Spykar, one of India’s largest denim brands, announces the promotion of Sanjay Vakharia to the position of Chief Executive Officer. Sanjay co-founded the brand in 1992 and was the COO & Director since 2014.
The announcement comes at the back of an excellent year for the business where the brand clocked retail sales of over 550 crores. The revenues of Spykar have doubled and the profits grew by 4x in the last 3 years. The business was acquired by the Metdist Group from Prasad Pabrekar in 2014. The Metdist Group is owned by the Bagri family, led by Apurv Bagri. The group is a global conglomerate with diversified interests in metal, hospitality, fashion and technology.
Spykar today has 220 standalone stores across 140 cities and over 700 SIS (shop in shops) and 700 multi brand outlets across 350 cities of the country. It is also available on all online fashion portals. Spykar has moved from being a pure play denim player to one which serves the fashion needs of the youth. It extends itself from clothing to accessories including grooming products.
Sanjay Vakharia, CEO, Spykar Lifestyles, said, “For the last 25 years, Spykar has been leading the fashion denim market in India. With great brand saliency and a superior product, we rank highly on customer satisfaction scores. With a renewed thrust on Marketing , coupled with Spykar’s business strengths of a great product, strong team work and the Metdist group’s strategic guidance , we are all set to a create waves in the fashion denim market. Our ambition is to double our revenue in the next couple years”.
Amisha Bagri, a member of the Metdist Group said, “Spykar is uniquely placed to take advantage of the growing apparel industry in India. We are passionate about Spykar’s story and strongly believe that under Sanjay’s leadership the brand will continue to grow exponentially in the years to come. We are very ambitious and are committed to being a part of Spykar’s future success.”