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.

Koovs plc, (AIM: KOOV).Bollywood sweetheart and style guru Sonakshi Sinha used her considerable social media clout to help fans dream up their ideal Valentine's Day date looks from the KOOVS.COM collection.

Leading up to Valentine's Day across all social media, and inspired by her own personal style and passion for fashion, Sonakshi and #VDAYwithKOOVS engaged with over 3.1 Million users.

Sonakshi, a very young 'veteran' of 19 Bollywood films, has a huge social media following of over 30 million internationally and a background in fashion design, studying at the Shreemati Nathibai Damodar Thackersey Women's University (SNDT).

"Sonakshi was the ideal person to inspire VDAY looks - she is massively followed by young people in India not only for her award-winning film work but she is also seriously invested in fashion having studied fashion and worked the catwalks of Fashion Week." Says Koovs.

StockMarketWire.com
Koovs has announced its strategy to expand into additional high potential markets in Asia-Pacific and the Middle East.

It said the first international distribution agreement, signed today, would launch the Koovs Private Label Collection on SOUQ.com, the leading e-commerce player in the Middle East, this summer.

The company said the Private Label Collection was currently Koovs.com's best-selling single brand, accounting for 40% of sales.

It said that working with international distribution and fulfilment partners would enable the company to leverage in-country expertise in logistics and marketing and ensure Koovs remained focused on India, which was its core territory and the fastest growing e-commerce market in the world today.

Chief executive Mary Turner said: "This is a great opportunity and I am excited to extend the Koovs brand into new territories with our first distribution deal for the Middle East.

"India remains our core market and the Private Label Collection will only be available in India on Koovs.com."

market is about as impressed as i am
i wouldn't touch this company with a bargepole ..... and yes i am well aware that i used to say the same of BOO

I agree up to a point, but the CEO is ex-Asos (look what happened to that stock) and if you had invested a year ago you would have at least doubled your money. Market Cap is low at c£85m and the sector is high risk imo, but a small punt can't hurt! Just don't invest more than you can afford to lose.

or don't invest any money at all!
i recollect that the directors were the main beneficiaries when KOOVS went public and no doubt they continue to fill their swiss bank accounts at any mug investor's expense

I think Panama or the Bahamas are the current favoured tax havens. I believe the Swiss have tightened up ! You might want to move your stash, Mr C! ;o)

mention panama to hmrc and they'll be all over you like a rash!

There's a man that knows......... harry. 😉

StockMarketWire.com
Koovs said sales rose by 87% to £18.6m in the year ended 31 March 2017, underpinned by a year-on-year 100% increase in both units shipped and repeat customers.

Koovs said the number of registered users had risen by 80% to 1.8 million and web traffic was up 77% to over 78.45 million.

Chief executive Mary Turner said: "Koovs's distinctive fashion proposition is really working with our young target market in India.

"Engagement with our young customer is delivering strong growth and we continue to significantly outperform by five-times the e-commerce sector growth in India."

Chairman Waheed Alli added: "India is now well established as the fastest growing economy in the world. Koovs's authentic global fashion is the right proposition at the right time in this major market and there remains huge confidence for its continued growth."

StockMarketWire.com
Koovs has launched its latest 'Private Label' exclusive fashion collaboration with Disney featuring Mickey and Minnie Mouse. Koovs said: "With the new Disney X KOOVS Collection, Koovs has applied its unique design-led approach, combining the iconic, retro cuteness of Disney's original characters with Koovs fashion expertise, to create around 100 modern, cool and trendy 'Pop Art' styles, including everything from shirts and t-shirts to dresses, denim and sneakers, specifically for today's fashion-forward twenty-somethings in India

"This Disney X KOOVS collection is the first in a series with Disney rolling out this year, which will also include Marvel and Star Wars."

Chief executive Mary Turner said: "We occupy a unique position in the market for affordable, authentic, aspirational and design-led western fashion for the young style-conscious customer in India.

"The Disney collaboration is another example of how we differentiate our brand in the market and this approach puts us in a strong position to expand the Koovs Collection into new territories, starting with Souq.com in the Middle East this summer."

but certainly not a unique position in the market for loading up its directors' bank accounts with little or no interest in the investors

StockMarketWire.com
Kooves will be launching a collection the Princess Collection this weekend to coincide with the wedding of the Duchess of Cambridge's sister, Pippa Middleton.

Koovs said the collection had been designed by Daniella Helayel - a favourite designer of the Duchess of Cambridge and Pippa Middleton - and was being launched only in India this weekend.

Koovs said: "The young Royals and British celebs have a huge following in India, so the collection has already created a significant buzz and anticipation amongst Koovs 20-something, style conscious customers.

"The collection features Helayel's signature fun prints, beautiful fabrics and fit and flare styles."

Peel Hunt today reaffirms its buy investment rating on Koovs Plc Ord 1p (LON:KOOV) and cut its price target to 80p (from 100p).

Think 40p would be more realistic.

i think a load of shit would be more realistic
stick to BOO which has now proved itself

Don't you just wish you'd stayed in....... 😉

me? .... BOO? ..... i have a holding in my sipp

Ah. Thought you had sold.

i did as a trading stock, but that was many ages ago at around 40p
i may even have been in/out within my sipp but currently hold on average from about 130 i think

Sales are improving massively, but their expansion plans appear to be outstripping their capital . . . so another round of fundraising is likely to batter the sp, hence recent slide..... who can guess it's at 30p ( Indian exchange-rate near ) . . . but with this cash they can continue to expand . . . it's just a shame no-=one told UK-Public Investors buying in the Market.
cynic - (Msg 96); that's a high price which did surprise me . . . hope things get better soon.... or will you Av-Dn as the sp falls towards the Placing price?