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

UNIDO, eWTP discuss strengthening ties to back e-commmerce

Textiles | On 25th Apr 2018

UNIDO, eWTP discuss strengthening ties to back e-commmerce

United Nations Industrial Development Organisation director general...

Courtesy: HueTrap

Apparel/Garments | On 25th Apr 2018

Making sustainability affordable is a big challenge

In a lot of instances, being sustainable comes with an additional...

Courtesy: Formosa Petrochemical Corporation

Textiles | On 25th Apr 2018

Formosa to set up petrochemical plant in Louisiana

Formosa Petrochemical Corporation has selected St. James Parish in...

Interviews View All

Headhonchos
Indian textile value chain

Adopt innovative techniques, go for automisation rather than being...

Rashi Menda
Zapyle

Every fifth sale we make on Zapyle is a repeat purchase

Mohammad Mamun Ar Rashid
UL VS Bangladesh Ltd

Productivity, creativity and innovation play a vital role in the growth of ...

Urmil Arya

Sushila International, a well established textile organisation established ...

Tejas N Patel, Navin D Patel

Founded in 1999 by Navin Patel in the name of Tejas Fabrics with 100...

Kalai Selvi

Vidyashilp Academy in Bengaluru is the country's first Fairtrade School....

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Pranav Mishra
Huemn

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

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

Leave your Comments


April 2018

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

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.9%
No
12.6%
Skip
17.5%

Total Votes: 103

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
63.1%
No
29.1%
Skip
7.8%

Total Votes: 103

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.4%
No
8.7%
Skip
3.9%

Total Votes: 103

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
82.5%
No
7.8%
Skip
9.7%

Total Votes: 103


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