Ruhnn Holding Limited is a China-based company that specializes in connecting influential Key Opinion Leaders (KOLs) with its vast commercial network to promote fashion products. The company has pioneered the commercialization of the KOL ecosystem in China and operates under both platform and full-service models. The platform model promotes products sold in third-party online stores and provides advertising services on KOL's social media spaces to third-party merchants. The full-service model integrates key e-commerce value chain steps such as product design, sourcing, online store operations, logistics, and after-sale services. As of June 30, 2020, Ruhnn had signed 174 KOLs with an aggregate of 263.1 million fans across major social media platforms in China.