Spykar plans new store launch while increasing online retail

Spykar, one of the top five domestic denim brands has set a target of Rs 750 crores revenues. Spykar’s revenue estimates for 2017 is Rs 325 crores. The brand is looking for a sales growth of around 30 per cent per annum. It’s also looking to expand its women’s wear segment and boosting sales network. As Sanjay Vakharia, Director of Spykar points out with 25 years in the business, the brand has a strong hold across India in all retail formats. With 207 outlets as of now Spykar aims to open 400 flagship stores by 2020 focused on Tier II and III cities. He hopes sales in women’s segment to grow 30 per cent per annum.

The brand’s most popular category is denim, which they began with but now have diversified into casual apparels such as T-shirts, jackets, and accessories. The label’s main customer base is young men but they are hoping to push up women’s wear so that it reaches 30 per cent of their sales in the next two years. Meanwhile it’s also focusing on online sales through its own e-commerce and other etailers. However, they aim is to retain a strong brick and mortar presence, as their store opening plans suggest.