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With Koovs, Kishore Biyani just confirmed that the future of fashion is online  Quartz

Koovs was launched in 2012 by Waheed Alli, former chairman of British online fashion and beauty retailer, ASOS. Even as it was headquartered in London, most of the company’s business was—and continues to be—focused on India. At its inception, the company sold affordable global fast fashion to young Indian shoppers, and manufactured garments crafted by a team of designers based in London . But over the years, its business model has come to rely heavily on private labels, apart from selling the latest clothes of London-based fashion designers . In 2014, Koovs listed on London’s AIM exchange, a stock exchange for smaller companies. For the financial year, 2017 Koovs registered net sales of Rs108.6 crore (pdf) . The deal with the Future group, which counts itself among the top 10 (pdf) fashion apparel companies globally—selling 300 million garments annually—will now help Koovs access a strong network of physical stores in India. Biyani has been trying to scale up Future Group’s online retail presence for some time now. In 2016, the company bought online furniture retailer, which was subsequently shuttered. More recently, it has been experimenting with a grocery delivery app for its EasyDay format of daily stores, apart from exploring a tie-up with American online retailer Amazon . Dabbling with fashion comes as a natural choice for Future Group, as the number of online fashion shoppers in India is estimated to more than double to 130 million by 2020, according to estimates by the Boston Consulting Group.

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