Homegrown jeanswear brand Spykar Lifestyles is planning to expand its retail footprint by adding more stores in metro markets and open new ones in Tier II and III cities to take the total store count to over 350 by 2020-21.
According to a PTI report: Besides, the company is working on expanding presence in online space and is evaluating the options to create a special line to address the millennials.
“Our plan is to add 35-40 stores a year. We would be over 350 stores by 2020-21 fiscal,” COO, Spykar Lifestyles, Sanjay Vakharia told PTI.
The company operates 205 stores pan India and is aiming to have Rs 700 crore sales by 2020-21.
“Last fiscal, we had closed around Rs 310 crore and this fiscal, our target is over Rs 370 crore,” he was quoted by PTI as saying.
Most of the new stores would be in non-metro markets and on franchise model.
“We are planning to open stores in metros and tier I cities where we have opportunities and we are also now expanding in tier II & III places significantly to open Spykar stores there,” Vakharia further told PTI.
About the online strategy of Spykar, he was quoted by PTI as saying:” We are taking initiatives to create special lines to address the need of the online audience.”
The company, which has online channel partners, is also in talks with few players to create special line for the brand on their platform to get more attention.
Presently, online sale contributes 6-7 per cent of the total sales and is expected to go up to 10 per cent in coming years.
Spykar’s jeanswear is also retailed through various outlets and is present in around 400 cities, Vakharia added.