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Koovs bolsters board ahead of float

Indian etailer Koovs has bolstered its board with former French Connection director Roy Naismith ahead of its float in March.

The website, which was set up by the former Asos chairman Lord Waheed Alli in 2012, has added a trio of heavyweights to its board including Naismith who left French Connection last year after 12 years. He has joined the company as chief financial officer.

British Vogue deputy editor Emily Sheffield and Gail Rebuck, chair of Penguin-Random House, have also joined the board as non-executive directors according to the Financial Times.

In March around 35% of the etailer, which targets the Indian fashion market, will float on the Aim market.  It is expected this float will raise £22m.

Lord Alli told the FT: “Koovs is experiencing the same kind of growth patterns that we saw very early on at Asos.”

However he added: “This is a long-term build. This is a real business. It took us eight to 10 years before people realised what was going on at Asos. It will take five years for people to understand what we’re doing here. We’re not going to profit-take.”

“[In India], you have an entire young, urban middle class who want to shop and are connected online, in a market where there is no high street,” he said.

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