Koovs seeks further funding to boost business

Indian e-tailer Koovs is seeking funding to counteract the high marketing costs over the last year. The rapid growth of the Indian e-commerce market has pushed up its cost of marketing.

Koovs is a premium end fashion e-commerce retailer. The store retails over 200 premium brands and high end clothing, hand bags, shoes, fragrances, fashion accessories and jewelry. Koovs, who floated a year ago, will seek further funding in due course to realise the potential of business and market.

The e-tailer reported a strong sales growth as it extended its international fashion brands from 30 to 70. But its cost of marketing for the year ending March 31 is likely to be higher than anticipated. Share prices took a hit as the e-tailer lost half of its value on the London Stock Exchange following the announcement of additional funding.

The progress made in its first year has been good. It has delivered exceptional growth as it continues to strengthen its fashion forward credentials in India. It has good products, at the right price, presented in a fashion-credible environment and this is resonating with consumers. Koovs also has launched a number of apps as well as a mobile site over the last year.