17th Nov 2016 13:16
LONDON (Alliance News) - Koovs PLC Thursday confirmed that it has completed its planned GBP12.9 million funding, including a GBP3.9 million investment from The Times of India Group.
The India-focused online fashion retailer said the funds will be used to continue executing its five year growth plan, extend its product range, and build on its 'Step into Koovs' brand campaign.
Additionally, it noted that its strategic partnership with Indian multi-media firm The Times Group gives it access to multiple channels across TV, print, radio, outdoor, online, and digital.
Koovs had confirmed Wednesday it had raised a total of GBP12.9 million, through a share placing at 50.00 pence each for GBP10.9 million, in which Times of India invested GBP3.9 million, and new and existing shareholders the remaining GBP7.0 million, and later an additional GBP2.0 million through a broker option due to "over demand".
"The Indian e-commerce market is undergoing exceptional growth driven by the internet connected middle class in urban centres and Koovs is outperforming growth in this sector. This investment puts Koovs is in a strong position to lead in this rapidly growing new e-commerce market as we continue to focus on building the business to become India's most famous destination for affordable western fashion," said Koovs Chief Executive Officer Mary Turner in a statement.
Shares in Koovs were up 10% at 60.62 pence Thursday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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