Spykar aims to double its sales to Rs 700 cr in the next 4 years

YarnsandFibers News Bureau 2016-07-18 16:00:00 – New Delhi

Spykar Lifesyles, fashion apparel brand , established in 1992, having a network of 205 franchise shops and 300 large branded stores in 110 cities with expansion in the women’s wear segment is aiming to double its sales to Rs 700 crore in the next four years. Besides, the company would enhance its sales network and tap the online sales channel to boost its sales.

In 2015-16, the company had a business of Rs 245 crore.

Spykar Lifestyles COO Sanjay Vakharia said that this fiscal, they intend to do a business of Rs 325 crore. They are growing about 30 percent and would have the similar one in the coming years and in the next four years, they would be around Rs 700-crore brand.

He further said that they are very confident on the women's segment. It would be one of the largest areas of growth for them as it has huge potential and space. The company is also in talks with some of the leading online platforms of its new range.

Presently, 6 to 8 percent of their total business comes from online and they are expecting it to grow further as the channel would mature in coming years.

They are also the only Indian denim brand which is among top five of the market in the country for which they are sharply focused on the young audience between 15 to 30 years," he added.

Earlier this year, Spykar had invested Rs 20 crore on a sponsorship deal with the Pune-based IPL T20 team Rising Pune Supergiants. While, in 2014, Apurv Bagri had acquired a controlling stake in Spykar Lifestyle. Following the investments, the company has been investing in new categories and branding and promotions.

However, the company enjoys advantage in smaller towns, from where it gets 60 percent sales. Tier I cities account for 40 percent sales.

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