New Delhi: Indian retail maestro Kishore Biyani is again on buying spree. Now he is going to buy a significant stake of around 30% stake in London-listed online fashion retailer Koovs.com. His Future Lifestyle Fashion will acquire about 30% stake in Koovs for about Rs 140 crore and that will make the Future Group company the largest shareholder in the AIM London-listed fashion e-commerce company that sells its private labels and curated fashion and lifestyle products.
Prior to Biyani, other famous Koovs investors include British businessman-turned-politician Lord Waheed Alli, a former chairman of Asos.com and Alli also founded Koovs in 2012.
“Lord Alli has committed to invest £1.5m in the equity raise and FLFL (Future Lifestyle) has conditionally agreed to make additional investments to take its ownership up to 29.9% within six months of completion of the equity raise,” the Koovs statement said.
Koovs curates fashion from various international brands targeted at 18-34 years old Indian youth and about 40% of the company’s sales come from its private labels. The company at present has revenue of about Rs 200 crore.