Mogu (MOGU) has released an update.
MOGU Inc., a leading online fashion and lifestyle platform in China, has reported a 34.3% decrease in total revenues for the first half of fiscal year 2024, attributing the downturn to stiff competition and declining gross merchandise value (GMV), which fell by 6%. Despite the challenges, MOGU is shifting gears by providing extensive services to key opinion leaders (KOLs) and merchants, aiming to cut operational costs and tap into new revenue streams through diverse live streaming channels. The company remains optimistic about enhancing financial resilience and sustainable growth through its strategic adjustments and efficiency improvements.
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