UPDATE: Mecox Lane Reports Receipt of Go Private Bid at $4/ADS

Mecox Lane Limited

("Mecox Lane" or the "Company"), a multi-brand and multi-channel retailer in China specialized in health, beauty and lifestyle products, today announced that its board of directors (the "Board") has received a preliminary non-binding proposal letter dated July 21, 2015 from CNshangquan Limited and Leading Capital Co. Ltd. (the "Consortium Members") to acquire all of the outstanding shares of the Company not already owned by the Consortium Members (including shares represented by American depositary shares, or "ADS," with each ADS representing 35 ordinary shares of the Company) in a "going private" transaction (the "Transaction") at a price of US$4.00 per ADS or approximately US$0.114 per ordinary share in cash. The Consortium Members currently beneficially own approximately 63.8% of all the issued and outstanding shares of the Company. According to the proposal letter, the Consortium Members intend to form an acquisition vehicle for the purpose of implementing the Transaction, and have agreed to work with each other exclusively in pursuing the Transaction. The Consortium Members intend to finance the Transaction with equity capital funded by the Consortium Members and any additional equity investor who may be admitted as a consortium member. A copy of the proposal letter is attached hereto as Exhibit A. The Board intends to form a special committee comprised of independent and disinterested directors and will authorize the special committee to retain legal and financial advisors to assist it in evaluating the Transaction. The Board cautions the Company's shareholders and others considering trading in its securities that the Board just received the non-binding proposal letter from the Consortium Members and no decision has been made with respect to the Company's response to the Transaction. There can be no assurance that any definitive offer will be made, that any agreement will be executed or that this or any other transaction will be approved or consummated. The Company does not undertake any obligation to provide any updates with respect to this or any other transaction, except as required under applicable law.