We are a women's handbag company. Based on online retail sales revenue, we ranked first in the Chinese online mid-range women's handbag market in 2016. We mainly design, promote and sell women's handbags, small leather goods and travel goods (including handbags, clutches, wallets, coin purses, card holders and luggage) in China. Our brand portfolio includes two brands, namely (i) our franchised brand ELLE; and (ii) our own brand Jessie & Jane. Various brands cater to the preferences of consumers of different age groups. Generally speaking, we develop and design our products and hire suppliers (for manufacturers) to manufacture such products. We have in-house quality control measures to ensure that manufactured products produced by our suppliers meet strict quality standards before they are shipped to our sales network (covering online and offline retail outlets). We sell our products directly to end customers through our online and offline retail outlets, and we also sell our products to third party retailers on a wholesale basis. Third party retailers then sell our products to end customers through online or offline retail outlets operated by them.