Future Lifestyle To Acquire Up To 29.9% Of Koovs
KOOV, the leading e-commerce fashion business, announced that it has reached a conditional agreement with Future Lifestyle Fashions Limited (FLFL), part of Future Group to subscribe for up to a 29.9 per cent stake in Koovs subject to regulatory and procedural approvals.
Future Group is among India’s leading consumer goods companies with brands and retail networks in fashion, food and homeware segments.s. It owns over 60 brands, operates close to 2,000 retail stores spanning over 22 million square feet and attracts footfalls of over 500 million annually.
Lord Alli, Chairman of Koovs, said: “This marks a giant step forward in the Koovs' journey to win the efashion market in India. FLFL with its leadership position as an integrated branded fashion player and the Koovs brand and technology platform is an unbeatable combination. This investment will bring enormous benefits to our customers and partners as well as significant value for all shareholders.”
Kishore Biyani, Group CEO, Future Group, said: “In FLFL we have successfully created, grown and invested in leading Indian fashion brands and are excited to partner with Koovs to continue building on FLFL’s ambition. This investment would complement the existing value chain for FLFL as an integrated branded fashion player. FLFL’s strong retail presence backed by owned brands coupled with Koovs online strategy will help reach more customers and create value for all stakeholders”