How do you assess the denim market in India?
The Indian denim market is exhibiting continual growth trends over the years. With newer technologies and trends, the market is only going to see some exciting moments ahead. Not only men, even women in rural areas are opting for denim wear. With more women folk getting empowered, inhibitions reducing – denim has become a popular garment amongst women too. Denim is a high growth casual wear category as the consumers find it to be fashionable and comfortable, and gave it the necessary style quotient. A lot of choices are now available to the consumer w.r.t looks, colours, washes, fits.
The market size for men’s denim was INR 13020 Cr in 2014 and is estimated to grow at CAGR of 13% to reach INR 25060 Cr in 2019. Whereas, the market size for women’s denim was INR 1460Cr in 2014 and is estimated to grow at CAGR of 18% to reach INR 3340Cr in 2019.
What would be the estimated market share of Spykar Jeans into the overall market?
It is estimated that 5 crore metre cloth is produced in INDIA per month for domestic consumption. And Spykar consumes 2 lakh mtrs out of it.
Kindly highlight your current distribution including EBOs, MBOs and online?
Total number of EBOs
202 across 110 cities
Total number of SISs
5 National chains across 73 cities
Total number of MBOs
1200+ across 330 cities
Key fashion e-tailors, Market place,Spykar.com
What are the strategies to scale-up the same?
We are expanding our retail network and plan to have 400 stores by 2020.The focus is on tier 2 and 3 cities.
How do you cater competition from market leaders like Levi’s ?
Our USP is our fashion denims. Levis is known for their classics, hence the two brands cater to very different audience.
What is your starting and exiting price point? Kindly also mention your average bill size?
Our ATV is Rs. 3200, and our starting point is Rs.699 (top-wear) and exiting point is Rs.3999( denim)
What sort of your market strategies you have adopted?
As we cater to a young audience , we look at opportunities which resonate well with the target audience. Be it on-ground or on social media – the activities are such that create an impact and engage the fans well. We were sponsors for the Pune IPL team RPS – the wide reach this association provided with the team faring so well, was worth the time and money invested.We were sponsors for the Global Citizen India event last year – music is something that resonates well with the youth, hence an apt place to be. B-boying a hip hop dance form is supported by us. Likewise, on digital medium we keep the audience engaged with edgy content