Competing with major denimwear brands like Pepe, Levi’s and Wrangler, Spykar is occupying a major market share with its range of jeanswear, t-shirts and other accessories. On the anvil are two more brands from Spykar. Where one brand will address the kidswear market, the second one will be targeted to a more mature, fashion-conscious audience.
Extending its reach to offer a complete wardrobe solution to the youth, the brand has also introduced a line of accessories including footwear and eyewear. Says Sanjay Vakharia from Spykar, “Spykar accessories are designed keeping the U:th in mind, purely because Spykar encompasses U:th culture and connects to U:th across the world. Our designs are in sync with the trends today and are not restricted to a particular metal or design. We have fabricated junk jewellery – wristwear, neckwear – using wood, iron, steel, and copper embedded in thread or metal chain.” The current range of accessories from Spykar also covers belts, wallets, bags, travel gear, shoes and socks. There are also personalised dog tags!
Talking about the manufacturing aspect, Vakharia says, “Spykar accessories are manufactured by approved vendors. We are a marketing-driven company and have established a relationship to ensure that all our products suit the customers – from locks that remain rust-free for life, to wallets and belts manufactured with such restrictions that they won’t wear out for years.”
Further, “All Spykar accessories are available at all our outlets including 84 exclusive ones and over 500 MBOs and large-format stores, to reach our three million customers. We are also working towards setting up an ‘accessories corner’ that will be a standalone structure to be placed in high footfall areas.”
Throwing light on the kidswear line, Vakhaira explains, “We will come out with a complete range that will cater to girls and boys aged 4-14 years. The investment will be in the range of Rs 20-25 crore over the next 2 years. Kidswear will be available through the EBOs, MBOs and LFS, with the aim of opening 60 exclusive stores by 2008-09.”
The expansion plan for the brand includes opening of 12 stores by July 2007. The first in the series will be at Panipat. Talking about expansion, Vakharia says, “Our focus in next two years is clearly the domestic market. With the biggest of the brands trying to enter India, it will certainly be out of place for established Indian brands to shift focus. However, the international market will become attractive due to removal of trade barriers post-WTO. Spykar has already taken test-marketing entry in Europe by putting up an exclusive branded store in London. In the next two years, while focusing on India, Spykar will also acquire insights into the European market, which has been identified as one that can offer attractive margins. International foray will thereafter begin with Europe and extend to all developed countries including the United States and Australia.”
“From a turnover of about Rs 90 crore in 06-07, we are looking at a quantum jump to Rs 160 crore in 07-08 and Rs 330 crore in 08-09, followed by Rs 500 crore in 09-10,” Vakharia informed.
– Mumbai Bureau