London-based online fashion retailer, Koovs has seen a 8.6 per cent rise in revenues for the fiscal. Operating expenses grew 12 per cent. Gross order value was down six per cent from a year earlier. Koovs sells men’s and women’s western wear and accessories. Its 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.
Building on the success the success last three months of 2018-19 Koovs expects to return to significant full-year growth in 2019-20 with a focus on securing a continued improvement in trading margins. 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 its product offering, designed to lift conversion rates. Future Lifestyle will hold 25.8 per cent of Koovs’ then enlarged share capital. The deal is expected to provide synergies across the value chain including manufacturing, distribution, market reach, marketing and customer engagement. The companies are also working on various key projects and activities, including an agreement signed by Koovs’ subsidiary, in March this year, to develop and maintain an online platform for Future Lifestyle’s Brand Factory retail format.