Back in 2018, Biyani's Future Lifestyle Fashions had announced plans to buy 30 percent stake in Koovs for Rs. 140 crore, making the Indian retail group the largest shareholder in the AIM London-listed fashion retailer. Then a few months back Reserve Bank of India (RBI) rejected Kishore Biyani's investment proposal to throw a ₹64-crore lifeline to fashion e-commerce brand.
Now the latest report is that Koovs is laying off about half its staff, or 140 people, two people familiar with the development. However, no official announcement about the layoffs has been made yet.
Mary Turner, CEO of Koovs has, in fact, expresses optimistic views about its business and said, “Koovs has successfully refinanced the business and refocused its business priorities, which included streamlining of some of its operations.
She further added that Koovs has been instrumental in bringing the latest in international fashion to Indian wardrobes and will endeavor to become the 'go-to' western fashion destination for India's millennials and Gen Z.
While streamlining is a normal part of any business, it is imperative that affected employees are taken care of by the company during any sort of restructuring.