Fashion e-tailer Koovs’ strategy continues to deliver significant growth with sales up by 87 per cent to £18.6 million for the full year to 31 March 2017, underpinned by a year-on-year 100 per cent increase in both units shipped and repeat customers.
While demonetisation in India impacted the whole market, Koovs’ proactive approach on customer payment and delivery options, coupled with a strong Christmas trading period, means the company has delivered growth of more than 5x the Indian e-commerce market as a whole.
The company continued to improve its gross margin position by improving intake margin and controlling the level of discounts given, and expects to generate positive gross margins in FY18.
CEO Koovs, Mary Turner, said: “Koovs’ distinctive fashion proposition is really working with our young target market in India. Engagement with our young customer is delivering strong growth and we continue to significantly outperform by five-times the e-commerce sector growth in India.”
Chairman of Koovs plc, Waheed Alli, added: “India is now well established as the fastest growing economy in the world. Koovs’ authentic global fashion is the right proposition at the right time in this major market and there remains huge confidence for its continued growth.”
Fashion & Brand
The company’s brand position as a fashion authority, offering exclusive Koovs Private Label designs, goes from strength to strength.
Unique lifestyle content for online and mobile and four standout designer collaboration collections during the year, with Manish Arora, Hattie Stewart, Gauri & Nainika and Masaba, have further amplified Koovs clear position for authentic western fashion.
New collaborations to launch this spring from Disney and the Princess Collection with Daniella Helayel, further raise the profile of Koovs as a fashion first company.
Koovs also continues to invest in the brand and amplify its unique proposition. Phase three of the Koovs brand campaign commenced mid-March and has lifted web traffic by 50 per cent, peaking at two million in a single week.
The e-commerce portal was also named as ‘The Most Popular Fashion Portal with Youth’ by The Youth Marketing Forum in February 2017.
First for Customer Satisfaction & Social Engagement
With the top Net Promoter Score in its category, at 29 v 21 category average (RedSeer), Koovs is No.1 for customer satisfaction and is also the top brand in its peer group for customer engagement on Instagram and Facebook India – Facebook’s single largest territory with 142 million members.
Expanding Koovs to New Territories
The Koovs Private Label will remain exclusive in India, but its continued success means the company has now announced its strategy to expand into additional high potential markets in Asia-Pacific and the Middle East.
The first international distribution agreement will launch the Koovs Private Label Collection in the Middle East on SOUQ.com, the region’s leading e-commerce player, this summer.