India : Online fashion retailer Koovs raises £10.9mn in new funding

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Home / Knowledge / News / Apparel/Garments / Online fashion retailer Koovs raises £10.9mn in new funding

Online fashion retailer Koovs raises £10.9mn in new funding

21
Nov '16

Koovs plc, a UK based online fashion retailer has raised £10.9 million or approximately Rs 92 crore, which includes £7 million from existing and new investors and also £3.9 million from the Times of India Group. The online retailer raised these funds through the issue of 21,700,000 new ordinary shares at the rate of 50 pence per ordinary share.

In a statement, Koovs said the capital raise is part of the final tranche of the company's three-year investment programme to raise approximately £35 million that was announced in September 2015.

With this fresh round of funding, the total amount raised under this programme totals £31 million till date.

The retailer also informed that it has received firm indications of interest of additional investment from other investors amounting to £2 million, while it also authorised its broker Peel Hunt to raise up to £2 million pounds through the broker option. (AR)

Fibre2Fashion News Desk – India

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