India's "ASOS" Koovs to London aim to raise funds

India's version of Asos, the Indian fashion dealer Koovs on March 10 on the London Stock Exchange Alternative Investment Market AIM section, the first day of 184 pence, compared to the price of 150 pence rose 26.67%, the opening in Tuesday continued to jump, As of the fashion-free Chinese network press time for 187.50 pence, or nearly 2%.

Koovs successfully raised 22 million pounds, and a sharp rise in share prices also made the company worth nearly £ 45 million.

Waheed Alli, former chairman of the Koovs, was founded in 2012, after the resignation of 2012 from Asos, Waheed Alli, the Nahata family behind the Himachal of India's telecoms infrastructure provider, created a fashionable E-commerce website Koovs with India's fast-growing young middle class as its target clientele.

Koovs and Asos, whether from the categories of goods, page design, layout and market positioning, and many other aspects are the same, even product director Rob Bready also from Asos is widely known as the Indian version of the Asos. In an interview with the Financial Times, Waheed Alli also said: "This site was created in the beginning indeed and Asos very similar, because we are ASOS architects." It's like Selfridges and Harrods, they're all department stores. ”

Koovs currently covers more than 200 brands of clothing, accessories, shoes, perfumes and beauty products, will be in early next year to enter the field of men with great business opportunities. The site's products are cheaper than those of western rivals such as Asos, but Waheed Alli insists they are "not Primark", the target of the mid-range market.

India has a relatively small number of credit and debit cards, the proportion of which is lower than that of men, so Koovs supports cash on delivery, although this is more expensive than online payments, but Waheed Alli believes the gross margin of the product is enough to offset those costs.

According to McKinsey, India now has internet users 120 million, and will increase by twice to 370 million 2015 years ago. Peel Hunt, an independent securities broker in the UK, expects Koovs's annual revenue to rise to £ 193 million by 2019 years, as online sellers increase.

Waheed Alli pointed out that Koovs is the only current E-commerce website in India, "This market will be occupied by us, but this may not happen." This is either an or a situation where you win or you lose. ”

Koovs hopes to become India's largest online fashion retailer in the next five years.