Spykar plans 90 crore investment by 2020

Along with opening 400 flagship stores, denim and casualwear brand Spykar will invest 90 crore rupees ($13.5 million) in launching a footwear line by 2020 as the brand aims to double its revenue.

Spykar is diversifying its products and retail presence with a rs 90 crore investment planned by 2020 - Spykar- Facebook

Sanjay Vakharia, Director of Spykar, said, “With a presence of 25 years in the business, the brand has a stronghold across India in all the retail formats.” It is on this base, with 207 brand outlets currently open, that Vakharia says Spykar aims to open 400 flagship stores by 2020 focused in Tier 2 and Tier 3 cities. The stores openings are planned at a rate of four to five per month. Vakharia hopes for sales to grow by 30 percent each year and the estimated revenue for the FY 2017 is 325 crore rupees (approximately 48.8 million dollars) but Vakharia aims for 750 crore rupees revenue (approximately 112.7 million dollars) in five years’ time.

The brand’s most popular category is the denim they began with but they have now diversified into casual apparel such as t-shirts, jackets, and accessories. The label’s main customer base is young men but they are hoping to push women’s wear such that it reaches 30 percent of their sales in the next two years. Spykar has also pushed online sales through its own e-commerce site as well as others but Vakharia assures that they aim to retain a strong brick and mortar presence, as their store opening plans suggest.

Along with opening new flagship stores, Spykar will invest 90 crore rupees (around 13.5 million dollars) by 2020 in launching a footwear line. Therefore, the brand is rapidly expanding both on the ground and in terms of products.

Spykar is part of the Metdist Group promoted by Lord Bagri and was founded in 1992. Prasad Pabreka, the founder, came from the laundry sector and used the knowledge he gained there to create denim that was especially resilient to washing.

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