LONDON (ShareCast) - The former Chairman of online fashion sensation Asos (Other OTC: ASOMY - news) has set out plans to float an Indian copycat online retailer on London's AIM.

Koovs has set out plans to raise £22m with its initial public offer (IPO), according to the Financial Times.

Lord Waheed Alli, the media baron who chaired Asos between 2003 and 2012, is chair of Koovs and has brought in former Asos director Robert Bready as Creative & Retail Director, who will be backed by a design and buying team based in London.

Bangalore-based Koovs was founded in 2010 as a daily deals website, but switched course to 'lifestyle e-tailing' in 2012 when a large stake was taken by Anant Nahata, scion of the family that runs India's HFCL telecoms group.

Koovs, which even has adopted a very similar website design to Asos, now focuses on affordable western fashion rather than Indian ethnic clothing, aping celebrity fashions to appeal to middle-class working men and women aged 18-30 years, exactly like the London-based company.

The owners plan to float about 35% of the company with 44% owned by the Nahata family, 11% by Lord Alli and the remainder with management.

Anyone going to their AGM...in London, 10am Friday 29Sept"17...(DYOR)... ?

I won't be going hangon, but suspect that it might be a fiesty session with the sp continually trending down. Four year chart is not pretty!

Watching from the sidelines with interest...

has been a mug's share from the outset ....... sorry but true and as posted at the time

StockMarketWire.com
Koovs is adding its Koovs Private Label young fashion brand to N Brown's high profile Simply Be arm.

The partnership will see a capsule Koovs collection available from Simply Be in exclusive larger sizes from December 2017, followed by a more extensive range for spring/summer 2018, rolling out in March 2018.

Koovs said this announcement, and the planned distribution in the UAE through Souq.com which was expected to go live within the next three weeks, further accelerates its international ambitions for its Private Label collection.

Chief executive Mary Turner said: 'We are absolutely delighted to be working with N Brown and to bring the Koovs young fashion brand to the UK with Simply Be, a brand that celebrates and empowers all women whatever their size, through fun and exciting fashion.'

i don't see anything about the company even moving towards profitablility or failing that, the directors cutting back their no-doubt massive salaries aqnd other perks

This is how to do it - Fashion house loved by Beyonce and Kim Kardashion to be floated by its 25-year-old founder

StockMarketWire.com
Koovs, the fashion-forward business focused on the young Indian e-commerce market, said it would be seeking a renewal of permission for the issue of up to £18.9m of convertible loan notes in the company.

It said that in addition to the £8.9m which had previously been received, the company remained in advanced negotiations to secure a term sheet from an investor committing to invest via the issue of convertible loan notes.

The company said it remained confident of delivering this further tranche of convertible loan notes and expected to announce the successful conclusion of this additional funding in due course.

and how much are the directors skimming out?

I attended their AGM, punters outnumbering Dirs present due to lost-tickets, illness or whatever (DYOR). However, Whilst the sp has drifted down - it's not altogether their fault...Markets!
What I'd like to know is about these "Convertible Loan Notes" for about £9m from RNS.... aren't these the same as Dilution? What is the advantage to the Company ( OR shareholders for that matter)...?
FWIW, I got the impression they were " steady-as-she-goes" - but that could be part of a massive CON..... only Time will tell. KOOV sp is 24p up from the recent 19p prior to engaging some N.Brown clothing contract... Sadly I know nowt about Indian fashions, but expect they are as silly as teens/20's here; where having the latest "gear" is at any price.... The "trick" is having what SELLS in modest quantity so it commands a high profit. The "business" is about Building a Fashion-Platform for must-check website selling . . . hopefully this won't involve anyone else..... so K gets all the profit.
Anyone pse. explain the above "Convertible" Q?

Koovs always was a crap company .... why should anyone think it is any different now?
How much do the directors strip out?

StockMarketWire.com
First half losses at Koovs fell by 15% to £7.8m and trading margin increased significantly to 18% (H1 FY17: 2%) as the group focused on high quality sales.

Gross sales for the six months to the end of September were unchanged at £7.9m but it said this was in line with India's ecommerce market which was flat, impacted by demonetisation, the introduction of the Goods and Services Tax, and heavy discounting and marketing expenditure by sector peers.

Koovs said the quality of sales improved with markdown sales reduced to 20% of sales (H1 FY17: 29%) in a market driven by high discounting.

Koovs said it remained well placed to maximise the future growth of the Indian ecommerce market and expects the market to return to growth in the next financial year.

Chief executive Mary Turner said: 'I am pleased with the progress we have made in our business fundamentals.

'Year on year Trading Margin has been improved from 2% to 18% and Brand Awareness is up from 15% to 21%. In addition, Koovs is now ranked No1 for customer experience by Forrester Research and has the highest Net Promotor Score in the fashion vertical (RedSeer) ahead of Amazon and Flipkart.

'It has been a challenging year generally for the market, however with these strong business fundamentals, Koovs is well positioned to capitalise further on the growth opportunity.'

onwards and downwards :-)

Just hope boohoo doesn't go down in sympathy. ......

