Mumbai-based apparel brand Spykar is planning to source from overseas markets as well as expand its brand presence abroad. The company also has plans to launch Voto, a fashion brand, and kidswear "OYO" by early next year. | |
| Prasad Pabrekar, managing director, Spykar Lifestyle, said, "It is difficult to be present both in manufacturing and managing brands. We are exploring sourcing opportunities in countries such as China, Turkey and Romania." |
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| He said that Spykar would soon open a procurement office in China. The initiative will be part financed by the $5 million fund received from the private equity investor, Avigo Capital Partners. |
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| In India, it will form dedicated vendorships for procuring garments as part of its strategy to hive off its manufacturing units. "The company will be entering into at least 3-4 joint ventures to establish vendor companies based on full production buyback and sharing of technological know-how," Pabrekar said. |
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| For instance, Spykar Lifestyle has bought 15 per cent stake in Tarapur-based Sunway Fashions as part of this strategy. |
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| Spykar is in the process of starting Techpack, a sampling laboratory, at Goregaon, a Mumbai suburb. "The laboratory will be able to develop eight samples per style, thus ensuring a quality benchmark for the vendors," he said. |
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| The company will launch two more brands to widen its brand kitty. Voto, a premium fashion brand, will target men and women between 25 and 40 years. While OYO (On Your Own) will offer theme-based fashion for kids between 4 and 14 years. |
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| As part of its retail expansion, Spykar will be opening 50 stores each for Voto and OYO in metros and mini-metros. It intends to scale up Spykar retail outlets to 150 from the current 97 stores. It has already launched the Spykar brand in the UAE and is eyeing the UK and Australia to increase presence in the international markets. |
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| Spykar Lifestyle expects to register a turnover of Rs 160 crore by the end of this financial year as against Rs 90 crore for the previous year. |
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| Pabrekar said the company would not opt for further stake dilution but was hopeful of entering the capital markets by FY09. |
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