Koovs witnesses strong growth in the second quarter

Indian online fashion portal Koovs plc, for its second quarter reported gross order value (GOV) increase of 100 percent to 5 million pounds (6.4 million dollars, while the company said, trading margin increased to 12 percent compared to 7 percent in the same quarter last year. The company’s website traffic rose by 69 percent to 27.3 million visits and conversion rates was 1.3 percent compared to 1.1 percent in the second quarter of 2019.

The company added that second quarter of the current financial year has seen a continuation of the strong growth in website traffic and GOV, which represents the completion of three consecutive quarters of growth in key performance metrics and is a clear indication of the strength of the Koovs’ underlying business model.

Koovs further said that since Future Lifestyle Fashions Limited (FLFL), which has committed 6.5 million pounds investment in the company but requires to reapply for the Reserve Bank of India (RBI) approval, it is considering other fundraising options available to the company, in the event the RBI approval process is not completed within the coming weeks.

Picture:Facebook/Koovs