×
316
Fashion Jobs
MEDCIS PATHLABS INDIA PVT LTD
Medcis Path Labs is Hiring For Pathology Area Sales Manager-Chennai
Permanent · Chennai
TIME TECHNOPLAST
Area Sales Manager
Permanent · Andheri
LIFE TURN MANAGEMENT CONSULTANT
sr. Manager Production - Sricity, Tada - Mnc Company - Engineering Ind
Permanent · Tada
MCKENZIE
Hiring For Retail Store Merchandiser / Manager
Permanent · Chennai
V2B GLOBAL CONSULTANTS
sr Technician Apparel -Buying Office
Permanent · Gurugram
MANPOWERGROUP SERVICES INDIA
Opening || Horeca Sales Manager || Kolkata
Permanent · Kolkata
ADIDAS
Senior Product Owner - Machine Learning & ai
Permanent · GURUGRAM
ADIDAS
Senior Technology Consultant - Omnichannel
Permanent · GURUGRAM
PUMA
Manager- Warehouse (B2C)
Permanent · Bengaluru
HARMAN FINOCHEM
sr. Manager- Api Production For Srp With Leading Pharma @ Aubad
Permanent · Aurangabad
PNB HOUSING
Area Sales Manager
Permanent · Thane
PNB HOUSING
Area Sales Manager
Permanent · Pune
JM FINANCIAL HOME LOANS LTD
Area Sales Manager - Home Loans
Permanent · Chennai
DANIEL WELLINGTON
IT Support Specialist
Permanent · MUMBAI
DBS BANK
Hiring For Area Sales Manager - Gold Loan
Permanent · Karaikal
DBS BANK
Hiring For Area Sales Manager - Gold Loan
Permanent · Thiruvarur
DBS BANK
Hiring For Area Sales Manager - Gold Loan
Permanent · Tirunelveli
AVANTOR
Area Sales Manager- Lab Consumables
Permanent · Pune
ADIDAS
Manager Brand Activation Originals
Permanent · GURUGRAM
ZACH LIFESTYLE PVT. LTD.
Manager - Content & Social Media
Permanent · MUMBAI
NEW ALFA INTERNATIONAL
Foundry Production Manager
Permanent · Dubai
MEDCIS PATHLABS
Medcis Pathlabs is Hiring For Pathology Area Sales Manager
Permanent · Visakhapatnam
Published
Dec 10, 2019
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Koovs to go into administration, founder Waheed Alli steps in

Published
Dec 10, 2019

The board of Indian fashion retailer Koovs has decided to place the business into administration after failing to secure additional funding to continue operations.


Koovs


Koovs suspended trading in its shares on the AIM market on Tuesday morning following the announcement.

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.

Future Lifestyle Fashions Limited had committed to invest £6.80 million in Koovs via a share subscription, however the Indian fashion company has yet to receive £6.5 million of that funding.

“Koovs is disappointed to announce that, as a result of the failure by its largest shareholder, Future Lifestyle Fashions Limited (part of Future Group, India's largest retail group), to fulfil a contractual commitment to invest a further £6.5 million into the company, and the failure by the company to secure alternative sources of funding, the board of Koovs plc has resolved to apply to place Koovs plc into administration,” it announced in a statement on Tuesday.

But this is not the end of the growing online fashion business, as its founder, Waheed Alli, is expected to acquire the business and assets out of administration.

And it seems he wants to take the company private, as Koovs said it has “no current intention” of appointing a new nominated adviser following Strand Hanson Limited’s resignation. All London AIM-listed companies must have an adviser at all times, and failure to appoint one within one month would lead to a cancellation of the company’s shares.

An administrator will be appointed in due course.

London-based Koovs is “the only online western fashion brand” in India. It posted encouraging results for the second quarter of the year, with a 100% increase in gross order value (GOV) to £5 million, growing website traffic and an uplift in trading margin.

But the Indian e-commerce market is still at an early stage, and the company’s scale is not large enough yet to have profitable manufacturing volumes. In the year to 31 March 2019, Koovs had a pre-tax loss of £15.5m.

Copyright © 2023 FashionNetwork.com All rights reserved.