Koovs Seeks £23 Million for Indian Market Expansion
London-listed fashion e-commerce company, Koovs announced its plan to raise 22-23 million pounds this year in a bid to accelerate its growth plans and expand its presence in the Indian e-commerce market. This decision comes amidst dropping sales reports in the UK market. It also announced its willingness to raise 50 million pounds funding, as their cash reserves are not significant.
“We will need up to GBP 50 million to fund our acceleration plan. This will be done in tranches. This year, we are looking at about GBP 22-23 million, which we expect to, close in the new few months,” said Koovs Chairman, Waheed Alli.
Sales are a big matter of concern presently and the company could not hide its incertitude about the future. The company recently revealed H1 gross sales were flat at 7.9 mi...