Spykar aims to provide complete casual dressing for an individual’s fashion needs. It is a brand which always focuses on the youth and their aspirations. Sanjay Vakharia, Director, Spykar Lifestyles Pvt. Ltd shares the success story.
Neha Malhotra (NM): Can you brief us about the inception and growth of Spykar?
Sanjay Vakharia (SV): The Spykar story started way back in 1992. In 1992 - Proprietary concern was set up to launch ready to wear garments under the brand name – Spykar. In 2003, we opened the first exclusive retail store in Mumbai, Phoenix Mills. Spykar Lifestyles Pvt. Ltd is amongst few in India, who saw the need to invest in building a strong brand rather than look at short term profits / gains. Denims are the core of the company's business. Spykar was initially sold through a very comprehensive distribution network but with year on year growth, it is now present in more than 220 cities and towns across the country. This resulted in forming a bond with the consumers for all these years, which facilitated the setting up of Exclusive Brand Outlets (EBO) in 140 plus cities and towns.
NM: Who are your targeted clientele? What share of the market have you been able to capture?
SV: Being a premium fashionwear brand our target consumers is the ‘youth’ in the age group of 14 – 30 years. The vivacious youth: 18 till I die – symbolises the ethos of our brand. Spykar has around 10 per cent of the total premium share in the jeanswear market of the country.
NM: How many stores does the company have at present? Which are the preferred locations for the opening of Spykar stores?
SV: Spykar has a pan India presence across 220 cities and 1,200 stores and shop-in-shops, of which 256 are stand alone Exclusive Brand Outlets in 140 cities and towns. We sell everyday, close to 9,000 products through these outlets with approximately 6,000 consumers being served daily. High streets and malls are the preferred locations for opening Spykar stores.
NM: Does Spykar manufacture or source its products? If you manufacture them, what kind of facilities have you set up for the same?
SV: We manufacture our own denims and others products are outsourced. Spykar is the second largest manufacturer of denims in the country that serves the need of the global fashion business. We have our own stitching and washing unit facilities setup for manufacturing the same.
NM: What are the company’s future plans?
SV: Our enterprise is profitable and sustainable, and it gets validated by the fact that we have a private equity investor as part of us. Brand Spykar is the toast of the nation and is amongst the most desirable of all investments for quite a few players. We want to sustain this in future also and continue doing what we are good at - creating fashion for the youth. All these attributes have made Spykar a very strong brand in India and moving ahead, Spykar wants to license its brand name to other manufacturers, providing them entrepreneurial opportunities with an established brand name.