Shares in Future Group companies jumped nearly 10% on Tuesday after an Indian court overturned an order that had stalled Future Group’s $3.4 billion deal to sell its retail assets to conglomerate Reliance Industries Ltd.
The coronavirus pandemic amid an economic slowdown has hit revenue at Indian retailers selling non essential items like clothes and jewellery by 75% so far and is likely to cause widespread job losses.
The board of Koovs has decided to place the business into administration after failing to secure additional funding to continue operations. Its founder is expected to acquire the brand and assets out of administration.
Koovs has signed a contract to develop a new menswear brand for Brand Factory, an Indian discount retailer with 93 stores. The announcement further expands Koovs’ partnership with Future Lifestyle Fashions Limited.
London-listed Koovs, the fast fashion e-tailer that targets the Indian youth market, had good news Tuesday as it updated on its trading performance in the year to March 31 and also shared details on extra funding.