Koovs to triple turnover in FY 2017

Koovs to triple turnover in FY 2017

Koovs to triple turnover in FY 2017

In the process of discovering itself, once a transactional platform for coupon services Koovs has transformed itself into a trend-led, affordable destination for fashion.

The UK-listed Gurgaon-based company clocked in £10 million in gross order value in FY2016, and aims to more than triple the value to £34 million in the current financial year.
“Our aim for FY16 was £8.5 million and we have outdone ourselves. As we follow through with the growth plans we have set out for Koovs, we plan to achieve profitability in 2019,” said Mary Turner, CEO of Koovs Group.

With its target audience in the 20-something youth of India, Koovs launches 10 collections every year consisting of a sound mix of its private label and some curated brands.

 “Authenticity of  western wear is Koovs’ key differentiator. About 50% of the products on the platform are from our private label, and within the brands we curate, some half of the collection is exclusive to Koovs,” she said.

“Our design team of 20 sits in London and creates exclusive styles for the brand. We launch about 150-250 styles every month,” the CEO added.

Website traffic

Over the past year, the company has cumulatively raised £26.9 million, improved its brand awareness from 1% to 8% and doubled its website traffic to achieve 1.5 million visits per week. The company plans to scale its private label business from 50% to 60% by the end of this fiscal.

“While retaining focus on the India market for the short-term at least, we will be embarking on a marketing strategy involving campaigns on platform including television, outdoor, digital media and print media. The earmarked budget is slightly north of £1.5 million, out of which 50% will be spent on television, 25% on print, 10% on outdoor and the remaining on digital media,” said Turner.

With prices on the platform ranging from Rs 500-Rs 1,600, the company wants to cater to the segment of the youth that is just out of college that has limited disposable income, yet is fashionable.

Reiterating that the market in India proposes immense growth potential what with growing smartphones and connectivity, Turner said, “Moreover, the Indian youth, men and women are getting increasingly fashion conscious and fashion influenced. It presents us with a huge growth opportunity.”