MOGU Inc.

MOGU Inc. operates as a KOL-driven online fashion and lifestyle destination in China. The company offers an accessible online shopping experience for everyday fashion. Its platform connects merchants, Key Opinion Leaders (KOLs), and users, functioning as a marketing channel for merchants and an incubator for KOLs. Users can discover and share fashion trends within this community. In July 2021, MOGU Inc. acquired Ruisha Technology to explore global merchant operations. Ruisha Technology serves leading retail brands by providing private domain operation and product systems, as well as one-stop brand-wide integrated marketing solutions. In August 2025, Ruisha Technology repurchased its shares, reducing MOGU Inc.'s interest from 59.6% to 48.2%. MOGU Inc. deconsolidated Ruisha Technology effective August 31, 2025. The company's platform features content primarily in live-streaming format, created by its KOL base. This content distills styles and trends, often showcasing products from merchants, and guides users from discovery to purchase. Merchant partners are attracted by the platform's user base and incentivize KOLs with fashion products to produce engaging content. The content includes live video broadcasts, short-form videos, photographs, and product reviews. Users can directly purchase products promoted during live video broadcasts by clicking on links within the channels.