2 Internet firms band into US$3b platform
Print Edition
TWO Chinese Internet firms yesterday announced their merger into a US$3 billion company that aims to be a top global online fashion and shopping platform targeting female consumers.
The merged firm, whose name has not been decided, will keep the two brands — Mogujie.com and Meilishuo.com. Chen Qi, chief executive of Mogujie.com, will become CEO of the merged firm.
Tencent Inc, one of China’s three biggest dot-com companies, has increased its investment in the merged company, they said. But no details of the investment were given.
Mogujie, founded in 2011, now has 130 million registered users. Meilishuo, founded in 2009, has more than 100 million users. Both companies target female consumers by offering them fashion information and recommendations about products.
As the two companies have overlapping business, the merger will help them increase their business scope and reduce costs, according to market observers.
The two companies said their current investors, including Tencent, IDG and Sequoia Capital, have all agreed to the merger.
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