LONDON (Alliance News) - Koovs PLC on Tuesday said it reached GBP10 million in sales for the first time in its recently-ended financial year and one million registered users, as it focuses on bringing "affordable western fashion to the growing urban, aspirational, youth movement in India".
Shares in Koovs were trading up 12% at 19.17 pence on Tuesday morning, having hit a high of 22.40p earlier.
The Indian online fashion retailer said sales in the year ended March 31 almost tripled year-on-year to GBP10 million, a record for the group, as website visits more than doubled. Weekly traffic now consistently exceeds one million visits, Koovs said, with registered users also reaching one million and a 55% increase in conversion rate year-on-year.
Koovs also announced that it is collaborating with London-based illustrator and graphic designer Hattie Stewart to create a new collection for autumn 2016.
It has also launched a sixth collaboration menswear collection with Paris-based fashion designer Manish Arora.
"The market in India offers a great opportunity for private label and curated western fashion. Continued focus on the company's core strategy and business plan is delivering significant growth not only in sales but also web traffic and conversion rates, so we are delighted," Chairman Waheed Alli said in a statement.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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