priced winter gear slowing.

Vipshop management said it should be fine, according to Nomura. The company derives about 50 to 60 percent of its top-line from apparel.

Nomura noted that it still sees Vipshop as a potential target for Tencent and JD.com (Nasdaq: JD). The firm rates Vipshop at Buy with a price target of $19.

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