Indian lifestyle e-commerce venture Koovs.com plans to increase gross merchandise value (GMV) to 9.5 million pounds (Rs 91.59 crore) by end of this year from three million pounds (Rs 29 crore).
Concentrating on just fashionable western wear, Koovs, which runs an inventory-led model, believes that it has an edge over its competition such as Myntra and Jabong as they are more of a fashioncuration portal.
Koovs hopes to break even by 2019. Over the next three years they are looking at raising another 30 million pounds. The company recently posted a threefold jump in sales and has raised 4.5 million pounds (Rs 43 crore). Over the next three years, it plans to raise another 30 million pounds (Rs 289 crore). The e-commerce venture is part of KoovsPlc which was founded two years ago with 22 million pounds (Rs 212 crore) through a float on AIM, the London Stock Exchange’s international platform for smaller companies.
The company said 85 per cent of its fashion apparels, particularly western wear, designed by in-house designers, is priced below Rs. 1,500. Some of the brands that sell on Koovs include Calvin Klein, Casio, Enamor, Flying Machine, Jack & Jones, Being Human and Nikhil Chinapa.
The company has around 150 international brands, out of which 50 per cent are its own private labels, crafted by 20-25 designers in its London studio.
Turner added that they have no plans of going the app-only route, but are seeing a chunk of their sales coming from mobile websites and app.
The company however is expanding it warehousing facility. It currently has a 40,000 square feet warehouse in Gurgaon, which it plans to expand to 100,000 square feet.
The lifestyle e-commerce market is touted to be at $35 billion by 2020. Turner said its strategy is to access this growth market and to become India’s top destination for affordable western fashion by 2020.
