Mecoxlane Files IPO Prospectus
China Business News, 10/08/10
Chinese B2C mail-order e-commerce company Mecoxlane has filed an incomplete IPO prospectus with the US Securities and Exchange Commission and plans to raise USD 100 mln in a Nasdaq Global Market ADS listing.
Mecoxlane currently records annual sales exceeding RMB 1 bln, with revenue derived primarily from e-commerce, mail order and brick-and-mortar retail, with e-commerce accounting for over 50% and the latter two each accounting for more than 20% of overall revenue. Mecoxlane's own apparel brands Euromoda and Rampage account for nearly 70% of sales, followed by household furnishings and decorations.
Funds raised in the IPO will be primarily used to build and improve online systems, as well as build a 140,000 square meter global operations center in Wujiang, Jiangsu province.
Mecoxlane will also accelerate retail expansion. This year, Mecoxlane will open over 300 new stores, and currently has approximately 450 nationwide.
Editor's Note: According to Mecoxlane's prospectus, the company had approximately 2.1 mln active users (those who made a purchase within the last 12 months) as of June 30, 2010. Net revenue grew from USD 61.4 mln in 2007 to USD 177.7 mln in 2009, representing a compound annual growth rate (CAGR) of 70.2%, while net income grew from USD 4.1 mln in 2007 to USD 7.2 mln in 2009, with a CAGR of 32.4%. For H1 2010, net revenue rose 41.6% YoY to USD 108 mln and net income fell 37.7% YoY to USD 2.5 mln. To view Mecoxlane's entire IPO prospectus, please click here.
Keywords: e-commerce MecoxLane Internet IPO Nasdaq retail revenue B2C active users profit
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