Home / Knowledge / News / Fashion / Koovs raises Rs 212 cr to fuel India growth
Koovs raises Rs 212 cr to fuel India growth
02
May '16
Courtesy: Koovs
Courtesy: Koovs
London-based Koovs has raised 21.9 million pounds (about Rs 212.4 crore) to expand operations in the coming e-commerce market in India.

Koovs, the parent company of Indian lifestyle e-commerce venture of the same name, is listed on the London Stock Exchange.

The company which focuses on the western wear category in India, has seen registered userbase growing to one million. This is an increase of 226 per cent over the last year.

The latest fund raising involves an issue of 87.6 million new ordinary shares at a price of 25 pence per ordinary share.

This capital raising includes investments from both existing shareholders and new institutional investors, including Ruffer LLP.

"India's online fashion market is expected to increase five-fold by 2020 to 1.5 billion pounds (about Rs 14,559 crore) and we have a clear strategy to accelerate Koovs' growth in this market," Koovs CEO Mary Turner said in a statement.

The capital raising demonstrates the confidence of both new and existing investors in the company's strategy and provides further investment to scale the business, she added.

Koovs aims to become India's number one western fashion destination by 2020 and today's announcement marks a next significant step towards that goal, she added.

Besides, Koovs has authority to raise up to an additional 8.1 million pounds (about Rs 78.5 crore) prior to June 30, 2016.

"In addition, some funds will be used to acquire the remaining 38.6 per cent stake in Koovs Marketing Consulting (Koovs India), as a result of which Koovs will own 100 per cent of its subsidiary," the statement said.

The shares, being bought from Infotel E-Commerce (a company controlled by Anant Nahata) will be purchased for a total cash consideration of 9 million pounds.

According to the Koovs annual financial statements, its Indian arm suffered a pre-taxation loss of Rs 63.25 crore (6.4 million pounds) for the year ended March 31, 2015.

Turner had recently said the company expects to see a three-fold growth in business this year. (SH)

Fibre2Fashion News Desk – India

Must ReadView All

President Donald Trump; Courtesy: White House

Textiles | On 23rd Jan 2017

US textile industry eager to work with President Trump

The US textile industry is eager to work with President Donald Trump...

Textiles | On 23rd Jan 2017

LyondellBasel expands Texas plant ethylene capacity

US based producer of petrochemicals and speciality chemicals...

Textiles | On 23rd Jan 2017

China’s cotton imports down 39% in 2016

China’s total cotton imports declined by 39.1 per cent to ...tons in...

Interviews View All

Pinkesh Jain
Everflow Petrofils Ltd

‘An innovative technology which India needs desperately is the...

Milind Khandwe
Hindoostan Innovation Centre

‘Modern technical textile is an indispensable tool for science and...

Sunil Kumar Sharma
Loknayak JPNSSSG Ltd

'The blend of cotton–linen yarn has high demand in the domestic and...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Mohammad Hassan
Biax Fiberfilm

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

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

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
January 2017

January 2017

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

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search