Separately, the company has reached a binding agreement, subject to shareholder approval, with Future Lifestyle Fashions Limited (“FLFL”), part of Future Group, on the mechanics for which FLFL will invest the balance of additional funding of approximately £10.5 million into the company, the proceeds of which will be used to support Koovs’ growth strategy.
“Koovs has been through challenging times over the last couple of years. Mary and the team have taken the decisive actions necessary to help navigate through these disruptions further highlighting the resilience of our business model and the strength of the team. With the support of our shareholders, the team is now driving the business forward and we are confident we can achieve strong growth this financial year. I would like to personally thank everyone for all their hard work and dedication throughout this testing time,” Lord Waheed Alli, chairman of Koovs, said.
"The external factors that disrupted our business are now firmly behind us. We have deployed the funds raised in 2018 to resume marketing activities and expand the product range - this was the driving force behind the growth in sales and trading margin experienced in the second half of the year. We are now building on this positive momentum and are starting to deliver the growth we always believed the Company is capable of,” Mary Turner, Koovs’ chief executive officer, said. (RR)
Fibre2Fashion News Desk – India
| On 25th Oct 2021
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