Home / Knowledge / News / Retail/Chain Stores / Koovs gets funding in 2019 first half

Koovs gets funding in 2019 first half

Dec '18
Courtesy: Koovs
Courtesy: Koovs
Koovs plc, the fashion-forward business, has successfully secured commitment of up to approximately £45 million of funding in the first half of fiscal 2019 (with £21.8m already received in second quarter). With funding now secured, in H2 the group has begun to rebuild stock levels and resume marketing activities, delivering encouraging green shoots.

Further, Avni Kishore Kumar Biyani has also been appointed as the non-executive director, effective from January 1, 2019.

"There is no doubt that the business faced significant challenges over the past year. Our primary focus in H1 was to secure new funding to support Koovs' growth and conserve cash to sustain the business by reducing marketing and our stock levels. In spite of these necessary short-term actions, we were able to maintain high brand awareness, increase customer engagement through our social media channels, and deliver market-leading customer satisfaction, demonstrating the resilience and strength of our brand, said Lord Alli, chairman of Koovs, adding that Avni's wealth of experience will help the company maximise the significant opportunities presented by the strategic partnership with Future Group.

Non-executive director Anant Nahata will step down from his position on the board of Koovs plc. Anant founded the Koovs online fashion platform with chairman Waheed Alli in 2013 and has been a major contributor to its development as a technology-driven fashion e-commerce destination in India.

"The funding secured in H1 allows us to get back to business and in H2 to date we have restarted marketing activities and expanded the product range, increasing the current trading margin. Longer-term, the successful fundraising represents a transformational opportunity for Koovs to drive sustainable growth, enhance margins and build a path to profitability, with partners that will help us to consistently build our brand, enhance our supply chain, and grow our product range," Mary Turner, Chief Executive Officer, Koovs, said.

"As an integrated branded fashion player, we invest in and grow leading Indian fashion brands. We are excited to have invested in Koovs, the best established affordable western fashion brand in India.  Its combination of technology, content, fashion and customer service will ensure success in the years ahead," Kishore Biyani, Future Group managing director and group CEO, said. (RR)

Fibre2Fashion News Desk – India

Must ReadView All

Possible changes to US-Korea FTA origin rules to be probed

Apparel/Garments | On 20th Mar 2019

Possible changes to US-Korea FTA origin rules to be probed

The US International Trade Commission is seeking inputs on a new...

Uzbekistan, UAE explore partnership in trade, investment

Textiles | On 20th Mar 2019

Uzbekistan, UAE explore partnership in trade, investment

Uzbekistan and the United Arab Emirates (UAE) have agreed to increase ...

Pic: Infor

Textiles | On 20th Mar 2019

ERP's future is network-centric, cloud-based: Infor

While traditional enterprise resource planning (ERP) was enterprise...

Interviews View All

Top executives, Fabric manufacturers

Top executives
Fabric manufacturers

Domestic manufacturers would get an edge over imported products

Viral Desai, Zenitex Mill Pvt Ltd

Viral Desai
Zenitex Mill Pvt Ltd

Full of green energy

Top executives, Textile industry

Top executives
Textile industry

Knowledge sharing platform needed for sustainable water management

Gagan Gulati,

Gagan Gulati

PG Silk Mills Private Limited had a humble start with a hand-dyeing unit....

Harsh Shah,

Harsh Shah

Established in 1956 with a small beginning, Embee today manufactures a...

Awanda Booth,

Awanda Booth

Held every year in New York City, Surtex is a global business-to-business...

Andreas Lukas, Andritz Nonwoven

Andreas Lukas
Andritz Nonwoven

With forces in engineering and process development, Andritz Nonwoven...

Mohammad Hassan, Biax Fiberfilm

Mohammad Hassan
Biax Fiberfilm

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

Justin Gutierrez, INDA

Justin Gutierrez

The Association of the Nonwoven Fabrics Industry (INDA) has created a new...

Ritu Kumar, Label Ritu Kumar

Ritu Kumar
Label Ritu Kumar

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

Aneeth Arora, Péro

Aneeth Arora

The Woolmark Company has partnered with handmade fashion label Péro and...

Robert Brunner, Devereux

Robert Brunner

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

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies


Leave your Comments

March 2019

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

news category

Related Categories:

Advanced Search