India based retail group Future Lifestyle Fashion, owned by Kishore Biyani, has reportedly bought a major stake in UK-based online fashion store koovs.com. The deal is an attempt by FLF to crack the e-commerce fashion market which has been growing rapidly.
The deal has surfaced after FLF failed to crack a similar deal in 2016 with jabong.com which was later bought by Myntra.
FLF has reportedly stuck the deal by committing to pay around Rs 140 crore in two phases for 30 per cent stake. Post the deal, FLF has now become largest shareholder in Koovs that caters to youth aged 18-34 years in India and has a revenue of around Rs 200 crore. Majorly it reports sales from its private labels.
The FLF runs department store chain Central, Brand Factory and more than a dozen brands including Indigo Nation and Lee Cooper, Scullers, Clarks, John Miller, Jealoys, CoverStory, aLL.
FLF sailed through rough water when it acquired online furniture seller FabFurnish.com from Germany-based Rocket Internet which failed to deliver favourable results for the retailer. Later it wrapped up Fabfurnish business.
Additionally, Futurebazaar.com, the flagship e-commerce of the company is now in a defunct state.
Koovs, which claims to come up with over 100 products every week, houses collection from big fashion players such as Levis, Jack & Jones, Flying Machine and Adidas along with its exclusive range for men, women and kids.
FLF operates around 2,000 retail stores spread in more than 22 million square feet area and attracts footfall of over 500 million annually.
