Indian e-tailer Koovs to raise £4.5 million
London-listed fashion retailer Koovs, backed by former Asos chairman Lord Waheed Alli, is planning to raise £4.5 million through the issue of new ordinary shares to build on moment and reach its target of becoming India’s number one western fashion destination by 2020.
"This capital raising represents the next phase in the process to build our business and reflects the significant confidence that our major shareholders have in our prospects,” said Mary Turner, CEO of the company, which was admitted to trading on London’s AIM market in 2014.
According to a statement the investment will fund a product expansion, which includes the launch of additional categories such as casual wear, work wear and a basics range, and an increased marketing campaign across print, television, cinema and out-of-home displays.
Determined to achieve 12% to 15% market share by the financial year ending 31 March 2019, the e-tailer offers trend-led apparel products of branded and private labels for young and aspirational consumers in India.
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