7th Mar 2019 11:46
LONDON (Alliance News) - Indian online fashion retailer Koovs PLC on Thursday said it has signed an online platform agreement with Future Lifestyle Fashions Ltd.
Koovs will get a USD1.4 million one-off payment to develop Future Lifestyle's Brand Factory online platform, and then maintain it for two years.
Koovs Chief Executive Mary Turner said: "We believe Koovs' technology platform is both market-leading and a proven success in India's rapidly expanding e-commerce market. This contract underlines the significant additional potential for growth that can be achieved by licencing our technology to third parties.
"Brand Factory is a household name in India, generating revenue of around GBP188.5 million in the last three quarters, so their decision to work with us to provide the new online platform, is a huge validation of the capability and scalability of our technology."
Shares were 3.4% higher on Thursday at 7.60 pence each.
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