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Mecox Lane Ltd Announces Joint Venture With Giosis Pte. Ltd
Mecox Lane Ltd announced that the proposal of a transaction with Giosis Pte. Ltd. to form a joint venture, Giosis Mecoxlane Ltd., to operate a dynamic online marketplace in China on the M18.com domain was approved at the Company's extraordinary general meeting of shareholders held in Hong Kong on December 19, 2012. Mecox Lane and Giosis expect to complete the transaction as soon as practicable. Upon the closing of the transaction, Giosis would initially hold 60% and Mecox Lane would initially hold 40% of the outstanding equity interests of Giosis Mecoxlane, assuming the conversion of the Series A Preferred Shares of Giosis Mecoxlane.
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