Ruhnn Holding, Ltd. ("Ruhnn") is a leading internet key opinion leader ("KOL") facilitator in China. Ruhnn connects influential KOLs who engage and impact their fans on the internet to its vast commercial network to build the brands of fashion products. As of March 31, 2020, Ruhnn had 168 signed KOLs with an aggregate of 206.3 million fans across major social media platforms in China.
Ruhnn pioneered the commercialization of the KOL ecosystem in China and operates under both full-service and platform models. Ruhnn's full-service model integrates key steps of the e-commerce value chain from product design and sourcing and online store operations to logistics and after-sale services. The platform model launched in 2017 promotes products sold in third-party online stores and provides advertising services on KOL's social media spaces to third-party merchants, allowing Ruhnn to operate in a more asset-light manner and collaborate with a greater number and variety of KOLs.