KOOV.L Regulatory News (KOOV)

21 July 2015

Directorate Changes and Trading Update

Koovs plc ("Koovs" or the "Company") 

Koovs plc (AIM:KOOV), the fashion-forward business focused on the young Indian e-commerce market, today announces the appointment of a new Chief Executive and provides an update on trading.

Directorate Changes

Koovs is pleased to announce that Mary Turner will be appointed Chief Executive Officer (CEO) with effect from 1 October 2015. She has been a non-executive director of Koovs plc since July 2014 and will step up to lead the executive team through the next stages of the business's growth and development.

Mary brings extensive experience of building early stage companies through marketing and scaling operations. Until recently she was CEO of AlertMe.com a pioneer in the 'Internet of Things' technology, which powers UK's leading smart homes solution, Hive Active Heating, which was recently acquired by British Gas. Prior to that, Mary spent over 20 years in the consumer internet sector and was previously Marketing Director at CompuServe/AOL, CEO at BTLineOne and CEO at Tiscali UK, leading a series of acquisitions and growing the company to become the 3rd largest Internet Service Provider in the UK with over 1.8 million customers and revenues of over €600m.

Her experience with retail businesses includes four years as a Non-executive director of ASOS plc, between 2009 and 2013. She has also spent eight years working in senior positions in sales and marketing at Innovations Catalogue, Avon Cosmetics and Elizabeth Arden.

Koovs is also pleased to announce that Robert Bready will take up the newly created role of Chief Creative Officer, with continued Board responsibility for brand, design, buying, merchandising and all creative input. Robert has spent the last two years as Brand Director at Koovs and was previously Product Director at ASOS plc between 2006 and 2012.

Following the changes the executive management team will comprise Waheed Alli, Chairman; Mary Turner, Chief Executive Officer; Robert Bready, Chief Creative Officer; and Roy Naismith, Chief Financial Officer. It is the Board's intention to recruit a further non-executive director following Mary Turner's appointment.

Trading

Trading in the first three months of the new financial year has continued to be very encouraging. Sales have continued to show strong growth with gross order value 203% higher than the same period last year, against a backdrop of restrained levels of marketing investment during the period.

As previously announced, the Board is in the process of considering its options for raising further investment to fund the marketing requirements for the business. Further information will be provided in due course. The Company's annual report and financial statements will be finalised as part of this process.

Commenting on the announcement Waheed Alli, Chairman, said:

"I am delighted to welcome Mary to the executive team. Having worked closely with her at ASOS, I have first-hand knowledge of her experience and relentless energy which will help to drive Koovs through the significant period of growth ahead."

"I am also delighted that Robert has taken on the broader role of Chief Creative Officer where a key focus will be on driving the growth of our own brand."

"Trading in the first months of the new financial year has continued to demonstrate the success of our offer and the huge potential for the business going forward."

Mary Turner commented:

"The e-commerce market in India is growing at a rapid pace and Koovs is well positioned to capture market share among India's young, fashion-forward consumer. Koovs has already made significant progress in delivering its strategy and I look forward to leading the team as CEO and building on that success."

Robert Bready commented:

"The Koovs own brand is going from strength to strength in India reflecting the huge appetite for fashion forward clothing and accessories. I am excited about the enormous potential for the brand and the business as a whole."