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Koovs breaks negative sales spell amid investment troubles

Indian etailer Koovs has reported a 100% year-on-year increase in gross order value to £5m in the second quarter of its 2019/20 financial year.

This is up from £2.5m in the three months to 30 September 2018.

It also improved its trading margin by 5 percentage points to 12%, from 7% in the second quarter of 2018/19.

Website traffic rose by 69% during the period, to 27.3m visits.

Koovs announced last week that its investor Future Lifestyle Fashions Limited (FLFL) is required to reapply for approval prior to completing its outstanding £6.5m investment.

In an updated, it said: “[Koovs] is working with FLFL to secure the committed investment, alongside considering other fundraising options available to the company, in the event the Reserve Bank of India approval process is not completed within the coming week.”

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