Spykar, which is rated among the top five denim brands in India has set a target of grossing Rs 700 crore by 2020 with expansions in its women wear segment and sales network.
According to company COO Sanjay Vakharia, Spykar, grossed Rs 245 crore in 2015-16 and is expecting a business of Rs 325 crore in the current financial year 2016-17.
The company is growing at about 30% , and was expected to show a similar growth rate over the next four years making it a Rs 700-crore brand by then, Vakharia reportedly told PTI.
He further said "We are very confident on the women's segment. It would be one of the largest areas of growth for us as it has huge potential and space."
Admitting that around 6 to 8 % of its sales was through the Internet, Vakharia said the company was also in talks with some leading online platforms for its new range and expressed optimism that “the channel would mature in coming years."
Spykar Lifestyles, which started in 1992, has a network of 205 franchise shops and 300 large branded stores in 110 cities in India. It is sharply focused on the youth between 15 and 30 years of age. A good 60% of its sales comes from smaller towns while Tier I cities account for 40% of the business.
Earlier this year, Spykar invested Rs 20 crore on a sponsorship deal with the Pune-based IPL T20 team Rising Pune Supergiants.
In 2014, NRI-metal- millionaire Apurv Bagri acquired a controlling stake in Spykar Lifestyle following which the company has been investing in new categories, branding and promotions. (SH)
Fibre2Fashion News Desk – India