Koovs to develop exclusive line for for FLFL's Brand Factory
Koovs has signed a contract to develop a new menswear brand for Brand Factory, an Indian discount retailer with 93 stores.
Under the terms of the agreement, the new range will be produced under the Chelsea King brand name and launch in 25 Brand Factory stores across India. The first season is expected to generate wholesale revenues of approximately £0.6m, Koovs said.
The announcement further expands Koovs’ partnership with Future Lifestyle Fashions Limited (FLFL), the owner of Brand Factory and India’s largest retail group. FLFL has become a substantial shareholder in Koovs and the two companies are working on a number of projects and activities together, including sharing studio facilities.
In addition to developing a new menswear brand, Koovs has agreed to open new concessions for its private label range in five Central stores in Bangalore, Hyderabad, Noida and Pune. This is expected to generate revenue of approximately £0.15m over the next 12 months, according to Koovs.
The brand’s private label menswear range will also be piloted in three Brand factory stores in Bangalore, Mumbai, New Delhi, generating sales of approximately £0.1m over the next year.
Mary Turner, chief executive officer of Koovs plc, commented: "The signing of this latest contract with FLFL, to develop a completely new fashion brand, and the further expansion of our strategic partnership with Future Group brings more growth opportunities for both parties. We remain convinced of the long term potential for the Indian online fashion market and for Koovs in particular."
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