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.

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.

StockMarketWire.com
Koovs reports strong sales growth of 115% year on year in the four months to the end of July and a significant increase in brand awareness from <1% to 18%.

An update says sales rose to £5m/INR473m and website traffic increased to 1.4 million visits per week, an increase of 142%.

The group has 1.2 million registered users and 1.7 million social media registered - both more than doubled.

Koovs says its strategy and business plan continue to deliver significant growth in sales and brand awareness. It says India offers a huge opportunity for ecommerce and online fashion in a rapidly expanding market which is expected to increase five-fold by 2020, to £2.5 billion.

Koovs says its 115% sales growth over this period is notably ahead of India's market benchmarks of 50% annual growth in ecommerce, and 75% in online fashion.

Chief executive Mary Turner said: "The market for online fashion in India is growing rapidly and Koovs continues to outperform market growth. Our investment in brand marketing is delivering excellent results, significantly increasing brand awareness and establishing a strong platform from which to build brand affinity and customer loyalty."

- HARRYCAT - your Post didn't say if you like this Stock . . . .?
+ I see there is an AGM soon, but it's in London, 9AM (DYOR), which says "Stay away" to my mind....
SP currently 65p.

I tend to not invest in sectors which I don't understand, so retail clothing is generally off my list. I have dabbled in BOO, but only small amounts. My understanding is that KOOV is very much India facing, so that means you have to understand what indian teenagers are wearing presumably??? Well out of my comfort zone!!!

You got to get with it Harry. :-)) Indian teens love Taylor Swift dresses.

stick with BOO harry, been in since 33p now 89p get in there.

Thanks all for the info+ Looking at India doesn't mean it's inherently wrong - just more-risky that we ( in UK ) don't know what's going on ((But then who knows what teenagers will want in 1year anyway?)) - You have to believe that Koovs has their market correctly . . . .as their RNS appear to support and another aspect is the PE Ratio . . .
For BOO that's well near triple figures ! Yikes.
For KOOV it small and slightly negative . . . .
I don not know . . . . but it strikes me that KOOV should have further to go before it becomes as dizzy as BOO.
One might argue that BOO is nearer to home, easier to check, etc. but the PE ratio like ASOS is a worry ( to me. only it seems. ), that it can only go up if more fools join in. ( This being a generic Term, I hasten to add )...

Will KOOV prove a disaster? _ It's a possibility, but so far my small-investment has tripled: so I'm considering pushing more-cash into it. =Average-Up my purchase price.... but I hate to do this....esp. for a foreign investment . . .
It makes sense ONLY if there is a smell of Dividends, or a surge in SP ( Unlikely, for the next year, I hear? ).... and some UK link guarantee, would be nice.

The KOOV AGM is late September at 9am [ DYOR ] . . . . which says stay-away - unless anyone has other ideas . . . like it's still early evening in India..... dunno.
EDIT(7Oct2016) - a week after AGM and sp is 71p - looking OK still....

I have been to India and from what I saw, the 'market stall/boutique shop' was still the preferred place to buy fashion wear for most of the city population. However, India is fast embracing the mobile phone and internet shopping, though, imo, the latter is still only the territory of the well off class (as India still has a Caste System, I am avoiding getting into specifics). Most men who wear European dress still only seem to wear cotton trousers and an open neck collared shirt. The women definitely make much more effort. As for the teenagers........I think they are the target market for KOOV, but if you have a look at the website, which bears a very great resemblance to ASOS's, much of the fashion wear I think is targeted at the young ex-pat Indian. Much of the range would not be acceptable in some parts of India.
Maybe like BOO and ASOS, this will continue to rise on momentum, but it's not without it's risks.....as are all fashion stocks. This one has the added risk of reporting in pounds but trading in Indian Rupees presumably?

