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.

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!

I ate a 3-week old haddock in my youth for a bet, it cost me more in the resultant necessary medication than I won on the bet!🤣

In my defence it was after a very long night in the Star and Garter in Bromley. Not a very good excuse really is it?!😃

London, New Delhi, Rome: Today, Bollywood icon Taapsee Pannu debuts a new social media fashion collaboration with Koovs, the leading western fashion brand for stylish, aspirational 20-somethings in India. Pannu, a high-profile film star in India who has 17 million followers across social media platforms, is currently shooting her latest film co-produced by global star and film mogul Shah Rukh Khan, in Scotland.

Taapsee X Koovs campaign will comprise of her travel diaries from Italy's capital. This is the latest in a series of highly successful social media campaigns with celebrities by KOOVS that have to date reached a total social media audience of over 140 million and gained engagement with six million Koovs followers and fans of the stars. In the last three months across these campaigns, Koovs has achieved as high as 80% engagement with its social media audience, regularly double that of its nearest competitor.

Mary Turner, CEO of Koovs said: "In May Redseer Consulting reported that 58% of customers surveyed cited social media as the most influential factor in their fashion choices. So, we are very fortunate that these iconic young stars want to collaborate with our brand to bring fashion and fun from a global stage to their fans and followers."

Update on Investment by Future Lifestyle Fashions Limited
Further to its announcement of 4 July 2018, Koovs plc ("Koovs", or the "Company") AIM: KOOV is pleased to announce the completion of the investment by Future Lifestyle Fashions Limited ("FLFL"), part of Future Group -- India's largest retail group.

FLFL has subscribed for 57,876,600 new ordinary shares ("New Ordinary Shares") at a price of 10 pence per share, raising £5,787,660 of cash.

The Company confirms that the New Ordinary Shares have today been admitted to trading on AIM the AIM market of the London Stock Exchange.

Accordingly, the Company's issued share capital has increased to 233,260,291 (there are currently no shares held in treasury) and FLFL now owns 24.8% of the Company's issued share capital. The total number of voting rights in the Company is therefore be 233,260,291. The New Ordinary Shares rank pari passu in all respects with the existing Ordinary Shares.

In addition, as announced on 4 July 2018, FLFL has conditionally agreed to make additional investments to take its ownership up to 29.9% within six months of completion of the equity raise which was launched on 4 July 2018. Further information will be announced by the Company in due course.

Result of General Meeting
On 16 July 2018, the Company published its shareholder circular (the "Circular") in connection with the Capital Raising, tranches 1 and 2 of the HT Media Strategic Agreement and the renewal of the Company's general authorities to allot Ordinary Shares and disapply pre-emption rights up to approximately 33 per cent. of the nominal value of the Enlarged Issued Share Capital.

Koovs is pleased to announce that the Resolutions proposed at the General Meeting held earlier today were all duly passed by Shareholders.

The Capital Raising remains conditional on the satisfaction of certain conditions, including Admission.

Application has been made for the admission of the Placing Shares and the Subscription Shares to trading on AIM, which is expected to become effective and dealings commence at 8.00 a.m. on 6 August 2018.

Following Admission, the total number of Ordinary Shares in issue with voting rights will be 313,260,293 Ordinary Shares and Shareholders may use this figure as the denominator for the calculations by which they will determine if they are required to notify their interest in, or change to their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.

Further details regarding the date of admission of Ordinary Shares to HT Media pursuant to the HT Media Strategic Agreement will be announced by the Company via a Regulatory Information Service in due course, subject to the satisfaction or waiver of the applicable conditions.

Issue of Equity and Total Voting Rights
Further to its announcement of 1 August 2018, Koovs plc ("Koovs" or the "Company") announces that it has made an application to the London Stock Exchange for the 67,466,668 Placing Shares and 12,533,334 Subscription Shares to be admitted to trading on AIM. It is expected that admission will become effective on or around 6 August 2018.

Following Admission, the Company's enlarged issued share capital will comprise 313,260,293 Ordinary Shares with voting rights. The Company does not hold any shares in treasury, therefore the total number of Ordinary Shares in the Company with voting rights will be 313,260,293.

Preliminary Results for the year ended 31 March 2018
Funding secured puts Koovs back on track to accelerate growth

Koovs plc (AIM:KOOV), the fashion-forward business focused on the young Indian e-commerce market, today announces its preliminary results for the year to 31 March 2018.

Mary Turner, Chief Executive Officer, Koovs, said:
"Last year was marked by concerns over funding and we managed our cash position prudently by reducing our marketing expenditure, which inevitably impacted sales. However, I am delighted that since FY18 we have successfully secured the requisite funding from a number of investors including our strategic partners in HT Media and Future Lifestyle Fashions Limited. We now have the necessary capital to put Koovs back on track, deliver on our strategy and accelerate our sustainable growth plan.

"Despite reducing our marketing spend last year, we continued to grow brand awareness and maintained our leadership position for customer experience and engagement, becoming one of Asia's most trusted brands. This shows the strength and resilience of our brand. I am also pleased we were successful in continuing to deliver high value sales with improved margins in a wider market driven by deep discounting.

"Looking ahead, growth is returning the India's ecommerce market and with our funding now secured, we are resolutely focused on scaling the business to leverage our competitive advantages as India's best-established affordable fashion brand in what is the world's fastest growing major economy."

http://www.moneyam.com/action/news/showArticle?id=6113904

The Subscription
Further to the Company's announcements on 4 July 2018 and 19 July 2018, Koovs plc (AIM: KOOV) is pleased to announce that it has signed a subscription agreement with strategic partner Future Lifestyle Fashions Limited ("FLFL"), part of Future Group - India's largest retail group, for FLFL to take its current shareholding in Koovs from 16.25% up to a maximum of 29.99%.

Under existing shareholder authority and subject to the satisfaction of certain conditions, including the approval of Reserve Bank of India ("RBI"), FLFL have signed a subscription agreement to subscribe for between 63,300,000 and 69,850,000 new ordinary shares of 1p each in the capital of the Company ("Ordinary Shares") at a price of 15p per share, raising between £9.5m and £10.5m of cash (the "Subscription"). Once completed FLFL will own between 28.89% and 29.99% of the Company's enlarged issued share capital.

The strategic partnership with FLFL represents a transformational deal for the Company and is expected to deliver synergies across the value chain from manufacturing and distribution to market reach, marketing and customer engagement.

Lord Alli, Chairman of Koovs, said: "This additional investment and commitment from FLFL underlines the tremendous opportunity to leverage our strategic partnership and ensure that Koovs is the aspirational first choice online western fashion destination for India's twenty-somethings. The partnership will significantly benefit our customers, partners and all shareholders."