Fashion startup Koovs sold by administrators as Kishore Biyani fails to invest
Updated : December 11, 2019 12:08 PM IST
The company said earlier on Tuesday it would apply to place itself into administration after its largest shareholder, India's Future Lifestyle Fashion, failed to invest a further 6.5 million pounds ($8.34 million).
Billionaire Kishore Biyani's Future Lifestyle Fashion is part of the country's largest retail firm Future Group.
Koovs said it could not get alternative funding and a competitive sale process conducted over the past month to help continue as a going concern had failed.
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