Deals
Tencent-Backed Women's Fashion Site Merges With China Rival
- Meilishuo, Mogujie have combined $3 billion in online sales
- Hillhouse Capital an investor in both e-commerce websites
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China’s Meilishuo.com, a fashion retailer backed by Tencent Holdings Ltd., is merging with rival Mogujie.com to form a company with $3 billion in sales, marking the latest alliance in the country’s e-commerce industry.
Mogujie founder Chen Qi will become the chief executive officer of the merged entity, and Tencent will increase its investment, according to a statement by the new company. The combined company, with sales of 20 billion yuan last year, also is valued at $3 billion, according to an e-mail sent to employees on Monday by Chen.