Online fashion retailer Koovs.com has reported gross sales of Rs 162 crores (£18.6m) for the full year ended 31st March 2017, up 87% year on year from Rs 98.1 crores in the previous financial year. Note that this refers to sales only, including returns. For the previous financial year, of the Rs 98.1 crores in gross sales, net sales were Rs 68.7 crores, according to its annual report (pg 4): that means in FY16, returns were 29.78% of gross sales. Gross sales do not represent the revenues that the company made, which it hasn't disclosed yet. Revenues for previous financial year FY16 were Rs 51.24 crores, its loss then was Rs 165.04 crores. There's no such data available for FY17, so we'll share more details once Koovs releases its annual report. What we do have, is data for the six month period ended 30th September 2016, as per which, Koovs had reported revenues of Rs 36.6 crores, and a loss before tax of Rs 83.5 crores. Koovs said it "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." The company says that units shipped increased and repeat customers increased 100% year on year, but hasn't shared absolute numbers. Private Label accounts for 40% of sales Koovs recently said that it will launch products from its Koovs Private Label Collection on SOUQ.com, a middle east ecommerce major.It's also looking at the Asia Pacific as a target market. Note…
