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, a UK-based Indian e-tailer, is working with Future Lifestyle Fashions Limited, India’s largest retail group, to review their options and consider new fundraising routes after their deal hit the rocks last week.
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-based Koovs, the fast fashion e-tailer that targets the Indian market, has had plenty of challenges to deal with in the last few years, but its recent funding and trading boost have put it back on track.
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.