Future Lifestyle acquires 29.9 per cent stake in e-commerce brand Koovs

Koovs is an Indian business listed on London Stock Exchange (LSE), led by Lord Waheed Alli. The company operates through an online shopping portal for clothing, while Future Lifestyle Fashions Limited, is a Future Group company.

Future Lifestyle operates through 4 million square feet of retail space with big-format stores like Central, Brand Factory and Planet Sports. The stores offer apparel, fashion accessories, shoes etc. It offers brand including Indigo Nation, Lee Cooper, Scullers, Lombard, John Miller, Giovani, aLL, Jealous 21, UMM, UMBRO, Converse and Holii.

Earlier, on June 18, Koov initiated a process to raise 10 million pounds through equity raise at 15 pence per share. Future Lifestyle Fashions Limited (FLFL) is slated to acquire up to 29.9 per cent stake in Koovs Plc.

FLFL will acquire 57,876,600 new ordinary shares of Koov constituting 24.8 per cent of the current issued share capital at a Subscription price of 57,87,660 pounds. FLFL will also make additional investments to take its stake up to 29.9 per cent in Koovs.

The partnership will enable FLFL benefit from Koov's online strategies and reach more customers, while Koov's will gain from FLFL's large retail presence.

Reacting to the development, the stock of Future Lifestyle was trading at Rs. 417.25 per share, up Rs. 19.15 or 4.81 per cent, at 10:33 on Thursday. While the benchmark index BSE Sensex was at 35,604.37, down 41.03 point or 0.12 per cent.