Mecox Lane and Giosis Propose Relaunch of as Marketplace Platform

Mecox Lane and Giosis Propose Relaunch of as Marketplace Platform

Mecox Lane Announces EGM to Consider Formation of JV with Giosis

SHANGHAI, China, Nov. 20, 2012 (GLOBE NEWSWIRE) -- Mecox Lane Limited ("Mecox
Lane" or the "Company") (Nasdaq:MCOX), which operates one ofChina'sleading
online platforms for apparel and accessories, today announced that its board
of directors has approved a transaction with Giosis Pte. Ltd. ("Giosis") to
form a joint venture, Giosis Mecoxlane Ltd. ("Giosis Mecoxlane"), to operate a
dynamic online marketplace in China, which would include use of the Company's website. would be redesigned to attract a number of competing
and independent sellers and brands.

The Giosis Mecoxlane management team would include Giosis founder and chief
executive officer, Mr. Young Bae Ku, who would lead the joint venture. Mr. Ku
was the founder of Gmarket Inc., an online marketplace in Korea, and served as
its chief executive officer from 2001 to 2009. Mr. Ku and Mr. Alfred Gu, the
director and chief executive officer of the Company, would be co-chairmen of
Giosis Mecoxlane.

As contemplated in the transaction documents, the initial capital
contributions from Giosis and Mecox Lane to Giosis Mecoxlane would be $15
million and $5 million in cash, respectively. Giosis would also contribute a
non-exclusive license to its online marketplace technology and related
intellectual property, as well as assemble the management team. Mecox Lane
would contribute certain non-cash assets, including the domain name
and certain trademarks. 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.

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. Giosis Mecoxlane would offer Mecox
Lane most favored pricing terms and commission rates for the sale, display,
marketing and promotion of merchandise supplied by Mecox Lane.

Mecox Lane will continue to market and sell merchandise through its call
center and physical stores.Giosis Mecoxlane is in separate discussions with
Mecox Lane 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.

Mr. Gu said, "We believe the proposed joint venture would leverage the China
market expertise of Mecox Lane, the strong brand recognition of, and
the technical and operational know-how of Giosis to establish itself in
China's exciting and rapidly growing marketplace-style e-commerce sector.
Giosis has a sophisticated and proprietary marketplace information technology
infrastructure, an impressive history of performance, and a strong management
team. It now operates seven localized online marketplaces in five countries in
Asia, including Japan and Singapore. We are confident that the Giosis platform
would integrate well with and are excited by the joint venture's
potential in China's B2C and C2C markets.

"Separately, Mecox Lane would refocus on our core strengths of providing
fashionable, value-for-money branded apparel and other products as we follow
through on our customer-service initiatives. Also, as our independent
order-fulfillment and delivery capabilities set us apart in China's e-commerce
sector, we plan to explore new opportunities to leverage any excess capacity
in our new logistics center. Such arrangements would not necessarily be
limited to the proposed joint venture but could include multiple third
parties, along with the formation of a logistics and order-fulfillment
subsidiary," added Mr. Gu. 

Mr. Ku commented, "'s solid reputation as a fashion e-commerce website
provides a great foundation for the fashion and beauty-oriented B2C
marketplace in China that we envision. Moreover, we believe Mecox Lane's
merchandise and e-commerce assets, particularly its logistical strengths,
would help differentiate Giosis Mecoxlane from other online marketplaces in
China and attract a broader range of sellers and buyers. As we expand our
business in China, we look forward to working with Mecox Lane to build a
leading brand-neutral and open-platform marketplace."

Mecox Lane plans to hold an extraordinary general meeting ("EGM") on December
19, 2012 at 10:00 AM (Hong Kong time) on the 18th Floor of One Exchange
Square, 8 Connaught Place, Central, Hong Kong to consider entering into
binding agreements to complete the transaction. The consummation of the
transaction is subject to the satisfaction of certain conditions to closing as
described in the transaction documents. Stockholders of record at the close of
business on November 20, 2012 are entitled to notice of and to vote at the EGM
and any adjournment thereof.

About Mecox Lane Limited

Mecox Lane Limited (Nasdaq:MCOX) operates one of China's leading online
platforms for apparel and accessories as measured by revenues in 2011. The
Company offers a wide selection of fashion products through its
e-commerce website and physical store network. Product offerings include
apparel and accessories, home products, beauty and healthcare products and
other products, under the Company's own proprietary brands, such as Euromoda
and Rampage, as well as other selected third-party brands, including
established international and Chinese brands in addition to independent and
emerging brands. For more information on Mecox Lane, please visit

The Mecox Lane Limited logo is available at

About Giosis Pte. Ltd.

Giosis Pte. Ltd. ("Giosis") operates an extensive online marketplace
( to provide a wide range of consumer-oriented items, including
women's and men's apparel, bags and shoes, jewelry and watches, cosmetics,
body care and health products, sports and outdoor equipment, toys, computers
and consumer electronics, automotive products, household goods, books and
movies. Based in Singapore, Giosis operates online marketplaces in Singapore,
Malaysia, Indonesia, Japan and Hong Kong. For more information, please visit

Safe Harbor: Forward Looking Statements

This press release contains forward-looking statements made under the "safe
harbor" provisions of Section 21E of the Securities Exchange Act of 1934, as
amended. These forward-looking statements can be identified by terminology
such as "may," "will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "aims," "estimates," "confident," "likely to" and similar
statements. Among other things, the quotations from management in this press
release, as well as the Company's strategic and operational plans, contain
forward-looking statements. Forward-looking statements involve inherent risks
and uncertainties. A number of factors could cause actual results to differ
materially from those contained in any forward-looking statement, including
but not limited to the following: the Company's business strategies and
initiatives as well as its business plans; the Company's future business
development, results of operations and financial condition; changes in the
Company's revenues and certain cost or expense items; the Company's
expectations with respect to increased revenue growth and its ability to
sustain profitability; the Company's products under development or planning;
the Company's ability to attract customers and further enhance its brand
recognition; trends and competition in the e-commerce and apparel and
accessories industry; the e-commerce and apparel and accessories industry in
China may not grow at the rates projected by market data, or at all; the
failure of the markets to grow at the projected rates may have a material
adverse effect on the Company's business and the market price of its ADSs; in
addition, the rapidly changing nature of the e-commerce and apparel and
accessories industry in China subjects any projections or estimates relating
to the growth prospects or future condition of the Company's market to
significant uncertainties. If any one or more of the assumptions underlying
the market data turns out to be incorrect, actual results may differ from the
projections based on these assumptions. You should not place undue reliance on
these forward-looking statements.Further information regarding these and
other risks is included in the Company's annual report on Form 20-F as well as
in its other filings with the Securities and Exchange Commission. All
information provided in this press release is current as of the date of the
press release, and the Company undertakes no duty to update such information,
except as required under applicable law.

CONTACT: For investor and media inquiries please contact:
         In China:
         Phili Xu
         Mecox Lane Limited
         Tel: +86-21-6495-0500 or +86-21-5464-9900 Ext. 8161
         Nicholas Manganaro
         Ogilvy Financial, Beijing
         Tel: +86-10-8520-3073
         In the U.S.:
         Jessica Barist Cohen
         Ogilvy Financial, New York
         Tel: +1-646-460-9989

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