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Koovs gross orders improve in H2, announces funding

Tue, 07th May 2019 07:53

(Sharecast News) - Online retailer Koovs, which caters to the Indian market, said on Tuesday that it has agreed further funding from Future Lifestyle Fashions Limited (FLFL), as it said gross order value for the year to 31 March 2019 slipped.FLFL, which is part of India's largest retail group, Future Group, will invest a further £10.5m into the company. This will be done in two tranches, with the second being subject to shareholder approval at a general meeting to be convened shortly.The first tranche of the funding involves FLFL subscribing for 45.8 million new shares at 8p each. The second tranche will see FLFL subscribe for 24m compulsory convertible preference shares. The implied investment price is approximately 28.36p per new ordinary share.Chief executive officer Mary Turner said: "With the full amount of the new funds now confirmed, subject to shareholder approval, and the strategic partnership with FLFL already demonstrating value to both parties, we remain convinced of the long term potential for the Indian online fashion market and for Koovs in particular."Koovs also updated investors on trading for the 12 months to the end of March, with gross order value coming in at £12.8m down from £14.8m the year before. However, it pointed out that second-half gross order value improved to £8m from £6.9m in 2H last year.The trading margin increased to 18% from 14% and web traffic during the year was up 50% at 75.9m.Turner said: "The external factors that disrupted our business are now firmly behind us. We have deployed the funds raised in 2018 to resume marketing activities and expand the product range - this was the driving force behind the growth in sales and trading margin experienced in the second half of the year. We are now building on this positive momentum and are starting to deliver the growth we always believed the company is capable of." At 1500 BST, the shares were down 3.8% to 8.32p.
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10 Dec 2019 18:35

UPDATE: Koovs Sold To SGIK 3 After Falling In Administration

UPDATE: Koovs Sold To SGIK 3 After Falling In Administration

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10 Dec 2019 13:18

Koovs Placed Into Administration, Shares Suspended From AIM

Koovs Placed Into Administration, Shares Suspended From AIM

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10 Dec 2019 08:49

Koovs placed into administration

(Sharecast News) - Indian online fashion retailer Koovs has been placed into administration after failing to secure investment from its largest shareholder, Future Lifestyle Fashions.

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18 Nov 2019 14:33

Koovs Continues Talks With Shareholder Over GBP6.5 Million Investment

Koovs Continues Talks With Shareholder Over GBP6.5 Million Investment

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29 Oct 2019 09:23

Koovs Reports Strong Trading; Explores Alternative Funding Options

Koovs Reports Strong Trading; Explores Alternative Funding Options

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29 Oct 2019 07:39

Koovs gross order value doubles in second quarter

(Sharecast News) - Indian fashion retailer Koovs posted a surge in second-quarter gross order value on Tuesday as website traffic increased.

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3 Sep 2019 09:27

Koovs to develop new range for Future Group's Brand Factory

(Sharecast News) - Indian online fashion retailer Koovs has secured a contract with Future Lifestyle Fashions Limited (FLFL) to develop a new and exclusive fashion range for its discount chain Brand Factory.

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29 May 2019 10:58

Koovs Gets First GBP3.7 Million Funding Tranche From Future Lifestyle (ALLISS)

LONDON (Alliance News) - Koovs PLC said Wednesday it has received GBP3.7 million as first tranche of its funding deal with Future Lifestyle Fashions Ltd.Shares in Indian online fashion were

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7 May 2019 10:48

Koovs Inks Binding Deal For GBP10 Million Investment From Future Group (ALLISS)

LONDON (Alliance News) - Koovs PLC on Tuesday said it has reached a binding agreement with Future Lifestyle Fashions Ltd under which it will receive a GBP10.5 million investment.Shares in 8

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7 Mar 2019 11:46

Koovs Signs Platform Development Agreement With Future Lifestyle

LONDON (Alliance News) - Indian online fashion retailer Koovs PLC on Thursday said it has signed an online platform agreement with Future Lifestyle Fashions Ltd.Koovs will get a USD1.4 to a

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13 Dec 2018 10:11

Koovs "Back To Business" After Investments, Interim Loss Narrows

LONDON (Alliance News) - Koovs PLC on Thursday reported a narrowed interim loss and declared it is now "back to business" after securing funding and restarting marketing in the Indian at

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13 Dec 2018 09:58

Cost-saving initiatives help Koovs to narrow losses

(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.

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27 Sep 2018 09:57

Future Lifestyle Plans To Bump Up Stake In Koovs To Just Below 30% (ALLISS)

LONDON (Alliance News) - Koovs PLC said on Thursday that strategic partner Future Lifestyle Fashions Ltd will raise its investment in the London-listed online retailer.Shares in Koovs were

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22 Aug 2018 14:42

Koovs signs £24m media deal with Hindustan Times owner

(Sharecast News) - Koovs has completed its agreement for a £24m media deal with strategic partner HT Media, one of India's largest media companies and owner of the Hindustan Times, it announced on Wednesday.

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