Koovs to Call in Administrators as Indian Billionaire Kishore Biyani Fails to Invest

Koovs Plc said today that it would apply to place the online fashion retailer into administration as Indian billionaire Kishore Biyani’s Future Lifestyle Fashions failed to invest a further 6.5 million pounds ($8.34 million), Reuters reported. Koovs said that it could not get alternative funding and expects its assets to be bought from the administrator by a company connected to the Koovs’ largest secured creditor and chairman Waheed Alli, ensuring the continuation of the operating business. Future Lifestyle Fashions, a part of Future Group, India’s largest retail firm, is Koovs’ largest investor. Read more.