MOGU Inc. operates a KOL driven online fashion and lifestyle platform in China that connects merchants, influencers and consumers to create a social shopping experience. The company runs the Mogujie mobile app, Weixin mini programs and a website where users view live stream broadcasts, short form videos and photos, discover trends and purchase products directly from the stream. The platform hosts a variety of content formats including live video broadcasts, short form videos, photographs and product reviews that are generated mainly by its network of key opinion leaders. Users can interact with hosts in real time through chat, follow their favorite streams and share content on social media. The company emphasizes a seamless shopping journey where users can discover products during a live stream and purchase them instantly via embedded links. By fostering a community where fans can comment on host profiles and participate in challenges, MOGU Inc. encourages long term engagement and content creation. By providing a marketplace for fashion items and a community for content creation, MOGU Inc. serves as a marketing channel for brands, an incubator for key opinion leaders and a destination for style focused shoppers.

MOGU Inc. generates revenue mainly from commissions on sales, marketing service fees, technology service offerings and financial service fees. The company charges merchants a commission of about 5% on standard sales and up to 10% on transactions that come from live stream broadcasts. Live stream broadcasts contributed RMB5.9 billion, RMB5.1 billion and RMB3.5 billion (about USD 0.5 billion) to total GMV for the years ended March 31 2023, 2024 and 2025 respectively. Marketing services are sold on a cost per click or cost per mille basis to brands seeking greater exposure. Technology services provide customized online operation solutions including website management, data platforms and software tools to business customers. Technology services also include data traffic improvement solutions and customized software for insurance companies. Financial services consist of consumer financing options, third party financing products displayed on the platform and short term funding for qualified merchants, earning interest or fees on those extensions. Financial services further involve credit assessment tools that use big data to evaluate user and merchant creditworthiness.

MOGU Inc. competes in China’s highly competitive fashion retail sector against large e commerce platforms, traditional brick and mortar apparel retailers and social media focused content providers. Its competitive advantages stem from a strong network of key opinion leaders, especially live stream hosts, whose content closely matches user fashion interests and drives direct product purchases. The company’s ability to seamlessly link content with merchandise, its sizable and engaged user base, flexible pricing, and its capacity to offer merchants tailored marketing and technology solutions further differentiate it from rivals. Additionally, MOGU Inc. leverages artificial intelligence and big data analytics to improve personalization, operational efficiency and risk management, giving it an edge in a data driven industry. The company’s live stream host incubation program develops new talent from diverse backgrounds. Its bottom tier host system helps attract newcomers while supporting established hosts with traffic, logistics and branding partnerships. MOGU Inc.’s AI driven recommendation engine integrates user behavior with product catalog to provide personalized feeds. The firm’s strong merchant acquisition team sources partners based on trend analysis and ensures quality through service agreements and guarantee deposits. The company’s large user base and high engagement rates make it an attractive marketing channel for brands. Its ability to offer short term financing to merchants improves liquidity and supports sales growth. The firm’s investment in cloud based infrastructure reduces operating costs and enhances scalability.

The company’s user base consists primarily of young female shoppers aged between 25 and 35 who frequently engage with live stream content and show high repeat purchase rates, with 96% of active buyers making another purchase within 30 days in March 2025. In addition, MOGU Inc. serves a diverse group of fashion merchants seeking sales and marketing support and a large pool of key opinion leaders who create the platform’s live stream and short form video content. The platform reaches users across cities and towns throughout China, with a concentration in Tier 1 and Tier 2 urban areas. Merchants range from emerging fashion labels to established domestic and international brands. The KOL community includes over 160 established live stream hosts as of March 2023, with numbers fluctuating around 130 in 2024 and 110 in 2025. Users spend an average of over 35 minutes per day watching live stream content, indicating deep engagement. The high repeat purchase rate reflects satisfaction with product selection and shopping experience.