Online fashion retailer Koovs Plc. reported an 8.6% rise in revenues for FY19, up to Rs 59 crore from Rs 54.3 crore reported in 2017-18, according to the company’s annual report.
“Koovs is firmly back on track, evidenced by the 104% growth in Q1 trading. We are excited about the rest of the year, as we continue to invest in both marketing and product range,” said Lord Waheed Alli, chairman, Koovs, according to reports.
Koovs’ total comprehensive loss for the year ended 31 March 2019, however, widened to Rs 137.9 crore from Rs 134.27 crore in the year-ago period, as its operating expenses grew 12% to Rs 123.2 crore. The gross order value stood at Rs 117.8 crore down 6% from a year earlier.
Koovs, a London-based, India-specific e-commerce website selling men’s and women’s western wear and accessories online, has also tied up with local and international designers and brands such as Nike, Being Human, and Cover Story. The fashion retailer’s private label products are designed in London.
In FY19, the company raised £22 million, including a strategic investment of £5.8 million from Future Lifestyle Fashions Ltd, which is part of the Kishore Biyani-led Future Group.
“Building on the success in the last three months of 2018-19 we expect to return to significant full-year growth in 2019-20 with a focus on securing a continued improvement in trading margins,” said Mary Turner, the chief executive officer of Koovs, reports.
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