Thanks for that insight HARRYCAT, you didn't say when you visited - but no matter, as KOOV dir has put lots of his own money ( £900k@25p DYOR), into shares - He may be deluded, but so far the Market is willing to believe India will grow.
Other than expensive gadgets, what else is there for rich females? - handbags, shoes, clothing..... can't see them wanting to drive cars in the cities - other than - to escape to the hills.
Currency effects agreed . . . but then this Stock breaks all my Rules:- Foreign and over 50p ( bt a few more, so my Av ~37 ( under 40p with charges)....I suspect it's much the same "risk-wise" as BOO/ASOS ....except they are now high-PE. I didn't buy ASOS when it was pence because I didn't like the notion they were copying (do they?), yet that's "Fashion" the World over? ... Good Luck....
EDIT ( 20Sept2016 )- Fell 10% today...on no News.. 59p & Buys exc. Sells...?
EDIT(30Sept2016)-missed London-AGM at 9am ( Zzzz ), but sp is 61p, so I guess no Shocks were present . . . . pity as I'd have liked to see who their target market is . . . but I doubt it's the Rich, more-likely the young upwardly mobile ( like London 60's? ), that want to be seen as Modern - and shop On-Line because they can do it quickly. It's something that M&S just couldn't do with their Customers.
EDIT (24Nov2016) - sp 52p & slipping recently.
EDIT (22Feb2017)- sp 45p - despite clever Valentine's Day advertising

now answer the other side of the equation and ask how much the directors have taken out already, including when they floated the company

the domestic indian economy is certainly doing pretty well, even though their exporting is very weak

wealthy indians probably don't buy luxury goods on line anyway as they assuredly lack cachet

I went in 2012, hangon. Mumbai, Chandrapour, Chennai, Bangalore, Mangalore, Ratnagiri.

I agree that wealthy Indians like to be seen making their purchases, so they are not KOOV target market. Looking at the KOOV website, I don't think the range offered would appeal to them either.

ouch!!
you've got a lot to make up if you really insist on hanging on

Very droll, Mr C!

StockMarketWire.com
Koovs saw group revenue double to £4.0m (INR366.7m), (H1 FY15: £2.0m (INR199.2m)) in the six months to the end of September.

The loss before tax was £9.1m (INR835m), (H1 FY15: loss of £5.7m (INR571m), in line with expectations as the business continues increase its investment in marketing and technology, to build presence in the market and grow revenues, and expand operational capabilities.

Chief executive Mary Turner said: "It has been another amazing six months of growth for both sales and new customers. We have delivered on both our strategic and financial objectives and are in line with expectations. The increases in our customer base, registered base and social followers will provide an excellent opportunity for future growth. Whilst demonetisation had a short-term impact on the market and ecommerce we have seen good growth in November and had some of our best days for sales in December.

"The Indian online fashion market is projected to grow to £2.5bn by 2020 and the combination of a strengthened management team, our exclusive London based designs and operational expertise in India, mean Koovs is well positioned to capture a significant market share in this rapidly growing market."

if you ever thought that BOO was a flakey company with questionable management, then this lot puts BOO in the shade

Agreed. Think I made the right choice with four times my investment now.

News Item ( not specifically KOOV )..Bangladesh clothing factories closed - Workers strike for $200/month ( DYOR )- so Bosses closed several factories . . . I wonder if this is the start of "robotised" factories? . . . given that Robots can work 24/7 and need little space. . . . a relatively small factory can produce many designs and can stitch little fancies (far better than humans, I'm suggesting ).... so once it's designed it will be possible for on-line Orders to be individually produced, with a little nip/tuck to exactly fit the customer . . . If this extends to men's suiting, we might see the dramatic end to Saville Row . . . the only dev. needed is a laser-measuring device that fits a lift; as Mr Average takes his Misses to the restaurant floor, using a special lift. ( US=elevator).
Still, my Job ( Grumpy ol' man), is safe-enough; until the grim reaper arrives by drone. . . . Is that a buzzing I hear?
EDIT (12Jan2017)..I read TO doubled; but so did losses...Oh well.
EDIT (28Feb2017)-Good Ns from Co .. stocks selling well, but no sp rises...~46p . . . ( 20March...45p)