Published
Nov 21, 2016
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Spykar to foray into footwear segment

Published
Nov 21, 2016

Fashion apparel brand Spykar plans to launch its range of footwear next year and will invest Rs 90 crore in the category by 2020 to boost its fashion portfolio.
 

Spykar to foray into footwear segment


"We plan to launch the Spykar footwear by 2017. We will invest what's needed and we estimate Rs 90 crore by 2020," said Spykar lifestyle chief operating officer, Sanjay Vakharia .
 
"We will be starting with menswear. The categories we will cater to is flip flops, slippers, shoes. The pricing will start from Rs 599," he added.

The company is aiming to clock a turnover of Rs 325 crore this year, a growth of over 30 per cent from last year's figure of Rs 242 crore.
 
"We saw a growth of close to 30 per cent in 2015-16 and the consumer segment is quite exciting and is expected to do better in times to come," he said.
 
Predominantly perceived as a menswear brand, Spykar expects its women's division to contribute to 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 coming years.
 
"Currently, 6 per cent of our revenues come from online channel. Going ahead, we see 20 per cent of revenues from online," he said.
 
Spykar currently spends 6 per cent of its revenues on marketing, of which 15 per cent is on digital.
 
"We will invest Rs 50 crore in the next 3 years on brand building," Vakharia said.
 
 

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