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Tier II and III audiences prefer stepping into a store to clicking a button
Sanjay Vakharia, COO of Spykar Lifestyle, shares his vision for the company and why denim will continue to be a staple for all wardrobes in the years to come in an interview with Fibre2Fashion.com
The apparel industry in India is extremely competitive, so what was Spykar's USP as it entered the industry?
Spykar has always stood by its USP of delivering fashion through its garments. Fashion denim has created a wave among the 18- to 25-year-olds. Spykar is built on an unwavering passion for creating garments that fit perfectly and ensure unparalleled quality. The brand's persona embodies the bold, the brash and the audacious. Breaking the confines and expanding the horizon, the brand believes in evolving each day. It firmly believes in youth being the core of the brand. Keeping in mind a diverse palette of tastes, Spykar makes clothing that stands apart.
Why is the demand for foreign brands more than that for Indian brands? Is it because Indian brands are still just trying to match up to them?
It is always interesting to understand consumer perception and features as they act as a catalyst during decision-making. The Indian market is definitely seeing a shift in perception. Brands made in India are being favoured as much as the global ones. It is also extremely interesting to understand that the recent IMRB research states that consumers perceive Spykar to be an international brand, which validates the quality effort gone in creating a vibrant and dynamic brand.
What are your thoughts on the evolution of denim in the coming years?
No matter what the season, denim will continue to be a year-round staple in wardrobes the world over. The recent research by Spykar, executed by IMRB, states that denim is always perceived as casual wear.
Do you think online shopping will take over traditional offline shopping?
In my viewpoint, online shopping will not take over offline methods of buying, because Indian consumers still have the tendency to touch and feel the product before they buy. Adding to this, retail brands are also stepping into Tier II and Tier III markets, where the audience prefers stepping into a store than clicking a button. Retail is always a medium of larger reach and distribution. Brands which started online had the attention of the online audience since Day One. But they are aware that in countries like India, there is a market for their products much beyond the audience which has the ability and intent to purchase online. So, stores are a way to leverage brand recognition to non-online audiences.
What are your expansion plans?
Spykar targets to open 65 or more stores by this financial year, taking the total store count to over 250 in India. With this, the brand would like to achieve revenue over Rs 250 crore, growing by over 30 per cent in the coming fiscal. The distribution will also focus on expanding in Tier II and Tier III cities.
Published on: 23/10/2015
DISCLAIMER: All views and opinions expressed in this column are solely of the interviewee, and they do not reflect in any way the opinion of Fibre2Fashion.com.
Fibre2Fashion has a diverse global readership, and delivers unique, authoritative and relevant content. Drawing on the expertise and credibility that we have built over the years and contextualising them with our in-depth research studies, we produce authentic news, articles, reports, interviews and interactive explainers through the F2F Magazine and compendiums, among others, which help readers stay abreast with the industry trends.