Spykar is aiming to double its sales to Rs 700 crore in the next 4 years. How do you plan to achieve the target?
We would be seeing a natural growth of 15 percent CAGR. Additionally, we are planning to enter into women’s wear and also increase the contribution from the online channel.
How are you planning to expand your retail network and what’s the focus area?
We are likely to open another 150 outlets in the next 4 years. The focus is on tier II and III cities too. We enjoy the advantage in smaller towns, from where we get 60 percent sales. Tier I cities account for 40 percent sales.
Who is Spykar’s ideal franchise partner?
A partner should be one who is willing to put his efforts in the business and ensure that the maximum potential is achieved. Anybody who is doing a good business in the region or has got the potential to grow the business would be Spykar’s ideal franchise partner.
How do you build a long-term relation with your franchise partners?
Some of our franchise partners have been with us for more than a decade. There is a frequent interaction between the management and franchisee to ensure a win-win partnership for both. A good marketing support is provided to each of them, based on the local needs.
What makes you enter women’s wear segment? How will you position yourself differently with the existing players in this category?
Spykar has been catering to women’s wear since long. Now we are looking at this segment with a renewed focus. With more and more women force getting empowered, rising aspiration to look fashionable, the comfort and styling offered by casual wear, the demand for women’s wear is rising day by day. We would target customers who want to adapt and speed up with the latest fashion trends and high fashion products at fair prices and good quality to accommodate their style quotient.
What’s your go-to-market strategy?
Spykar has a very good presence across all retail formats, including online presence. We plan to expand our EBO set up by adding 150 stores in the next 4 yrs. Our USP -fashion denim - has worked well for us. We are focusing on women’s wear and accessories too to offer wider range our customers.