Spykar steps into shoes as it plans to launch footwear next year

Fashion brand Spykar is ready to launch footwear next year. The range in the beginning will cater to men with flip flops, slippers and shoes. Spykar plans to invest Rs 90 crores in footwear category by 2020. The company is aiming to clock in a turnover of Rs 325 crores this year, a growth of over 30 per cent from last year's Rs 242 crores.

Spykar is perceived as a men’s wear brand but expects its women’s division to contribute 30 per cent of sales by 2020 from 15 per cent now. Launched in 1992, Spykar, which gets 60 per cent of its sales from smaller towns, has 210 franchise stores, which it plans to increase to 400 by 2020.

With e-commerce fast emerging as a preferred mode of shopping, the company expects a sizeable contribution from the online segment in the coming years. Currently, six per cent of its revenues come from the online channel. Going ahead, it sees 20 per cent of revenues from online.

Spykar currently spends six per cent of its revenues on marketing, of which 15 per cent is on digital. It will invest Rs 50 crores in the next three years on brand building.