27th Sep 2018 09:57
LONDON (Alliance News) - Koovs PLC said on Thursday that strategic partner Future Lifestyle Fashions Ltd will raise its investment in the London-listed online retailer.
Shares in Koovs were 11% higher at 10.98 pence on Thursday.
Koovs said Future Lifestyle will take its holding up to a maximum of 29.99% from 16.25% currently, subscribing for between 63.3 million and 69.9 million shares at a price of 15p each.
This will raise between GBP9.5 million to GBP10.5 million for Koovs.
Lord Alli, chairman of Koovs, said: "This additional investment and commitment from FLFL underlines the tremendous opportunity to leverage our strategic partnership and ensure that Koovs is the aspirational first choice online western fashion destination for India's twenty-somethings. The partnership will significantly benefit our customers, partners and all shareholders."
Future Lifestyle operates over 400 stores in India, with over six million square feet of retail space, and is part of Future Group, a leading consumer, retail and services company in India.
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