Spykar eyes Rs 370 crore sales this fiscal, to expand across India

By

Maverick Martins

Published
Sep 5, 2017

Indian brand Spykar Lifestyles is expecting Rs 370 crore  (approx $57.7 million) sales this fiscal and looking to expand its presence across the country by opening up exclusive stores.

 The company is planning to add around 40 stores every year to take the count to 350 from the current 205 over the next 5 years. Spykar will further expand its presence in the profitable metro markets like Mumbai, Bengaluru, Delhi and also explore the tier 11 and tier 111 cities for growth on a franchise model.
 
"Our plan is to add 35-40 stores a year. We would be over 350 stores by 2020-21 fiscal," Spykar Lifestyles COO Sanjay Vakharia was quoted as saying by a news agency.

"Last fiscal, we had closed around Rs 310 crore and this fiscal, our target is over Rs 370 crore," he said.
 
Spykar is also looking to capitalise on the booming online sector in India by expanding its online presence across all platforms.
 
Fashion market in India is currently estimated at $70 billion with the online market contributing five per cent at around $4 billion according to a joint study by the global Boston Consulting Group (BCG) and social media giant Facebook.
 
Spykar will focus on both the online as well as the offline market to drive the next phase of growth for the company.
 
Spykar is part of the Metdist Group promoted by Lord Bagri and was founded in 1992 and has over 205 stores across the country.