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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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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

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

25 Jul 2018 16:03

UK Shareholder Meetings Calendar - Next 7 Days

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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

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

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

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%

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

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

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

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

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

17 Nov 2016 13:16

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

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

5 Sep 2016 07:41

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