Koovs H1 sales witness a 114 percent jump

Koovs generated sales of 7.9 million pounds during the six months to September 30, 2016, representing an increase of 114 percent over the first half of the previous financial year. Net sales, the company said, after returns and tax amounted to orders generated in the period increased by 135 percent to 559,000 due an increase in web traffic and an increase in conversion rate from 1.4 percent to 1.5 percent.

“It has been another amazing six months of growth for both sales and new customers. Whilst demonetisation had a short-term impact on the market and ecommerce we have seen good growth in November and had some of our best days for sales in December. The Indian online fashion market is projected to grow to 2.5 billion pounds by 2020 and the combination of a strengthened management team, our exclusive London based designs and operational expertise in India, mean Koovs is well positioned to capture a significant market share in this rapidly growing market,” said Mary Turner, CEO of Koovs in a media release.

Mobile First drive sales growth in H1

The company said, “Mobile First” approach to development has helped accelerate growth with 62 percent of all orders coming though mobile devices, a growth of 223 percent compared to H1 FY16. Orders though the Koovs App increased by 421 percent to 41 percent of all orders, and now represent the most popular method of ordering for our customer, it added.

With the introduction of the Koovs Essentials range, a lower value fashion basics range, average order value has decreased by 11 percent from 15.90 pounds (19.93 dollars) to 14.20 pounds (17.80 dollars). The range has proved very popular increasing the average units per order by 10 percent from 1.7 to 1.8.

Operationally, Koovs managed the growth in sales and orders shipped by investing in warehouse capacity and customer support. During the period, the company raised 17.2 million pounds (21.5 million dollars) as part of the capital raise program announced in October 2015. Also during the period an additional 9 million pounds (11 million dollars) was raised to take 100 percent ownership of Koovs Marketing Consulting, the company’s Indian subsidiary. In November 2016, an additional 12.9 million pounds (16 million dollars) funding was raised.

Picture:Koovs