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Home-grown apparel brand Spykar is looking to expand its presence in the women’s casual wear segment even as it targets doubling the standalone store counts by 2020.
Incidentally, Spykar is known primarily for men’s casual wear, particularly denims.
Nearly 82 per cent of its turnover comes from men’s wear, while women’s wear and accessories account for 12 per cent and 6 per cent, respectively.
According to Sanjay Vakharia, COO, the company will look to take up women’s wear contribution between 20 and 22 per cent by 2020. Men’s wear is expected to contribute 72 per cent and the remaining will come from accessories.
“We are looking to increase the share of women’s wear to 20-22 per cent of our turnover. It has a huge potential to grow,” he told BusinessLine during an interview.
The women’s wear range will be denim-centric and include skirts, tops, dresses and shirts.
The company is looking to clock a turnover of ₹ 300 crore by this fiscal against ₹242 crore in FY-16.
Started in 1992, Spykar Lifestyles has presence across 1,200-odd mom & pop stores, apart from organised retail chains. It also has around 200-210 exclusive brand outlets, which it would look to take up to 400 by 2020.
Interestingly, Spykar has consciously positioned itself in the mid-to-premium segment and claims to be the only Indian brand competing with the likes of ‘Jack & Jones’. Other major players across categories include Levi, US Polo Association and Wrangler.
According to Vakharia, the company had recently launched a select premium collection (priced around ₹6,000).
Spykar has also stepped up on marketing “since last year” and nearly 5-7 per cent of its turnover will be spent under this head. This is likely to be a strategy in the “next two years or so”.
It has also entered into a sponsorship deal with the Pune-franchise of the IPL Rising Pune Supergiants and has launched an eponymous brand of perfume (as part of the IPL merchandise).
The company enjoys substantial advantage in the smaller towns and non-tier-I and non-metro cities. Nearly 45 per cent of its turnover is from these areas.
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