Fashion retailer Koovs is on a growth track in 2020, despite a decline in sales over the last 12 months. The London-listed firm posted net sales of £7.5 million in 2019, declining from £9.6 million in the previous years, while revenue was flat at £6.4 million. The online retailer, which offers western fashion for Indian consumers, says its recovery at the end of last financial year has continued, with gross order value up 104 per cent in the first quarter.
Koovs also increased its trading margin to 18 per cent, and has seen web traffic grow to 75.9 million. Earlier this year the Aim-listed firm secured an investment deal with Future Lifestyle Fashions (FLFL), a subsidiary of India’s largest retail group.
The deal will see FLFL inject £10.5 million into the company, marking an average price of 15p per share.