Fosun Fashion Group Forms Strategic Alliance with Baozun, Activation and Other Industry Partners to Capture Untapped Potential in Luxury Sector

Fosun Fashion Group is a global luxury platform owning Lanvin,Wolford,St John and Caruso

Baozun is China's leading brand e-commerce service partner and Activation Group is China's leading integrated marketing solutions provider

With more than 50% of global luxury purchases expected to come from Chinese consumers by 2025,the strategic alliance formed to maximize partners' brand operation,omni-channel,marketing and financial expertise

Baozun and Activation both become minority shareholders in Fosun Fashion Group

HONG KONG and SHANGHAI,April 28,2021 -- Fosun Fashion Group (Cayman) Limited ("Fosun Fashion Group" or "FFG"),a subsidiary of Fosun International Limited (HKEX: 00656.HK),announced today a strategic alliance with Baozun Inc. (NASDAQ: BZUN and HKEX: 9991) ("Baozun"),the leading brand e-commerce service partner in China; Activation Group (HKEX: 9919) ("Activation"),the leading integrated marketing solutions provider for global luxury brands in China; and other seasoned industry players,to capitalize on the emerging demand for luxury brands in China.

FFG manages a portfolio of heritage brands covering a full spectrum of fashion luxury categories,and it is one of the first movers to create a global luxury fashion group in China. The consortium aims to serve the ever-changing global luxury market by developing a top-tier ecosystem to promote additional operational value in China. The alliance shares a belief in the China market being one of the brightest spots in the global luxury market,with prospects for exponential growth,together with a faith in the critical importance of China's e-commerce and consumer expectation to global brands.

The strategic alliance will work together to develop best practices and best results for FFG's existing brands in China,while exploring opportunities to introduce new brands to the China market. Baozun,Activation and others will become minority shareholders in FFG and the preferred one-stop platform for all brands in FFG's portfolio in their respective fields,as well as FFG's preferred partner in exploring new business models and solutions for brand expansion. FFG believes that,this investment in FFG creates a unique opportunity for all partners to work closely to capture this potential.

"As the global landscape of e-commerce and digitalization changes,there is no doubt that it is changing faster in China than in any other market," Joann Cheng,Chairman of FFG said. She added,"We made a strategic decision to form this consortium through a capital transaction,so that we can leverage the operational experience our partners have built over the years,for example,Baozun's cutting-edge expertise to introduce our brands to this very dynamic market. We have been impressed by Baozun's leadership in providing technology-empowered infrastructure,serving brand e-commerce in an integrated,digitalized and holistic ecosystem,as well as its omni-channel capabilities and innovation.

Activation has been one of the top players in the market for years as it focuses on creativity and technology to connect offline consumers with the big data system and to provide luxury clients with a one-stop integrated online and offline marketing solutions. It is one of the very few companies in China with an international perspective while it specializes on satisfying the needs of the local market.

Last but not the least,this alliance also includes other players such as our retail and supply chain partners,which also serve a critical role in the luxury market. We believe this strategic alliance is the first step in a deeper and broader long-term relationship with Baozun,Activation and others,while continuing a successful journey with our brand partners in China."

Mr. Vincent Qiu,Chairman and Chief Executive Officer of Baozun commented,"We are pleased to have established a strategic alliance with Fosun Fashion Group and are excited about the opportunities ahead. Fosun Fashion Group not only brings us an extended portfolio of luxury brand partners,but also gives us deeper insight into the global luxury sector. The alliance helps to extend our value chain in the luxury segment,taking advantage of Fosun Fashion Group's strong understanding of the brands,and track record in brand building. China is on its way to becoming the main growth driver of the global luxury market. We believe our unique position in the sector will bring added value to our brand partners,while at the same time contributing in a healthy and sustainable way to our top and bottom lines within the next three to five years."

Mr. Steve Lau Kam Yiu,Joint-chairman and Chief Executive Officer of Activation,said: "We are truly excited to become part of this strategic alliance in the luxury fashion arena. Over the past year,we have seen that China's market was leading the recovery of the luxury goods economy. With the revival of China's consumption and demand for diversified fashion products,Chinese consumers are now going for high-quality products,services,and unique experiences. Over the years,the Activation Group has been helping international luxury brands to engage Chinese customers and keep them abreast of the latest trends in China. We are pleased to have partnered with the Fosun Fashion Group which also shares the same commitment to help fashion brands smartly leverage their DNA and knowhow so they achieve sustainable growth. We believe our rich experience and expertise in providing comprehensive sales and marketing solutions can add value and create more business opportunities for this strategic alliance and assist brands under the Fosun Fashion Group to successfully penetrate the China market and eventually become a leader in the fashion trend."

About Fosun Fashion Group (FFG)

Launched in 2017 and based in Shanghai,China,FFG is a multi-disciplinary industry platform under Fosun International Limited that focuses on in-depth operations and strategic investments in luxury fashion. Rooted in China with a global vision,FFG is able to provide the complete solution for brands' sustainable growth. FFG believes that long-term value can be created through a variety of strategic initiatives. These include brand building,talent recruiting,product development,strategic alliances,channel expansion,digitalization,as well as full-spectrum local operation provided through its China operation arm,Fosun Fashion Brand Management (FFBM). Through its unique approach and position,FFG looks to create and connect cross-border communities,empower talent and drive growth. FFG's current brand portfolio includes Lanvin,St. John,and Caruso. For more information,please visit http://fashion.fosun.com/.

About Baozun Inc.

Baozun Inc. is the leader and a pioneer in the brand e-commerce service industry in China. Baozun empowers a broad and diverse range of brands to grow and succeed by leveraging its end-to-end e-commerce service capabilities,omni-channel coverage and technology-driven solutions. Its integrated one-stop solutions address all core aspects of the e-commerce operations covering IT solutions,online store operations,digital marketing,customer services,and warehousing and fulfillment. For more information,please visit http://ir.baozun.com.

About Activation Group Holdings Limited

Activation Group Holdings Limited is a leading and fast-growing integrated marketing solutions provider and brands and international IPs operator that focuses on the provision of experiential marketing,digital and brand communication,and public relations services which mainly operates in Greater China. The shares of the Company were listed on the Main Board of The Stock Exchange of Hong Kong Limited on 16 January 2020. The Group also focused on tapping into the sports and entertainment IP development sector. Since 2016,the Group has started its IP development business for sports market where the Group entered into cooperation agreements with each of LaLiga and Amaury Sport Organisation for granting the Group exclusive rights to organise authorised events with LaLiga Club brand and Le Tour de France brand and other rights for marketing,sponsorship,merchandising and other uses in the PRC. In 2017,the Group also established Stufish Asia Limited with Stufish Productions Limited tap into the entertainment IP development business.

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