- Losses widen to £16.74m
- Revenues up 148% to £5.2m
- Website visits up 110%
Koovs’ full-year losses have widened, despite rising sales, with operating costs soaring as its continued to target India’s fashion market.
Sales rocketed 189% to £10m in the 12 months to March 31, the Indian etailer said. However, losses in the period widened from £9.37m to £16.74m as its costs increased.
However chairman Waheed Alli said he believed that Koovs would continue to experience rapid sales growth and consequent margin improvement.
He said that these two factors would result in an increase in scale and an improvement in profitability, which he believes will lead to Koovs being a profitable and cash-generative business.
Website visits rose 110% to 43.8m. At times this exceeded more than one million visitors per week.
Koovs’ objective to become “India’s leading western fashion destination” by 2020 has five strategy pillars: building its private label; bringing international brands to India; extending designer collaborations; improving delivery and price propositions; and constantly developing technological innovations.
During the year, Koovs hired Robert John Pursell as its new finance boss after Roy Naismith stepped down from his role. It also launched its first multi-media advertising campaign.