Fashion apparel brand Spykar, which is expanding its presence in the women’s wear segment, is aiming to double its sales to Rs 700 crore in the next four years.
According to a PTI report: Besides, the company would enhance its sales network and tap the online sales channel to boost its sales.
“This fiscal, we are intending to do a business of Rs 325 crore. We are growing about 30 per cent and would have the similar one in the coming years and in the next four years, we would be around Rs 700-crore brand,” COO, Spykar Lifestyles, Sanjay Vakharia was quoted by PTI as saying.
In 2015-16, the company had a business of Rs 245 crore.
“We are very confident on the women’s segment. It would be one of the largest areas of growth for us as it has huge potential and space,” he was further quoted by PTI as saying.
The company is also in talks with some of the leading online platforms of its new range.
“Presently, six to eight per cent of our total business comes from online and we are expecting it to grow further as the channel would mature in coming years,” he was quoted by PTI as saying.
Started in 1992, Spykar Lifestyles has a network of 205 franchise shops and 300 large branded stores in 110 cities.
“We are the only Indian denim brand which is among top five of the market in the country. We are sharply focused on the young audience between 15 to 30 years,” he was quoted by PTI as saying.
The company enjoys advantage in smaller towns, from where it gets 60 per cent sales. Tier I cities account for 40 per cent sales.
Earlier this year, Spykar had invested Rs 20 crore on a sponsorship deal with the Pune-based IPL T20 team Rising Pune Supergiants.
In 2014, Apurv Bagri had acquired a controlling stake in Spykar Lifestyle. Following the investments, the company has been investing in new categories and branding and promotions.