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.

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?

you misinterpreted .... #96 was actually related to BOO and not this heap of shit

Hot off the press and designed to impress Mr C!!! ;o)

StockMarketWire.com
Koovs - the fashion-forward business focused on the young Indian e-commerce market - has appointed Samantha Chilton as head of design.

Koovs said Chilton has more than 25 years' experience in affordable, young fast-fashion, working for leading brands such as Primark, Arcadia, New Look, River Island, Top Man, Warehouse and George, across womenswear and menswear on both the retail and supply side of the UK market.

More recently, she led the UK and Northern European womenswear design team at Primark from 2012 to 2016, when Primark was named as "a new force in the global rag trade" by the Economist in 2015.

Since Primark, she has also designed ranges targeted at Zara, Pull & Bear, Mango, Forever 21, River Island and BOOHOO.com, while working as a design consultant within supply.

results speak, not the employment of x,y or z

LOL! I thought you would be underwhelmed!

so's the market :-)

StockMarketWire.com
Koovs has announced a collaboration with one of the most anticipated Bollywood movies for 2017 - Jab Harry Met Sejal.

The film stars Shah Rukh Khan as Harry and Anushka Sharma as Sejal.

The movie - which has the strapline 'What you seek is seeking you' - follows Harry and Sejal as they travel across Europe and is set in Lisbon, Amsterdam, Budapest and Prague.

Koovs said it had created an exclusive capsule collection, as styling partner for the film, of selected women's and men's fashion from the movie which would be launched on KOOVS.COM to coincide with the film's release on 4 August.

It said the collaboration would also include a co-branded multi-media campaign featuring Shah Rukh Khan and would culminate with a social media contest to meet and greet the stars.

StockMarketWire.com
Koovs, the fashion-forward business focused on the young Indian e-commerce market, has announced an update on its intention to raise capital as previously announced on 22 May.

The company said it proposed to raise up to £18.9 million via the issue of secured convertible loan notes,

The company said it had entered into non-binding heads of terms under which certain investors have indicated interest in acquiring approximately £8.9 million of convertible loan notes, including £7.4 million from Lord Waheed Alli, a director of the company.

The company said it had also received a strong indication of interest for a further £7.5 million of convertible loan notes, which the company would seek to finalise in due course, and had the potential to secure up to a further £2.5 million.

cynic/HARRYCAT.... I understand Issuing shares for cash, creating investor dilution, which is bad. Issuing Loan-notes can be dodgy, if/as? they can be recalled at a moment's notice and possibly creating a massive funding-hole. However, if the loan is properly serviced it will be repaid ( e.g soon after New Plant goes into production, etc.).
So, the sp is slowly moving down ;( - but I suspect this is because they aren't producing stuff on new plant - so "profits" don't meet the Hype which created the sp leap earlier.
BTW I've just reached 38p-"evens" with earlier av. purchases inc. charges.

Reading their RNS everything looks rosy - but the Market doesn't like it, reading the sp.

Any thoughts where this is going?
EDIT (25July2017)- Thanks, both . . . I'm on a limb here....and that Loan-Note looks like dilution of sorts.... possibly the reason sp has pulled back.
+I don't know their Market either, but look at Jimmy Choo - Women buy their stuff when their cupboard is already full.... EH?
cynic...Dir bank Accounts? .... so which companies ( other than J-Lewis) is there a company whose Dirs aren't looking for themselves? We can't know about this one, other than it's a large target Market and they have money to spend . . . My only concern is they appear to need more, just to stay solvent.... That GM soon... is at a "Stay-Away-time" with the trains and transport being especially difficult.

personally, i have never liked this company at all
have always felt it was a way for the directors to fill their bank accounts

confess i didn't think much of BOO for a long time either, but eventually changed my mind and have done very well with it