Koovs to invest 23 million pounds on India expansion
London-listed fashion e-commerce firm Koovs plc amidst dropping sales in the UK market is looking to expand its base in India to boost its overall sales and increase profitability.
Despite being based in the UK, Koovs targets the Indian market offering Western-style fashion and looking to make further inroads in the country’s online fashion market currently dominated by Flipkart, Myntra, Jabong and Amazon.
Koovs has earmarked around 23 million pounds (approx Rs 207 crore) on its India expansion which will be majorly invested on marketing and branding to enhance the visibility of the firm among a host of other fashion e-commerce firms.
“We will need up to GBP 50 million to fund our acceleration plan. This will be done in tranches. This year, we are looking at about GBP 22-23 million, which we expect to, close in the new few months,” Koovs Chairman Waheed Alli was quoted as saying by news agency PTI.
Commenting on the growth opportunity in the Indian market he said, “Demonetisation had hit the sector but now we believe growth is returning and presents a big opportunity. The apparel and lifestyle segment of the e-commerce market is growing at a significant pace”.
Koovs has already invested 70 million pounds in the fashion business and currently in talks to raise an additional 50 million pounds to scale up its operations.
With the Indian fashion market growing at a rapid pace, it looks like a good move by Koovs to strengthen its position in the country’s fashion e-commerce market as there are very few etailers that offer Western fashion and designer wear.
Copyright © 2022 FashionNetwork.com All rights reserved.