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.

More Koovs music industry/fashion promos - going well.

http://indianexpress.com/article/lifestyle/fashion/musical-muse/

the chart tells you all
this company is crap and was floated solely to fill the wallets of the directors

as i wrote back in march, "looks like another spiffing mug-punters ipo"

Totally disagree. Let's look in a year or two.

does one assume that you bought in at 180/200?

180 and 140 and possibly adding more when I've got funds in the right place (ISA), but I'm in for the long term. The market they are attracting in India is vast and the age group in question has quite a high disposal income. Middle class Indian women are not getting married so young, moving to the cities and wanting a western influence. I wouldn't underestimate the 2 ex-Asos directors. They only have to tap the market to see quite a company impact in my opinion.

http://www.mouthshut.com/product-reviews/Koovs-com-reviews-925617145

No offence to no one but asos is all about robertson, he is sort of s jobs in apple. Others just contibute.

the chart tells you all ..... modesty forbids to me to comment further

perhaps Greyhound has something to add :-)

I sold out fortunately before incurring further losses. Still holding BOO though. The lesson is to be stricter with stop loss.

so your "long term" didn't last very long then :-)
and of course no need to look further "in a year or two" either

I still like the location/demographic and story but when funding is required for start-ups, this market is unforgiving. I don't believe it's a poor business but sometimes have to preserve capital and cut losses. I shall still follow and look in a year or two - and either be grateful or curse the decision. So a stinging loss on this one but my riskier investments funded from Asos gains fortunately. Win some, lose some - this one clearly the latter!

but it was fun to tease you :-)

============

by the way, and to some extent similar though a totally different field, you may want to take a look at RM2

I shall remember that ;)

cynic, generally I'm reducing individual stocks and diversifying further into property EFTs, private equity and starting to think about more funds into commodities - metals (precious and base) and wood/forestry but still too early I reckon. Taking an approach following Harvard/Yale on asset allocation...

absolute bricks/mortar have been my best investment by a million miles .... mind you, i was ridiculously lucky when i bought a small freehold in portobello market in 1978 (and still hold)

Internet, smoke/mirrors/fashion!/Overseas and a falling sp...16p. Whoops-a-daisy!
EDIT (19Feb2016)_re tomorrow's post:-
BTW: Cynic wasn't this yr view way-back of ASOS....?
EDIT ( 29Feb2016) - Cynic - the sp does say it all - as many Dot-Coms did before - but just a few have stood out as being likely to succeed - and ASOS was one I wouldn't touch ( Huh, so I was wrong )- although recently the PE was v.high and ASOS sp has come down as folks get to see "trading figures"

I bought a few KOOV simply because the Dirs bought-in recently £1m DYOR - and paid 25p ish. whereas I paid 16p - Whilst Dir do "get it wrong" - look at MONI = dire - ( and MTV recently lost, I think ) . . . . but I don't think those Dirs ever bought huge chunks - and IMHO their abilities / Track-record was questionable . . .

Whereas KOOV is a Stock that challenges my "Rules" by being "Foreign" - so I can't see what they are up to on the Street, as it were. But it "Complies" - in that the Dirs are well-versed in the specific Market and probably have "Something to prove" - why else did they leave ASOS?

So there we have it . . . . and the sp is flat-lining at present . . . . very difficult to call the bottom - but those DIRs must surely think it's time to buy-in . . . . Of course I could lose it all - and History suggests I should put the Cash into a Betting-machine for improved ODDs . . . . But I did look at their Website ( Since that is World-wide ) and it looks OK to a very NON-fashionester like me . . . . so I'm guessing if it taps into the Indian wants, it should improve . . . . and that's why I risked my money.

Cynic - you were right from the start.....to now - KOOV has only been a disaster for investors - but is there never a hope of a "Turnaround" - ?

as i have said several times and indeed from the very off, this is a share for mugs only

("Private") Fund Raising at 25p/share appears to be finding favour..... so the recent dip ( Low=16p) would seem to be history; but perhaps that also meant there was a funding issue, but we weren't told.... (Oops!). Following earlier disclosure, my few shares at 16p appear to have gained in value . . . ( currently 25p).

Seems they have indications for £20m but may try for a further £10m to buy more of their Indian Marketing Co ( don't Understand why that wasn't already within the Co??? ). NOT keen on these private placings but that's been the way with many Businesses.
EDIT-(11May2016)- sp 25p . . . the recent Placing appears to have settled-in.
EDIT-(13May2016)-IC notes Dir purchases (& Fundraising), remains Neutral until spending is curtailed . . . . I'm reading these together as "Maybe Good" = sp=25p
EDIT -(27May2016)- Wow ! Now 40p on investment rumour....
EDIT - (6Jn2016)- dropped 6% today, now 48p - - - by 10Jn26 - 58p when does a sensible person retrieve Orig. Investment? - ie remainder is £free....
(EDIT 29Jn) - 1-wk after BrExit. sp =54p and after funding-round closed.
- the following are spot-prices for my own interest -
(EDIT 12Jy)-sp=55p. . . .. ( 25 July . . . . 71p ) . . . ( 18 Aug . . . 61p ).

Think I'll stay with boo much better looking chart.