In a bid to strengthen its portfolio, fashion apparel brand Spykar plans to launch its range of footwear next year and will invest Rs 90 crore in the category by 2020.
“We plan to launch the Spykar footwear by 2017.
We will invest what’s needed and we estimate… Rs 90 crore by 2020,” Spykar Lifestyle Chief Operating Officer Sanjay Vakharia told news agency PTI.
“We will be starting with men’s wear. The categories we will cater to is flip flops, slippers, shoes. The pricing will start from Rs 599,” he was further quoted by PTI as saying.
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 told PTI.
Predominantly perceived as a men’s wear 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 told news agency PTI.
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 told PTI.
In 2014, NRI businessman Apurv Bagri had acquired a controlling stake in Spykar Lifestyle. Following this, the company has been investing in new categories, branding and promotions.