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Slide #3. Vipshop Holdings Limited — Controlling Interest in Lefeng
Vipshop Holdings Limited (NYSE:VIPS)
Controlling Interest in Lefeng
Vipshop Holdings Limited (NYSE: VIPS) ("Vipshop" or the "Company"), China's leading online discount retailer for brands, announced today that it has acquired a 75% equity interest in Lefeng.com Limited ("Lefeng") from Ovation Entertainment Limited ("Ovation"). Lefeng owns and operates the online retail business conducted through lefeng.com, an online retail website specialized in selling cosmetics and fashion products in China. Immediately after the acquisition, the Company and Ovation hold 75% and 25%, respectively, of Lefeng. The total consideration payable by the Company for the acquisition is approximately US$132,500,000, including cash payment and financing in connection with assumed liabilities.
Vipshop Holdings is a holding company. Through its subsidiaries, Co. is engaged as an online discount retailer for brands in China. Through its flash sales model, Co. provides sales events daily with a selection of products at discounted prices in limited quantities during limited time periods. Co.'s product offerings include apparel for women, men, and children, handbags and shoes, cosmetics, mother and baby care products, home goods, and other lifestyle products. Through its Vipshop Online Platform, Co. provides a selection of products and services for shoppers. Co.'s Vipshop Online Platform includes the Vipshop App, the vip.com website, and the Vipshop WeChat Mini-Program.
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Hold (2.25 out of 4)