Mogujie to buy Tencent-backed rival Meilishuo

The two Chinese fashion, e-commerce startups are joining forces to form a new venture valued at some $3 billion as the industry consolidates amid a tougher fundraising climate.

Mogujie to buy Tencent-backed rival Meilishuo

Internet fashion start-up Mogujie is taking over key rival Meilishuo to form a new company valued at some $3 billion as China's e-commercial industry continues to consolidate amid fierce competition and a harder fundraising climate.

Mogujie, which means “Mushroom Street” in English, has agreed to acquire Tencent-backed Meilishuo, or “Beauty Talk”, through a 21 share swap, the online social-shopping firm said on Monday. 

As part of the deal Tencent...

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