Mecox Lane Shareholders Approve Giosis JV
Mecox Lane, 12/19/12
Chinese B2C mail-order e-commerce company Mecox Lane (Nasdaq: MCOX) today announced that the proposal of a transaction with Korean e-commerce firm Giosis to form a joint venture, Giosis Mecoxlane, to operate a dynamic online marketplace in China on Mecox Lane's M18.com domain was approved at Mecox Lane's extraordinary general meeting of shareholders held today in Hong Kong.
Upon the closing of the transaction, Giosis would initially hold 60% and Mecox Lane 40% of the outstanding equity interests of Giosis Mecoxlane.
Ku Young-Bae, Giosis founder and CEO, will lead the joint venture. Ku and Alfred Gu, Mecox Lane's Director and CEO, will serve as co-chairmen.
Mecox Lane expects to sell its branded merchandise, including apparel, on the re-launched Giosis Mecoxlane online marketplace, as well as on other third-party e-commerce websites in China. Mecox Lane will continue to market and sell merchandise through its call center and physical stores.
Mecox Lane is in separate discussions with Giosis Mecoxlane to utilize Mecox Lane's warehouses, distribution centers, and delivery network.
Mecox Lane also plans to form a new company to serve the logistics and order-fulfillment needs of its customers and third parties.
Editor's Note: For more background on this topic, please see "Mecox Lane, Giosis to Re-launch M18 as Open Platform Site" MD 11/21/12 issue.
Keywords: e-commerce m18.com Internet B2C JV MCOX Mecox Lane Giosis Alfred Gu Giosis Mecoxlane Ku Young-Bae
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