Online fashion retailer Koovs sees sales rise but losses deepen to £9.1m
Losses at London-listed Indian online fashion retailer Koovs widened in the first half of the year despite rising sales and customer numbers.
The firm, chaired by ex-ASOS man Lord Waheed Alli, racked up losses of £9.1 million in the six months to September 30, compared with £5.7 million last year.
Koovs said the loss was expected as it continues to increase investment in marketing and technology.
However, revenue doubled from £2 million to £4 million and active customers grew to 431,000 from 181,000.
Boss Mary Turner said: "It has been another amazing six months of growth for both sales and new customers. We have delivered on both our strategic and financial objectives and are in line with expectations.
"The increases in our customer base, registered base and social followers will provide an excellent opportunity for future growth."
She added that Indian Prime Minister Narendra Modi's demonetisation programme had had a "short-term impact" on the market and e-commerce.
The number of registered Koovs users now stands at 1.5 million and social media followers at 1.7 million.