Koovs to expand to Asia Pacific and Middle East

Fashion e-commerce company Koovs has recently announced its strategy to expand into additional high potential markets in Asia-Pacific and the Middle East. Although Koovs Private Label will remain exclusive in India, the brand will partner with other e-tailers to enter these markets. The first international distribution agreement will launch Koovs in the Middle East on SOUQ.com, the region’s leading e-commerce player, this summer.

Revealing its business growth, Koovs has recently reported significant growth in sales by 87% to £18.6m for the full year to 31 March 2017, underpinned by a year-on-year 100% increase in both units shipped and repeat customers. According to the report, while demonetisation in India impacted the whole market, Koovs’s proactive approach on customer payment and delivery options, coupled with a strong Christmas trading period, has delivered growth of more than 5x the Indian e-commerce market as a whole. The company continued to improve its gross margin position by improving intake margin and controlling the level of discounts given, and expects to generate positive gross margins in FY18. 

Mary Turner, CEO, Koovs, said, “Koovs’ 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.” 

Waheed Alli, Chairman,  Koovs plc, said: “India is now well established as the fastest growing economy in the world. Koovs’ authentic global fashion is the right proposition at the right time in this major market and there remains huge confidence for its continued growth.”