Spykar on expansion mode, with new products and stores

Spykar best known for its denim is now planning to expand its product portfolio by entering the athleisure segment. The brand, known mostly for its menswear range particularly premium denims, is currently in the process of expanding into women’s wear by the end of this fiscal. Currently the women’s wear segment accounts for single digit percentage sales to total. There are plans to create an expanded denim portfolio in the near-term. The company which sells 4 million pieces per year plans to double this in next three years.

Spykar, which competes with denim brands like Levi’s and Jack & Jones, reported a turnover of Rs 550 crore in FY18 and expects 30 per cent jump in revenues to over Rs 700 crore in FY19. Topwear (shirts and T-shirts) and premium denims are expected to drive the market. The impact of the women’s wear range is expected to be reflected FY20 onwards. The company also plans to add to its store count besides expanding into multi-format retail outlets. The active wear category offers highly fashionable denim products while its YnR (young and restless collection) is seeing surge in demand among the youth. Spykar is also using digital medium to grow its sales through tie ups with Flipkart and Jabong. Offline (brick and mortar) still contribute the bulk of its sales at 92 per cent. The brand operates through 900 MBOs, in 350 cities. They have 225 franchise stores across India and wants to take this number to 350 stores in the next three years.