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.
In the three months to 30 September, gross order value doubled to £5m as website traffic rose 69% to 27.3 million visits. Meanwhile, the company's trading margin ticked up to 12% from 7% and conversion rates came in at 1.3% from 1.1%.

"The second quarter of the current financial year has seen a continuation of the strong growth in website traffic and GOV," Koovs said.

The group also said it is working with Future Lifestyle Fashions Ltd (FLFL), which is part of Indian retail company Future, to secure a remaining £6.5m investment.

The company announced earlier this month that the Reserve Bank of India had requested that FLFL reapply for approval before completing its outstanding investment in Koovs.

"FLFL has confirmed to the company that it is in the process of reapplying for this approval and has confirmed its commitment to honour its investment into Koovs, whether through the existing mechanism (through the issue of compulsory convertible preference shares) or, to the extent available, an alternative route should the approval not be forthcoming," it said.

"The company is working with FLFL to secure the committed investment, alongside considering other fundraising options available to the company, in the event the RBI approval process is not completed within the coming weeks."

At 1000 GMT, the shares were down 0.8% at 3p.