BOO has proved its credentials
KOOVS has always just been a vehicle for the directors to stuff their wallets

Maybe cynic is / was right.
...but [KOOV], isn't again asking for more money, so I await any Begging-bowl ( as is so often the case with my investments!).
The Market generally has been battered by US Bond / Interest-rate worries; followed by Japan and .....(?). Also, Services in UK - after Carrillion and Redrow-builders with a begging-bowl ( need to confirm -DYOR)..... so it's not surprising any business that's not "on the UP" is pushed down..... I see OXB is down ...on News they are to receive $5m from a JV with a US-Bio . . . makes little sense to me, other than "shaking the tree" = but -5% isn't much of a shake....IMHO.
Zzzz.
EDIT (14March2018)- sp 7p4 means it's up a tad.... probably due to Dir purchase of £14k's-worth at under 7p..... does anyone know the price they are offering for the (Is it? £50m ), advertising push.... Does this imply that there is significant competition that needs to be combatted, I wonder.... Or that the Indian-Market isn't quite as buoyant as we are led to believe. This level of "begging-bowl" was a huge shock to the Market, which reacted with about the worst-fall I've seen in years. Bad News for KOOVs retail shareholders... who believed in better.
EDIT(21March2018)-sp ~6p bought a few although worried this is good after bad....what disturbs me is the lack of info on the Fundraising... has it happened already and that 5p was the asking price... -OR is it yet to happen if enough folks are willing? It's far from clear ( to me )...DYOR.
EDIT(18April2018)all IMHO. _Thanks...Harrycat has explained where the Co is cash-wise.... The £50m is a Wish, so LordAli is to make a loan to keep the co solvent, and provide liquidity - as I read it. Well, at last the situation is becoming clear - not ideal and "maybe" that is why the sp has come so low - folks don't like to be taken for fools.... but this doesn't help achieve the £50, - potential Investors will wonder if they are the fools? DYOR. sp fell slightly today to abt. 8p
EDIT ( 27April2018), see RNS.... this appears to have part-recovered the sp, now 12p so my "few" from March have about doubled....but overall, I'm in loss-country.
EDIT(18June2018)-Good-News from Indian NewsGroup - seems like Advertising-space for shares DYOR - but if KOOV is an on-line retailer, don't they have on-line ability to generate their own "news"? Seems to me that they are buying space in an area that's not interested in their clothing-product. Logic might suggest some sales will result... but better to do some sponsorship . . . like Lucky Elephants roaming the streets? I jest - but I'm not convinced this dilution is worthwhile. Sp rose, but that's prob. MM's-doing IMHO. Uncertainty hasn't "gone-Away" . . . it's really just "Started".
EDIT(20June2018)-after a 11% drop today; - it's 21p at 4:15PM
EDIT(17Oct2018)-been down over summer ( ~8p)...today up 20% (~10p) with Buys double Sells. No obvious reason, I see. Dir continue to buy this year...DYOR.

this stock barks very loudly as indeed it has from the off

Interim Funding
Koovs plc ("Koovs", or the "Company") (AIM: KOOV) notes the recent movement in its share price and would like to inform the market that it knows of no specific reason for this price movement.

On 1 March 2018, the Company announced:

- the Board had determined that a total of up to £50m of further investment would be required to fund the Company's acceleration plan;

- in the immediate term the Board would continue to focus on cash preservation; and

- as at 1st March 2018 the Company had cash balances of £3.5m, with future monthly outgoings forecast to be £0.75m per month.

The Company expects shortly to announce that it has secured interim funding via a loan of £1.5m from Lord Waheed Alli, a director of the Company. This interim funding will provide the Company with cash resources until the end of August 2018. On the basis this loan is entered into, it is expected to be classified as a related party transaction.

The Board actively continues the previously announced dialogue with potential new investors in respect of the £50m funding requirement and will update the market in due course.

StockMarketWire.com
Koovs said Monday it had entered into a conditional agreement for a 2-year, £24.0m media deal with strategic partner HT Media.

Under the agreement, Koovs would acquire four £6m tranches of media from HT Media at six monthly intervals over a twenty-four-month period.

The company said 70%, or £4.2m, of the the first £6m instalment would be satisfied by the issuance of new ordinary shares in the company to HT Media, while the remaining 30%, or £1.8m would be paid for in cash.

The conversion price for the first £4.2m tranche of new shares to be issued to HT Media would be 10p pence per Koovs share.

After the completion of initial £6m capital raise, Koovs would receive £16.8m of media and advertising services from HT Media. Koovs had also agreed to commission further media and advertising services from HT Media for £7.2m in cash to be drawn in four tranches over the 2-year period.

'We are delighted to have agreed this deal with HT Media, one of India's most influential media companies. It will mark the successful completion of the first round of funding for our strategic acceleration plan, providing us with an important platform to support our future growth,' said Mary Turner, Chief Executive of Koovs.

easy to spend money
easy to dilute the shares

clearly not so easy to preedict any profitability
clearly the direfctors are not dipping into their own pockets

3-week-old haddock!