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Koovs Secures £26.2 Million Funding From Investors

Bhanu Prakash

   

Update: In yet another major development, Roy Naismith, the CFO of Koovs has decided to step down from his position and from the Koovs Board. He has been replaced by Rob Pursell, who is a graduate of Sheffield University and is currently working as Director of Hotel Solutions Direct Limited. It has also been reported that Mr. Roy will likely to be continuing with the company to ensure a smoother transition.

Funding session is news again. This time, it is for fashion retailer Koovs. Money Control has reported that online fashion store Koovswhich is based out of London, has received a whopping £26.2 million (nearly Rs 240 crore) funding from investors including the existing and the new players.

The funding follows the earlier funding of £3 million as a strategic investment by HT Media Ltd.

The online fashion website which sells its western and party wear for both men and women designed by UK based designers and sells it through its web portal to Indian market aims to be number  one fashion destination by 2020.

Mary Turner, CEO of Koovs led company is trying to give a stiff competition to existing players including Flipkart Led Myntra and Rocket Internet Backed Jabong.

The funding is most likely to be used for marketing activities; especially improving the brand awareness will continue to use the assets HT Media, which is one of the strategic partners in the company.

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