Spykar Lifestyles getting back on its feet after a major setback

Spyker is scripting expansion and revving operations by adding more exclusive outlets and introducing ranges for women, after launching spykar.com
Sanjay Vakharia, COO, Spykar Lifestyles Pvt Ltd

Last year, Non-resident Indian businessman Apurv Bagri acquired a controlling stake in the company, after it fought industry downturn for two years. Today, the brand is back on its feet and how. It is scripting expansion and revving operations by adding more exclusive outlets and introducing ranges for women, after launching spykar.com, an eCommerce platform three months ago which it expects to contribute 6 per cent of total business sales in financial year 2015-16.
The company has 200 offline outlets, and is targeting to open about 50 outlets annually on an average for the next 3 to 4 years, which makes a total of 400 stores by 2020. Spykar has about 50-60 exclusive stores in the pipeline for financial year 2015-16 across the country, told Sanjay Vakharia, COO, Spykar Lifestyles Pvt Ltd to Retailer media. The company expects to grow its revenues by over 30 per cent for financial year 2015-16 and is looking to clock a revenue “upwards of Rs 250 crore”, he added.
What are the brand’s target sales and revenue in percentage as of 2016?
In 2016, we are targeting to achieve a growth of 30 per cent over the previous year.
You have successfully launched Spykar.com, the brand’s eCommerce portal, what are your expansion plans in this fiscal?
The brand targets to achieve 250 exclusive stores in the financial year 2015-16. It plans to open 40-50 stores every year – mainly in Tier 2 and Tier 3 cities. In 2016, the brand will also be exploring export markets, apart from the women’s wear collection, which is due for a launch at the Spykar stores.
Talk us through the details on the expansion of Omni-channel model at Spykar.
Spykar has had a presence in the market for quite some time now – however, the brand wanted to create a dedicated platform for its young patrons who form a major part of the digital universe. Thanks to the Internet, people are aware of the styles and trends across the globe, thus making the fashion industry extremely sought after. It is a very alluring category for the young consumers.
Due to this, Spykar is proud of its eCommerce launch, through which it will be able to reach a wide range of potential customers. Since the target audience for the brand is the urban youth, online availability of its products is a remarkable step.
Could you give us some business insights into the retail sector of 2016?
While 2015 saw the introduction of Omni-channel retailing model, this year the model will be approaching a concrete state. The retail industry has reached a full circle. In the past couple of years, pure online retailers and eCommerce shops have forayed into physical retail space and brick-and-mortar retailers are expanding their presence online to gauge the market. This holistic approach will prove remunerative for the brand.
On the policy front, the industry is looking forward to the Goods and Services Tax (GST) to roll out in the country. Any further tax burden would hit the business, as the apparel industry is already working on tight margins.

Sanjay Vakharia
 
 
 
 
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