Koovs fires 140 employees from workforce due to financial troubles

Fast Fashion online marketplace Koovs has let go 50 per cent of its employee base in order to streamline operations and cut costs.

Sources close the development said that apart from the technical vertical, entire teams from the buying, merchandising and marketing departments have been let go.

The number of employees fired stands at 140 as of now.

Mary Turner, CEO of Koovs commented in an ET report that the priority of the business is to refinance and refocus, due to which they took the step of streamlining operations.

Substantiating on the same, Mary said “We have been instrumental in bringing the latest in international fashion to Indian wardrobes and will endeavour to become the ‘go-to’ western fashion destination for India’s millennials and Gen Z.”

The deal came after Kishore Biyani’s offer to buy a 30 per cent stake in Koovs for Rs. 140 crore was hit by a roadblock by the Reserve Bank of India. RBI declared that the transaction is not compliant and Future Lifestyle Fashion did not receive necessary approvals.