Skip to content
Search

Latest Stories

Administrators sell Koovs as Biyani fails to invest

ADMINISTRATORS have sold fashion retailer businesses and assets of Koovs Plc to SGIK 3 Investments Ltd.

The properties were sold to SGIK 3 Investments, an entity owned by the online fashion retailer’s largest secured creditor and chairman Waheed Alli, the fashion retailer said on Tuesday (10).


The company that is listed on London’s junior market said earlier that it would apply to place itself into administration.

The move came after its largest shareholder India’s Future Lifestyle Fashion failed to invest an additional £6.5 million.

Indian billionaire Kishore Biyani’s Future Lifestyle Fashion is part of the country’s largest retail firm Future Group.

Koovs said it could not get alternative funding and a competitive sale process conducted over the last month to help continue as a going concern had failed.

Geoff Rowley and Jason Baker, partners at specialist business advisory firm FRP Advisory, were appointed as joint administrators to the retailer.

Rowley was quoted by Reuters: “The offer from SGIK 3 Investments Limited to purchase the underlying business of Koovs in the UK and in India was the best one we received from a creditors’ perspective”.

Koovs is an online store for western fashion, which supplies fashion clothing, cosmetics, footwear, and others to its Indian customers.

The company is headquartered in India, with an office in the British capital, and serves the Indian market.

It stocks Indian and global brands and its own collection of clothing and accessories. The company has also collaborated with international designers to create clothing range.

It posted a pre-tax loss of £15.5m for the year to the end of March, flat on the previous year. Sales were down to £7.5m from £9.6m.

Founded in 2012, Koovs has around 20 employees in London, whereas 250 staff members are based in India’s Delhi and Mumbai.

Alli has pumped around £20m of his own cash into Koovs after the formation of the company, following his departure from Asos as its chairman.

The company had repeatedly asked for additional cash supply from new and existing investors, as it aimed to spend cash primarily on marketing to spread its business further.

Before starting his online business in the South Asian country, Alli served as the chairman of Asos for over a decade and stepped down in 2012.

He sold half of his stake in Asos to start a replica of the online retailer in India targeting middle-class youth.

More For You

modi-trump-getty
Trump shakes hands with Modi during a joint press conference at Hyderabad House in New Delhi on February 25, 2020. (Photo: Getty Images)

Key issues in India, US trade talks

TRADE talks between India and the US have hit a roadblock over disagreements on duties for auto components, steel and farm goods, Indian government sources said to Reuters, dashing hopes of reaching an interim deal ahead of president Donald Trump's July 9 deadline to impose reciprocal tariffs.

Here are the key issues at play:

Keep ReadingShow less
Anil Agarwal

Vedanta Resources, which is based in the UK and owned by Indian billionaire Anil Agarwal, has been working on reducing its debt. (Photo credit: Getty Images)

Getty Images

Anil Agarwal’s Vedanta Resources signs £438 million refinancing deal

VEDANTA LTD said on Thursday that its parent company, Vedanta Resources, has signed a loan facility agreement worth up to £438 million with international banks to refinance existing debt.

The refinancing move, where old loans are replaced by new ones, often at better terms like lower interest rates, has led ratings agencies such as S&P Global Ratings and Moody's to upgrade their outlook on the company this year.

Keep ReadingShow less
Trump-Getty

Trump said that while deals are being made with some countries, others may face tariffs.

Getty Images

Trump says major trade deal with India may be finalised soon

US PRESIDENT Donald Trump on Friday said a "very big" trade deal could be finalised with India, suggesting significant movement in the ongoing negotiations between the two countries.

“We are having some great deals. We have one coming up, maybe with India. Very big one. Where we're going to open up India," Trump said at the “Big Beautiful Bill” event at the White House.

Keep ReadingShow less
Asda suffers nearly £600m loss as debt and IT costs surge

Asda co-ownerMohsin Issa. (Photo: Asda)

Asda suffers nearly £600m loss as debt and IT costs surge

ASDA, one of Britain’s largest supermarkets, has reported a pre-tax loss of £599 million for 2024, swinging sharply from a £180 million profit the previous year.

The loss comes despite total sales rising by over £1 billion to £26.8bn, as the retailer faces mounting debt costs, falling sales, and spiralling spending on a major IT overhaul, the Telegraph reported.

Keep ReadingShow less
Mounjaro

Mounjaro, or tirzepatide, is part of a new class of weight-loss medications, with trials showing patients losing an average of 20 per cent of their body weight after 72 weeks.

Reuters

Lilly to sell Mounjaro pens in India as Wegovy enters market

ELI LILLY said on Thursday that it has received approval from India's drug regulator to launch pre-filled injector pens of its weight-loss drug, Mounjaro.

The move gives the company more options to compete with Novo Nordisk, which recently launched its weight-loss drug Wegovy in the country.

Keep ReadingShow less