Macquarie announces company board approval for split apparel and accessories business

Absrtact: August 8 News, Mecoxlane announced today that the company's board of directors approved the separation of clothing and accessories business. It will sell Mixblu and its subsidiaries to fast fashion China, which is controlled by former CEO, in accordance with an equity acquisition agreement reached on August 8, 2014. The Hand

August 8 News, Mecoxlane announced today, the company's board of directors approved the separation of clothing and accessories business. It will sell Mixblu and its subsidiaries to fast fashion China, which is controlled by former CEO, in accordance with an equity acquisition agreement reached on August 8, 2014.

The deal is expected to be completed by September this year. Prior to the agreement, Macaulay sought potential third-party Acquirers and hired an independent evaluation agency to gauge the market capitalisation of the company's apparel and accessories business.

"This is an important and exciting step in our program, and we plan to reposition Macaulay as a vibrant retail brand, expanding our vast membership base," he said. Beichun, CEO and director of Macquarie, said, "The sale of clothing and accessories, which has been underperforming for a long time and has serious negative cash flow, will give us greater flexibility in the growth of our health and beauty business." ”