Mogu trims losses as live-stream sales drive 11% revenue growth

Mogu (NYSE:MOGU), the Hangzhou-based fashion destination, signaled a steady recovery on Thursday as it narrowed its operating losses for the six months ended Sept. 30, 2025.

Total revenues rose 11% to RMB 68.7 million ($9.6 million), up from RMB 61.9 million in the prior-year period.

The improvement was headlined by a 24.3% jump in Gross Merchandise Value (GMV) associated with Live Video Broadcasting (LVB), which reached RMB 1.73 billion ($243.6 million) as the company’s "KOL-driven" strategy gains traction.

CEO Fan Yiming noted that the company’s recent focus on refining product conversion rates and implementing tailored sales incentives for its Key Opinion Leaders (KOLs) has begun to pay off.

Mogu has expanded its footprint beyond its own platform, signing over 60 fashion influencers across various social e-commerce platforms to stabilize its Multi-Channel Network (MCN) operations.

This diversification has allowed Mogu to rank among the top three live-streaming agencies on several external platforms, creating a broader ecosystem for its brand partners.

While the company remains in the red, its loss from operations narrowed significantly to RMB 32 million ($4.5 million), compared to a loss of RMB 41.4 million a year earlier.

Financial Controller Qi Feng emphasized that Mogu will remain focused on "cost reduction and efficiency enhancements" throughout 2026.