Indian etailer Koovs has announced soaring revenues, as millennial Indian shoppers flock to the site.
Revenue for Koovs was up 49% to £8.7m for the year to 31 March 2017, year on year, and gross sales were up 65% to £18.6m.
Website traffic increased by 79% to 78.5m, and 40% of sales now come from the Koovs own brand.
CEO Mary Turner credited these strong results to Koovs’ “highly distinctive and targeted brand marketing [which] has further established Koovs fashion authority among our core market of India’s 18-to-34-year-olds”.
However, the company also announced a pre-tax loss of £19.3m, as it battles capital decline and cost controls in India. Turner nevertheless noted that Koovs had “significantly” outperformed India’s ecommerce market by more than five times during “the challenging period of demonetisation, which impacted the entire Indian economy”.
She added: “The focus for 2018 is to build on these foundations for sustainable growth towards profitability in 2020 and to further capitalise on the unique growth prospects of India’s fashion ecommerce market, for the benefit of our shareholders.”