Online fashion retailer Koovs Plc. reported a 8.6% rise in revenues for FY19 to ₹59 crore, up from the ₹54.3 crore reported in 2017-18, according to the company’s annual report.
Koovs’ total comprehensive loss for the year ended 31 March 2019, however, widened to ₹137.9 crore from ₹134.27 crore in the year-ago period, as its operating expenses grew 12% to ₹123.2 crore.
The gross order value stood at ₹117.8 crore down 6% from a year earlier.
Koovs is a London-based, India-focussed e-commerce website selling men’s and women’s western wear and accessories online. The fashion retailer’s 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.
“Koovs is firmly back on track, evidenced by the 104% growth in Q1 trading. We are excited about the rest of the year, as we continue to invest in both marketing and product range," said Lord Waheed Alli, chairman, Koovs.
In FY19, the company raised £22 million, including a strategic investment of £5.8 million from Future Lifestyle Fashions Ltd, which is part of the Kishore Biyani-led Future Group.
Since April, Future Lifestyle has invested £3.7million and subscribed for an additional investment of £6.8million in the company, Koovs said in its annual report.
“Building on the success in the last three months of 2018-19 we expect to return to significant full-year growth in 2019-20 with a focus on securing a continued improvement in trading margins," said Mary Turner, the chief executive officer of Koovs.
The recent funding from Future Lifestyle Fashions will fuel the company’s ability to continue to invest in marketing to increase traffic, together with an expansion in our product offering, designed to lift conversion rates, according to Turner.
HT Media Ltd has a media-for-equity deal with Koovs Plc.