Indian fashion group Future Lifestyle Fashions has bought a 30% stake in etailer Koovs.
The purchase forms part of a plan by Koovs to expand its offer in India. Under the conditional agreement, Future Lifestyle Fashions will take a 29.9% stake in the business within six months. Koovs said two representatives of the company would join its board “in due course”.
Koovs announced in March that it was seeking a £50m investment to expand its operations.
In its latest statement the etailer announced plans to raise up to £10m of equity at a price of 15p per share. The equity raising is conditional on shareholder approval.
Lord Alli, chairman of Koovs, said: “This marks a giant step forward in the Koovs’ journey to win the e-fashion market in India. Future Lifestyle Fashions, with its leadership position as an integrated branded fashion player, and the Koovs brand and technology platform are an unbeatable combination.”