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August 8, 2014
05:26 EDTMCOXMecox Lane announces spin-off of apparel and accessories business
Mecox Lane announced that its board has approved a spin-off of the company's apparel and accessories business through the sale of Mixblu Limited and its subsidiaries to Fast Fashion China Limited, a company controlled by the former chief executive officer of Mecox Lane, pursuant to a share purchase agreement entered into as of August 8. The deal is expected to close in September of this year, subject to the satisfaction of customary closing conditions specified in the share purchase agreement. Prior to entering into the share purchase agreement, potential third party buyers were sought and an independent appraisal firm was engaged to assess the market value of the company's apparel and accessories business.
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