Koovs fires half of its employees
The UK-based fast-fashion retailer Koovs is in the process of downsizing its operations and has fired almost half of its staff.
Around 140 people has been sacked across all verticals mostly from the buying, merchandising and marketing teams, the Economic Times reported citing sources.
“Koovs has successfully re-financed the business and re-focused its business priorities, which included streamlining of some of its operations. We have been instrumental in bringing the latest in international fashion to Indian wardrobes and will endeavour to become the ‘go-to’ western fashion destination for India’s millennials and Gen Z,” said Mary Turner, CEO of Koovs.
The company started seeking financing after a funding deal with Future Lifestyle Fashions Limited (FLFL), one of the top 10 fashion apparel companies in the world, ran into trouble earlier this year.
Koovs had earlier reduced stock purchases and marketing spend to protect its cash position.
The company had posted encouraging results for the second quarter of the year, with a 100 percent increase in gross order value, growing website traffic and an uplift in trading margin.
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