Ruhnn Holding Limited (the “Company” or “Ruhnn”) is the largest internet key opinion leader (“KOL”) facilitator in China as measured by revenue in 2018, according to Frost & Sullivan. In addition, Ruhnn is China’s largest internet KOL facilitator in e-commerce as measured by gross merchandise volume in 2018 and by the number of signed KOLs, fans and online stores as of December 31, 2018, according to the same source. As of September 30, 2019, the Company had 146 signed KOLs with an aggregate of 188.8 million fans across major social media platforms in China.

The Company’s founders, Min Feng, Lei (Ray) Sun and Chao (Eric) Shen, were among the earliest entrepreneurs in China to identify and capture the commercial opportunities created by the emergence of internet KOLs in China, according to Frost & Sullivan, and started to cooperate with KOLs in e-commerce in 2014. Ruhnn pioneered the commercialization of the KOL ecosystem through a full-service model, integrating key steps of the e-commerce value chain, including product design and sourcing, online store operation, logistics and after sales services. The Company launched its platform model in 2017 to provide KOL sales and advertising services to brands and other merchants, allowing Ruhnn to operate in a more asset-light manner and collaborate with a greater number and variety of KOLs.