Social networking company Mixi agreed today to acquire Japan-based fashion e-commerce company Muse & Co for ¥1.76bn ($14.8m), giving exits to conglomerate Itochu and financial services firm Mitsubishi UFJ.
Muse & Co operates a membership-based online store that sells women’s fashion through flash sales, and caters mainly for a mobile-oriented user base. Around 80% of its traffic comes from smartphone users.
Muse & Co previously raised $3.4m in 2013 from Itochu, which invested through its Itochu Technology Ventures unit, Mitsubishi UFJ Capital and venture capital firm Infinity Ventures Partners.