Future22 Mar 2019 10:26
Worth reading the chairman's statement from December
CHAIRMAN'S STATEMENT FOR THE SIX MONTHS TO 30 SEPTEMBER 2018
The first half of this financial year has been focused on securing additional investment and prudently conserving cash to sustain the business by reducing marketing and our stock levels. In spite of this, we have maintained high brand awareness, grown our social media following, and continue to deliver market-leading customer satisfaction, demonstrating the resilience and strength of our brand.
We are delighted with the scale and quality of funding secured with support from Directors and institutional investors, further strategic investment from our long-term partner HT Media and a transformational investment from Future Lifestyle Fashions Limited (FLFL)
With over 400 retail fashion stores across India, FLFL will be a game-changing partner for Koovs with synergies across the value chain from manufacturing and distribution, to marketing and market reach. This new strategic partnership and investment will bring enormous benefits to our customers and partners as well as significant value for all shareholders.
This not only puts Koovs back on track but adds a further dimension to the opportunities available to Koovs in the future, and I am therefore extremely excited about the Group's growth prospects for the years ahead.
Once confirmed (subject to regulatory approval), the additional subscription by FLFL will mean that 45% of investors in Koovs will be based in Asia, showing the breadth of support and confidence in the Group here and in its home market.
The focus going forward is to continue to build the brand through marketing, making Koovs the favourite fashion destination for India's twenty-somethings. There is a clear opportunity to capitalise on the platform we have built to date to unlock superior shareholder value over the coming years, and we have been delighted with the reaction from investors who share our vision.
I would like to take this opportunity to thank all our colleagues in the UK and India for their continuing hard work, dedication and enthusiasm.
Waheed Alli
Chairman
12(th) December 2018
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