RE: Market Cap28 Jul 2018 14:13
It’s worth recalling that Future Lifestyle is cash-rich after selling 10 percent stake in May to LVMH Moët Hennessy Louis Vuitton-owned private equity fund L Catterton Asia. A source close to the matter advanced that Future Lifestyle’s owner, Kishore Biyani, will use the money from the L Catterton sell-off to buy a stake in Koovs.
“We like their (Koovs) positioning as they are high on curated fashion and we can bring synergies. Online fashion has taken off in India and we think we can make Koovs big and viable,’’ Biyani told local press earlier this month. “It gives us a platform to sell our other existing portfolio.” Currently, Biyani’s fashion arm markets a portfolio of more than two-dozen global and local brands including Lee Cooper, Indigo Nation, Scullers, Clarks, John Miller, Jealous 21, Cover Story.
Founded in 2012 by Waheed Ali, a former chairman of ASOS, Koovs registered a sales of 7.9 million pounds for a six-month period ending September 30, 2017. Koovs curates fashion from various international brands targeted at 18-34 years old Indian youth and about 40 percent of the company’s sales come from its private labels.