Koovs to go Public next year, aims to raise GBP 22 Mn

koovsIndian lifestyle eCommerce company, Koovs which had roped in Asos ex-chairman Lord Waheed Alli and Robert Bready as chairman and creative & retail director respectively, has plans to get listed on Aim, (formerly the Alternative Investment Market), which is a sub-market of the London Stock Exchange early next year.

Koovs.com, entered in the eTail category last year, prior to that it was a deal site, in January 2012, it shifted its focus on products along with deals, but later in May it completely removed the deals section and pivoted as a lifestyle eTailer for women.

The company also has plans to launch menswear next year.

Anant Nahata, HFCL Group scion who founded the company last year, has put in about INR 130 Cr to build Koovs and through the listing the company plans to raise over GBP 22 Mn.

It will be floating about 35% of the company and the remainder will be divided between the Nahata’s, Lord Alli and rest of the management.

Koovs and Asos have quite similar models as both are focused towards fashion and even their websites resemble each other. But the products on Koovs are cheaper than those on Asos.

“The website has started from a similar place [as Asos] because we were the architects [of Asos],” said Lord Alli. “It’s like saying Selfridges looks like Harrods – it’s a shop!”

Koovs offers clothing, shoes, handbags, jewellery, fragrances and fashion accessories from over 200 premium brands. The website claims to add upto nearly 150 fresh product lines every week and also has its own in-house design centre in London.

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As per Peel Hunt, Koovs might earn revenues of GBP 193 Mn by 2019. The company will start initiating talks with investors soon.

To contact author of this post, email pooja.sareen@wirefootindia.com

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