Spykar Lifestyles to open 65 exclusive stores in FY16

Homegrown denim maker Spykar Lifestyles is planning to open 65 exclusive stores across the country in 2015-16, taking its store count to over 250.
The company also expects to grow revenues by over 30 per cent during the fiscal.
"Over the past few years there has been a lull in the industry but business is now picking up so we are stepping up our marketing for the brand," Sanjay Vakharia, director of marketing at Spykar told PTI.
"We have nearly 65 exclusive stores in the pipeline for FY16 across the country," he added.
Spykar also expects to grow revenues by over 30 per cent for the fiscal and is looking to clock a revenue upwards of Rs 250 crore, Vakharia said, adding the company expects to spend about 8 per cent of its revenues on marketing and branding activities.

Vakharia said youth would continue to be the company's target audience. "Nearly 7-8 per cent of our jeans' sales comes from online because of our young target audience between 18-35," Vakharia said.

This is higher than the average online sales of clothing brands, which is usually under 5 per cent of overall sales.
He, however, said Spykar will not launch its own online store anytime soon and will only sell through other market places.
"We are not into deep discounting and are working towards popularising the brand," he added.
In offline retail, the company is looking at focusing on the southern markets, followed by the central region.

Even as the denim market in the country is growing at over 12 per cent annually, Vakharia pointed out that clothes manufacturing still has a huge unorganised segment and several brands, which makes it difficult to accurately peg the size of the market.
Besides its own exclusive outlets, Spykar denims are retailed at over 11,000 outlets across 300 cities, he said.