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Vipshop Holdings Ltd Acquires Controlling Interest in Lefeng.com Limited


Friday, 14 Feb 2014 08:00am EST 

Vipshop Holdings Ltd:Says it has acquired a 75 pct equity interest in Lefeng.com Limited from Ovation Entertainment Limited.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.Says immediately after the acquisition, the company and Ovation hold 75 pct and 25 pct, respectively, of Lefeng.Says total consideration payable by the company for the acquisition is about $132,500,000, including cash payment and financing in connection with assumed liabilities.Says in connection with the acquisition, Vipshop entered into a framework supply agreement with the PRC affiliates of Lefeng and Ovation.Says pursuant to the agreement, Ovation will supply cosmetics, apparel and other consumer products developed under Ovation's proprietary brands to Vipshop for retail through vip.com and lefeng.com. 

Company Quote

24.95
0.5 +2.05%
2 Mar 2015