China's online fashion company Mogu reports 20.3 pct revenue growth

Source:Xinhua Published: 2019/2/26 17:10:21

China's online fashion and lifestyle destination Mogu Inc. saw operating revenue rise 20.3 percent year on year to 367.2 million yuan (about 54.9 million U. S. dollars) in the third quarter of the fiscal year 2019 ending Dec. 31, 2018.

Mogu, invested by Source Code Capital, a venture capital firm, announced Monday its first unaudited quarterly financial results since its IPO in December in New York.

Net loss saw a 73-percent drop to 42.2 million yuan from 156.1 million yuan from the same period a year ago.

Gross merchandise value (GMV) of Mogu for the 12-month period ending Dec. 31 increased 21.5 percent year over year, primarily driven by strong growth in the live video broadcast business, according to Chen Qi, chairman and CEO of Mogu.

"Live video broadcast allows us to gather data on current fashion trends and ... to create a more efficient fashion industry value chain," Chen said.

To further drive revenue growth, the company will continue to execute its strategy which focuses on growing live video broadcast and prime services for merchants with higher commission rates, said Mogu's Chief Financial Officer Helen Wu.

Mogu's shares closed 0.19 percent higher at 15.83 US dollars Monday in New York.

Founded in 2011, the company provides young people with a more accessible and enjoyable shopping experience for everyday fashion.

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