Vipshop acquires controlling interest in Lefeng for $132.5M Vipshop announced that it has acquired a 75% equity interest in Lefeng.com Limited from Ovation Entertainment Limited. 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 $132.5M, including cash payment and financing in connection with assumed liabilities. In connection with the acquisition, Vipshop entered into a framework supply agreement with the PRC affiliates of Lefeng and Ovation. 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 while Vipshop undertakes to achieve at least RMB900 million of sales of Ovation products in 2014 and has a right to receive progressive commissions based on the sales volume.