16th Oct 2015 13:38
LONDON (Alliance News) - Indian online fashion retailer Koovs PLC on Friday said three of its senior leadership have subscribed for GBP1.1 million in shares in the company, as it is said is considering plans to raise more money and to buy up more of its Indian subsidiary.
Chairman Waheed Alli bought 2.4 million shares, while Chief Executive Mary Turner and Chief Creative Officer Robert Bready each bought 270,270 shares, all at 37.00 pence per share. Koovs had flagged up the subscription agreement with the directors earlier in the day.
Koovs shares were down 1.3% to 37.00p on Friday.
The funds will be used to back the company's growth plans and to provide funding for a marketing campaign in November.
Koovs also said is remains in talks with potential investors for a "more material" equity fundraising, which it expects to announce before the end of the year. The company is considering acquiring more shares in Koovs Marketing Consulting Pvt Ltd, its Indian subsidiary. It currently owns 57.5% of the business and is considering increasing that stake to around 90%.
By Sam Unsted; [email protected]; @SamUAtAlliance
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