Online fashion retailer Koovs streamlines its business

Koovs has successfully re-financed the business and re-focused its business priorities, which includes streamlining of some of its operations. The fashion e-commerce company has been instrumental in bringing the latest in international fashion to Indian wardrobes and will endeavor to become the go-to western fashion destination for India’s millennials.

Barely two months after the Reserve Bank of India rejected Kishore Biyani’s investment proposal to throw a Rs 64 crore lifeline to Koovs, the latter has sacked about half its staff. Except for the technology vertical, the company has virtually sacked whole teams of buying and merchandising and marketing. In 2018, Biyani’s Future Lifestyle Fashions announced plans to buy a 30 per cent stake in Koovs for Rs 140 crores, making the Indian retail group the largest shareholder in the fashion retailer. Koovs was Biyani’s second attempt to purchase an online retailer and chase his elusive fashion e-commerce business after his unsuccessful 2016 bid to buy Jabong, which was later acquired by Myntra.

Koovs is an online fashion retailer, based in London, selling men’s and women’s western wear and accessories. Its private label products are designed in London. It has also tied up with local and international designers and brands such as Nike, Being Human, and Cover Story.