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Cost-saving initiatives help Koovs to narrow losses

Thu, 13th Dec 2018 09:58

(Sharecast News) - AIM-listed online fashion retailer Koovs said on Thursday that it had narrowed its interim losses thanks to cash preservation and cost-saving initiatives.In the six months to 30 September, the pre-tax loss narrowed to £6.4m from £7.8m the year before, with revenue down 40% to £2.1m. Operating expenses fell by 28% to £5m in the first half, while marketing spend was reduced by 46% and stock levels were cut by 49% to conserve cash.During the period, the group secured a commitment of up to around £45m of funding, with £21.8m already received in the second quarter, to deliver on its ambitions to achieve scalable growth in the coming years.Koovs received an investment of £5.8m in July from India's largest retail group, Future Lifestyle Fashion Limited, with an additional £9.5m to £10.5m to be subscribed for upon satisfaction of certain conditions. In addition, Indian media company and Hindustan Times owner HT Media has made an equity investment worth £17.1m over four years, while a further £12m was secured from directors and existing and new shareholders.Chief executive officer Mary Turner said: "The funding secured in H1 allows us to get back to business and in H2 to date we have restarted marketing activities and expanded the product range, increasing the current trading margin."Longer-term, the successful fundraising represents a transformational opportunity for Koovs to drive sustainable growth, enhance margins and build a path to profitability, with partners that will help us to consistently build our brand, enhance our supply chain, and grow our product range."At 0955 GMT, the shares were down 4.2% to 8.48p.
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6 Aug 2018 17:27

DIRECTOR DEALINGS SUMMARY: Koovs Directors Buy GBP1.6 Million Stock

LONDON (Alliance News) - The following is a summary of director dealings reported in London on Monday.----------Koovs said several directors bought shares in the fashion retailer all

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6 Aug 2018 15:18

DIRECTOR DEALINGS: Koovs Directors Buy GBP1.6 Million Worth Of Shares

LONDON (Alliance News) - Koovs PLC said several directors bought shares in the fashion retailer company, all in separate transactions on Monday.Executive Chairman Waheed Alli acquired 10.0

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25 Jul 2018 16:03

UK Shareholder Meetings Calendar - Next 7 Days

Thursday 26 JulyGB GroupPaypointTelecom PlusEIHAvocet La Capital 27

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6 Jul 2018 16:30

Koovs Raises GBP12 Million Through Share Issue At 15 Pence Each (ALLISS)

LONDON (Alliance News) - Indian online clothing retailer Koovs PLC said Friday it raised GBP10.5 million via ashare issue.The company raised slightly more than the GBP10 million it planned

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4 Jul 2018 14:09

Indian Online Retailer Koovs To Raise GBP16 Million Via Share Issue (ALLISS)

LONDON (Alliance News) - Shares in Indian online clothing retailer Koovs PLC surged Wednesday after it said that it will raise GBP15.8 million via a share subscription agreement with retail group

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18 Jun 2018 11:03

Shares In Koovs Surge As It Inks GBP24 Million Contract With HT Media

LONDON (Alliance News) - India focused online fashion clothing retailer Koovs PLC on Monday said it signed a GBP24.0 million two-year deal with HT Media Ltd.Shares in Koovs jumped 19% the a

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18 Apr 2018 13:08

Koovs Knows No Specific Reason Behind Share Price Movement

LONDON (Alliance News) - Koovs PLC on Wednesday said it knows of no specific reason for the sharp rise in its share price.The India based online fashion retailer's stock has jumped 28%

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9 Mar 2018 12:35

DIRECTOR DEALINGS: Koovs Non-Executive Director Nina Amin Buys Shares

LONDON (Alliance News) - Koovs PLC said on Friday that Non-Executive Director Nina Amin bought shares in wholesale company on Thursday.Amin purchased 200,000 shares at

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15 Feb 2017 16:12

Koovs win major Indian website award

(ShareCast News) - India-focussed online fashion business Koovs announced on Wednesday that it was named 'Most Popular Fashion Portal Preferred by Youth' at the annual Global Youth Marketing Forum in Mumbai. The AIM-traded company said the Global Youth Marketing Forum and Awards, organised by CMO As

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25 Jan 2017 08:29

Koovs sales double despite demonetisation in India

(ShareCast News) - Indian online fashion retailer Koovs sales doubled despite the impact of demonetisation in the country, however it expects that future sales growth would be affected but with no overall effect on profitability. For the nine months ended 31 December 2016, sales doubled year-on-year

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22 Dec 2016 09:34

Koovs sales double but losses surge amid India's 'black' money crackdown

(ShareCast News) - Koovs' enjoyed strong sales growth in the first half of the year but losses widened by almost two thirds as the Indian online fashion retailer was hit by the government's demonetisation programme as it bids to clamp down on 'black money'. For the six months ended 30 September, rev

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17 Nov 2016 14:43

Koovs completes £12.9m fundraise early

(ShareCast News) - India-focused online fashion retailer Koovs confirmed the completion of £12.9m funding on Thursday, including a strategic investment of £3.9m from The Times of India Group, £7m from new and existing investors and the early closure of the broker option due to excess demand. The AIM

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17 Nov 2016 13:16

Koovs Confirms Completion Of GBP12.9 Million Funding Round (ALLISS)

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5 Sep 2016 11:20

Koovs' sales surge as investment boosts web traffic

(ShareCast News) - Indian online fashion retailer Koovs' sales more than doubled in the second quarter as brand awareness and weekly web traffic surged thanks to recent investment. In the four months to 31 July, sales grew 115% to £5m year-on-year as brand awareness increased to 18% from 1% which dr

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5 Sep 2016 07:41

Koovs Says Rising Brand Awareness Gives Boost To Sales

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