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Spykar Lifestyle promotes Sanjay Vakharia as CEO

04
Sep '18
Sanjay Vakharia; Courtesy: Spykar
Sanjay Vakharia; Courtesy: Spykar
Spykar, one of India’s largest denim brands, has promoted of Sanjay Vakharia to the position of Chief Executive Officer. Vakharia co-founded the brand in 1992 and was the COO & director since 2014.  The announcement comes at the back of an excellent year for the business where the jeans wear brand clocked retail sales of more than ₹550 crore.

In the last three years, the revenues of Spykar have doubled and the profits grew by 4x.

The business was acquired by the Metdist Group from Prasad Pabrekar in 2014. The Metdist Group is owned by the Bagri family, led by Apurv Bagri. The group is a global conglomerate with diversified interests in metal, hospitality, fashion and technology.

Amongst the top three denim brands in India, Spykar has moved from being a pure play denim player to one which serves the fashion needs of the youth. It extends itself from clothing to accessories including grooming products. Today, it has 220 standalone stores across 140 cities and over 700 shop-in-shops and 700 multi-brand outlets across 350 cities of the country. It is also available on all online fashion portals.

“For the last 25 years, Spykar has been leading the fashion denim market in India. With great brand saliency and a superior product, we rank highly on customer satisfaction scores. With a renewed thrust on marketing, coupled with Spykar’s business strengths of a great product, strong team work and the Metdist Group’s strategic guidance, we are all set to create waves in the fashion denim market. Our ambition is to double our revenue in the next couple of years,” said Vakharia.

“Spykar is uniquely placed to take advantage of the growing apparel industry in India. We are passionate about Spykar’s story and strongly believe that under Sanjay’s leadership the brand will continue to grow exponentially in the years to come. We are very ambitious and are committed to be a part of Spykar’s future success,” said Amisha Bagri, a member of the Metdist Group. (RKS)

Fibre2Fashion News Desk – India


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