Denim maker Spykar Lifestyles is planning to open 400 stores by 2020 and is aiming for Rs 1,400 crore in revenue. It clocked Rs 180 crore revenue in 2014-15. The company, which in the last two years fought a downturn in the industry, streamlined its finances and went through consolidation, said it had managed to rebuild the brand and was ready to take the competition head on. "The downturn in the industry affected the company. There was a shortage of working capital, we were also launching another brand and everything coincided. It took us two years to get back on track," said Sanjay Vakharia, chief operating officer, Spykar Lifestyles. Non-resident Indian businessman Apurv Bagri acquired a controlling stake in Spykar last year. The company since then has stepped up the pace of opening stores. Vakharia said the new stores would be a mix of malls and high street outlets. "Spykar has weeded out a number of non-performing outlets.
We are constantly making an effort to get the best out of our stores. The ones that were not doing well were shut down. The year started with 170 stores and by the end of 2015 we will have 201," Vakharia added. Spykar expects to grow its revenue by over 30 per cent in 2015-16 and is looking to clock upwards of Rs 250 crore. It may also look at acquiring other brands. The company expects to spend about 8 per cent of its revenue on marketing and branding activities. And it is targeting around 6 per cent sales from the online segment in 2015-16.
- Spykar expects to grow its revenue by over 30 per cent in 2015-16 and is looking to clock upwards of Rs 250 crore
- It plans to spend about 8 per cent of its revenue on marketing and branding activities. It is targeting around 6 per cent sales from the online segment in 2015-16