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Koovs gets funding in 2019 first half

25
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


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