Spykar Lifestyles signs Rs 20 crores deal with IPL’s Pune team

Desi denim company Spykar Lifestyles is investing Rs 20 crores on a sponsorship deal with the brand new Pune IPL team Rising Pune Supergiants. It is the first time that a Mumbai-based company has engaged with IPL with a backing of a jersey deal which will last next two seasons of the tournament.

Spykar’s business has been growing 30-35 per cent. Under its new investor UK-based HNI fund, owned by entrepreneur Apurva Bagri, the company has been able to stabilise its business, thus getting a leeway to make investments into brand building and marketing. Sanjay Vakharia, Chief Operating Officer, Spykar Lifestyles believes that with the Bagri family picking up 90 per cent stake in the company in 2014, there is now a need for the voice of Spykar to go across the spectrum.

It is the intense competition from international denim brands such as Levi’s and Lee as well as domestic ones such as Killer, that is making Spykar invest in its own brand. Spykar’s turnover is Rs 245 crores. It expects to have about 200 stores across 10 cities with a distribution network reaching 1,000 outlets. Denim has been the fastest growing category at 12-15 per cent.