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Losses widen at Koovs despite soaring sales

Indian fashion etailer Koovs made a loss before tax of £9.1m in the six months to 30 September, compared to a £5.7m loss during the same period last year.

The company said the losses were in line with expectations, as it continues increase its investment in marketing and technology, build its presence in the market and grow revenues, and expand its operational capabilities.

Sales were up 114% to £7.9m during the period, and its number of active users grew 138% to 431,000. Revenues also doubled, to £4m.

Koovs has also seen sales of its private-label collections grow by 124%, now accounting for 40% of the total.

Mobile orders through the Koovs app rocketed by 421% year on year, and now account for 62% of transactions.

Mary Turner, chief executive of Koovs, said: “We have delivered on both our strategic and financial objectives and are in line with expectations. The increases in our customer base, registered base and social followers will provide an excellent opportunity for future growth.

“The Indian online fashion market is projected to grow to £2.5bn by 2020 and the combination of a strengthened management team, our exclusive London based designs and operational expertise in India, mean Koovs is well positioned to capture a significant market share in this rapidly growing market.”

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