Spykar eyes markets in northern India

Mumbai-based Spykar Lifestyle Private Ltd is planning to open 60 stores in northern region, comprising Delhi, Punjab, Haryana, Himachal Pradesh, Jammu & Kashmir, by the end of 2010.

Also, the company is planning to extend its product portfolio by introducing other fashion essentials like travel gear, shoes, deodorants, imitation jewellery, eyewear and time wear.

Speaking to Business Standard, Spykar Lifestyle Private Ltd President Rajesh Sharma said, "We have currently 74 exclusive brand outlets and plan to increase that number to 300 by the end of 2010." At present, the company has 15 stores in the northern region.

Commenting upon the mode of funding the expansion plans, he added, "We are going for private equity placement and planning to offload approximately 20 per cent of our equity to a private player. Also, we have plans to hit capital market by mid of 2008."

"For manufacturing purposes, we are planning to strengthen our vendors and most of the works would be outsourced from China and India," Sharma said. In the last financial year the turnover of the company was Rs 90 crore and by the end of 2010, it is aiming to achieve Rs 500 crore.

The company inaugurated its 74th store in the city. Commenting on store launch Sharma said, "Chandigarh is the fashion capital of Punjab and Haryana. The youth in Chandigarh are very well versed with the fashion and the importance of Punjab as retail destination has driven Spykar to expand into this territory with a flagship store."

"We are planning to open flagship stores in Delhi, Chandigarh and other parts of North India," he added.