Aiming for a turnover of Rs 500 crores by 2014, Spykar with a current turnover of around Rs 280 crores plans to drive its ambition with retail expansion and focus on e-retailing. Opines Sanjay Vakharia, Director Marketing, Spykar Lifestyles, “Our brand is present in 254 exclusive outlets worked out through franchise agreements and some 1,200 MBOs across India. In the next three years, we should have some 400 outlets. We will look to expanding through MBOs as opportunity arises. We were one of the first brands to move into Tier II, III markets seven years back and are one of the first to open in Tier IV markets.”
The Spykar story started way back in 1992, when Prasad Pabrekar led by ambition ventured into fashion apparel and accessories to make use of his vast knowledge in processing of denim garments. Spykar’s accent for the quality of its products has been unwavering right from its inception. It has always strived to produce a product which has a global appeal. “To continuously innovate and to bring new styles, cuts and fabric to the market has been our initiative. We have a team of young designers and merchandisers who keep themselves aware about the latest trends in the international market. We experiment a great deal on styles and always strive to give something fresh to our consumers,” Vakharia explains.
Brand makes T-shirts to complement its bottoms line, but the focus is always bottom wear. Citing the reasons, Vakharia says, “We don’t do anything experimental. The T-shirt is a market where more than the brand, the product works. T-shirts are 20 per cent of our portfolio. We do polos, basic round necks, V necks, pack of three, circular, flat knits, prints, foils and stripes. If you make only T-shirts you are in a better position than someone for whom T-shirts are just a part. In this case T-shirts have to be made within a budget.”
Commenting on the top-wear options for women, he says, “Indian women have a lot of top wear options other than T-shirts. As India progresses, ethnic wear has acquired a mystique of its own. So women are taking to Indian clothes with a newfound eagerness. Also casual wear like T-shirts are very price sensitive. You have a lot of fakes and cheap imports and an Indian brand can’t match that.”
Spykar witnessed a 10 to 12 per cent growth in topline over last year. Profits grew by 60 per cent. “We have just launched innerwear in the market. Right now it’s only in our exclusive stores. At some point, we will come back with children’s wear,” Vakharia adds. And though e-retailing has been on the back-burner till now, it wants to look at it seriously this financial year.