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

Thu, 22nd Dec 2016 09:34

(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, revenue of £4m was double that produced in the same period last year, as website traffic soared 132% to 38m visitors during the half-year period and the number of registered users rocketed to 1.5m from 600,000.However, pre-tax losses widened by about 60% to £9.1m, which the company said was in line with expectations as it invests in marketing and technology, while the £26.2m raised in additional share capital during the period meant it entered the second half with the equivalent of £7.7m in the bankThe Indian government's demonetisation on 8 November, whereby it replaced Rs500 and Rs1,000 notes with new Rs500 and Rs 2,000 denominations to root out cash earned illegally or not declared to tax officials, had a "short-term" impact on the market and liquidity problems, Koovs said.E-commerce companies in particular were affected since the crackdown as cash on delivery is commonplace in India.But chief executive Mary Turner said that offering alternative payment options, including a doorstep conversion to card and e-wallet, reduced the impact and "we have seen good growth in November and had some of our best days for sales in December"It added that due to the Reserve Bank of India's recent approval for a new online payment up to Rs2,000 it was in a "strong position in the medium term" to capitalise on digital transactions and to maximise the space in the market created by the monetary transition.Order though mobiles jumped to 62% of transactions , including a 421% year-on-year on orders using its app.Overall, Turner said it was "another amazing six months" of customer and sales growth."We have delivered on both our strategic and financial objectives and are in line with expectations. The increases in our customer base, registered base and social followers will provide an excellent opportunity for future growth."She pointed out that the Indian online fashion market is projected to grow to £2.5bn by 2020 and said Koovs was "well positioned to capture a significant market share in this rapidly growing market".Shares in Koovs were down 6.67% to 49p at 0933 GMT.

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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

Thursday 26 JulyGB GroupPaypointTelecom PlusEIHAvocet La Capital 27

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

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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KOOV.L Share News (KOOV)

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

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

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

UK Shareholder Meetings Calendar - Next 7 Days

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

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

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

Koovs Knows No Specific Reason Behind Share Price Movement

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

Koovs win major Indian website award

Koovs sales double despite demonetisation in India

Koovs completes £12.9m fundraise early

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

Koovs' sales surge as investment boosts web traffic

Koovs Says Rising Brand Awareness Gives Boost To Sales

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KOOV.L Share News (KOOV)

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