Home / Knowledge / News / Fashion / HT Media pumps 3.3 mn pounds into Koovs
HT Media pumps 3.3 mn pounds into Koovs
09
Jun '16
Courtesy: Koovs
Courtesy: Koovs
UK-based Koovs Plc, the parent firm of Indian lifestyle e-commerce venture Koovs.com, has announced raising 3.3 million pounds (over Rs 30 crore) from HT Media Ltd and Dragon Asia Holdings Pte Ltd to fund its marketing and brand building activities in India with HT Media's contribution being 3 million pounds.

In a statement on Wednesday, Koovs said it has issued 1.2 crore new ordinary shares at a price of 25 pence per ordinary share to HT Media translating to 8.2 per cent stake in the enlarged issued share capital of the fashion portal.

In line with the Company's strategy, the funds will be used for investment in marketing and Koovs will continue to use the assets of HT Media to build brand awareness in India and accelerate Koovs' growth.

The company also issued 12 lakh new ordinary shares at a price of 25 pence per share to Dragon Asia Holdings Pte Ltd taking total holding in it to 19.2 per cent.

"This investment shows further momentum in our Capital Raising and supports our focus on marketing in order to accelerate brand awareness and sales growth for Koovs in India. Our ambition remains to become India's number one western fashion destination in India by 2020," Koovs CEO Mary Turner said in a statement.

Earlier in April this year, Koovs had announced raising of 21.9 million pounds in the initial phase. The second tranche of fund raising from HT Media and Dragon Asia Holdings represent approximately 10 per cent of the existing issued share capital of the company. (SH)

Fibre2Fashion News Desk – India

Must ReadView All

Textiles | On 26th May 2017

Lenzing unleashes new eco-friendly fibre

There's a new eco-friendly fibre on the anvil—Austrian speciality...

Apparel/Garments | On 26th May 2017

Benetton seeks approval for FDI in single-brand retail

Global fashion brand Benetton Group, has sought Indian government's...

Apparel/Garments | On 26th May 2017

Walmart to conduct GST workshops for SME suppliers

With the objective of supporting its small and medium-sized (SME)...

Interviews View All

Akash Khetan
Narayan Tex Fab

I find it hard to find professionals in Surat

Rahuul Jashnani
Jashn

‘Online economy has changed the whole dynamics of buying habits.’

Abhishek Samdaria
Reflete

GST will certainly reduce a lot of paperwork in future

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
May 2017

May 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search