Koovs' sales surge as investment boosts web traffic

5th Sep 2016 11:20

(ShareCast News) - Indian online fashion retailer Koovs' sales more than doubled in the second quarter as brand awareness and weekly web traffic surged thanks to recent investment.In the four months to 31 July, sales grew 115% to £5m year-on-year as brand awareness increased to 18% from 1% which drove website traffic to 1.4m visits a week, a 142% increase.The London-headquartered company now has 1.2m registered users and 1.7m social media followers, which both more than doubled in comparison to the same period last year.Koovs aims to grow further as the online fashion and ecommerce industry in India is expected to increase five-fold to £2.5bn by 2020. Its sales growth is ahead of India's benchmark of 50% annual growth in ecommerce and 75% in online fashion.Chief executive Mary Turner, said: "Our investment in brand marketing is delivering excellent results, significantly increasing brand awareness and establishing a strong platform from which to build brand affinity and customer loyalty."AIM-listed Koovs, which increased the number of fashion lines 43% to around 10,000, said it was continuing with its phased capital raising to support its three-year business growth plan.Chairman Waheed Alli, added: "Over the last four months we have seen evidence of further strong progress across all business metrics, as Koovs continues to win in the fashion-forward e-commerce market for young, style conscious, fashion lovers in India."Shares in Koovs were up 8.82% to 64.75p at 1125 BST on Monday.