On December 21, 2020, KBS Fashion Group Limited closed a share exchange agreement with Flower Crown Holding. Effective upon the closing of the Share Exchange, Mr. Keyan Yan resigned from his position of Chief Executive Officer but will continue to serve as Co-Chairman of the Board, a director and interim Chief Financial Officer. Upon the resignation of Keyan Yan as the Chief Executive Officer, the Board appointed Ms. Lei Sun, the shareholder of Flower, as Chief Executive Officer of the Company.