Online fashion retailer Koovs has raised £3.9 million from the Times of India Group in strategic investment and a further £7 million investment by new and existing shareholders, through the issue of 21,700,000 new Ordinary Shares at 50 pence per Ordinary Share.
This capital raise is part of the final tranche of the Company’s three-year investment programme to raise approximately £35 million, announced in September 2015, which brings the total raised under this programme to £31 million to date.
Koovs has authorized its broker Peel Hunt to raise up to £2 million of additional investment through the Broker Option. The Broker Option will also be at an issue price of 50 pence per Ordinary Share and will be limited to 4 million shares, closing at 6pm on Friday 18 November 2016, the company said in a statement.
Mary Turner, Chief Executive Officer of Koovs, said: “We are delighted to bring on board our new strategic partner in the Times of India, a leading media company, which will give us access to TV, outdoor and digital platforms in addition to print and radio and will help to incrementally extend our coverage nationwide. Expansion of the e-commerce market in India is both rapid and significant, and Koovs is growing faster than the market rate, so this is an exciting time for us. We have a unique brand position, exclusive products and a strong following amongst India’s young, aspirational, fashion conscious twenty-somethings. Securing this funding is an important milestone and a strong validation of investor confidence in our ability to deliver.”