Koovs Marketing Pvt Ltd that runs fashion e-retailer Koovs.com, is planning to go public in 2014 by listing itself on AIM, a sub-market of the London Stock Exchange that allows smaller companies a more flexible regulatory system than applicable to the main market, reports TechCircle.
The report states that about 35% of the company will be floated while the remainder will be split between the Nahata family, Waheed Alli who is the chairman of Koovs, and the company’s management. Presently, the Nahata family holds about 44% of the company while Waheed Alli holds about 11% of the company. The reports also states that the company is planning to start a men’s range in 2014.
Currently, the site is focused on women and sell clothes, shoes, handbags, accessories, watches and perfumes. It also offers special celebrity bundles — a combination of clothes, shoes and accessories that a celebrity wore at an event — that users can buy with a single click, instead of having to manually match their purchases with that of a fashion diva.
Koovs was founded by Manish Tewari, Rajesh Kamra and Amit Shukla in December 2009. In June 2011, BenefitsPlus, a white labelled Business to Enterprise (B2E) e-commerce provider, had acquired a majority share in Koovs.com for $2 million. In May 2012, the company had pivoted to become an e-retailer and currently, the website offers women’s fashion products by Koovs and other brands.
In 2013, the company had appointed Waheed Alli as the Chairman and Robert Bready as the Creative & Retail Director, reports TechCircle. Previously, Alli and Bready were Chairman and Product & Trading Director respectively at British online store, Asos.com.
Competitors: In India, Koovs competes with dozens of online fashion retailers such as Myntra, (which recently forayed into designer wear segment by partnering with fashion store Biba) Zovi, Flipkart and others. There was also MiraiStore which shut shop in July 2013 and is now focusing on its private label Felicia, which is expected to be available across online and offline stores in India. The latest entrant in Ant Farm‘s Stylista that has signed up around 30 designers until now.