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Mecox Lane Limited Announces Fourth Quarter And Full Year 2010 Results

Operating Expenses

Total operating expenses were $89.9 million for the full year 2010, representing an increase of 25.2% from $71.8 million for the full year 2009.

Selling, general and administrative expenses were $86.2 million for the full year 2010, representing an increase of 25.9% from $68.5 million for the full year 2009. The increase was primarily due to the Company enhanced advertising efforts and increased labor expenses.

Depreciation and amortization expenses were $4.5 million for the full year 2010, an increase of 24.2% from $3.5 million for the full year 2009. The increase was primarily due to investments in the logistics centers and investments in the Internet platform infrastructure.

Income from Operations and Operating Margin

Income from Operations and Operating Margin

Income from operations for the full year 2010 was $5.0 million, representing a decrease of 43.5% from $8.8 million for the full year 2009. Operating margin for the full year 2010 was 2.2%, compared to 4.9% for the full year 2009.

Net Income and Earnings per ADS

Net income was $4.4 million for the full year 2010, representing a decrease of 38.4% from $7.2 million in 2009. Non-GAAP net income was $7.8 million for the full year 2010, representing a decrease of 20.9% from $9.9 million for the full year 2009. Diluted earnings per American depositary share ("ADS") attributable to Mecox Lane shareholders was $0.059 for the full year 2010. One ADS represents seven ordinary shares.

Business Outlook

The Company estimates that for the full year of 2011, its total Internet revenue will achieve year-on-year growth of 40%.

The above estimates are the Company's preliminary view and are subject to change.

Conference Call Information

Mecox Lane management will hold an earnings conference call at 9:00 p.m. U.S. Eastern Standard Time on March 1, 2011 (10:00 a.m. Shanghai/Hong Kong Time on March 2, 2011) to discuss results and highlights from the quarter and answer questions. A brief presentation to accompany the earnings call will be available on the Company's website, http://ir.m18.com , at 7:30 p.m. U.S. Eastern Time on March 1, 2011 (8:30 a.m. Shanghai/Hong Kong Time on March 2, 2011)

The dial-in numbers and passcode for the conference call are as follows:

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