Ways2Capital Reviews : Future Lifestyle Fashions To Acquire Up To 29.9% Of Koovs

Koovs plc, the leading e-commerce fashion business has reached a conditional agreement with Future Lifestyle Fashions (FLF) to subscribe for up to a 29.9% stake in Koovs. However, the agreement is subject to regulatory and procedural approvals.

Future Lifestyle Fashions Limited owns and markets about 30 fashion brands through exclusive brand outlets, department stores and multi brand outlets. Company operates chains such as Central and Brand Factory.

This investment would complement the existing value chain for FLF as an integrated branded fashion player. FLF’s strong retail presence backed by owned brands coupled with Koovs online strategy will help reach more customers and create value for all stakeholders. This will also benefit company’s revenue growth going forward.

Koovs will issue FLF with ~58mn new ordinary shares at a price of 10pence per share, representing 24.8% of the current issued share capital raising £5.7mn of cash.

Koovs also announced the formal opening of a bookbuild to raise up to £10mn of equity at a price of ~15pence per share. Lord Alli has committed to invest £1.5mn in this equity raise and FLF has agreed to make additional investments to take its ownership up to 29.9%.

Future Lifestyle Fashions Ltd ended at Rs409 up by Rs10.9 or 2.74% from its previous closing of Rs398.10 on the BSE.
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About Bhoomi Desai