Koovs continues to be lossmaking but its losses are reducing as margins improve and its recent funding round has left it confident of future growth in a market where only 1% of sales currently happen online.
E-commerce firm Koovs has completed the £24.0 million ($31.79 million) deal with strategic partner HT Media Limited and has also extended the deal to over a four-year period from the two-year deal previously announced.
The company announced that Future Lifestyle Fashions Limited has agreed to subscribe for up to a 29.9% stake in Koovs in a ‘transformational’ deal that will help it raise cash and reach more customers.
London-listed fast fashion e-tailer Koovs is scoring big on customer satisfaction in the Indian market with the firm having just said that it achieved the highest NPS (Net Promoter Score) in a key study.
London-listed Koovs has been facing cash flow issues in recent periods and has been focused on preserving cash, but on Monday it said it has struck a deal worth £24 million as part of its financing drive.
London-listed fashion e-tailer Koovs has delivered a trading update, unveiled a strategic plan to “deliver scale and profitability” and has also announced that it wants to raise £50 million as its cash reserves are low.