Spykar Lifestyles, the Indian apparel brand is all set to expand its presence in the women’s wear segment with the target to double its sales to Rs. 700 crore in the next four years. The company also plans to augment its sales network and adopt new technologies to boost online sales, which at present accounts for (only) 7-8 per cent of the brand total sales.
“With a business of Rs. 245 crore in 2015-16, we are contemplating to do a business of Rs. 325 crore this fiscal. With the current growth rate of about 30 per cent and similar in the coming years, we aim to be a Rs. 700 crore brand in the next four years; supported by the women’s wear segment as it will be one of the largest areas of growth due to its huge potential and space,” said Sanjay Vakharia, COO, Spykar Lifestyles, reports a leading India daily.
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The brand with a network of 205 franchise shops and 300 large branded stores in 110 cities of India, enjoys the advantage of being available in smaller towns from where it gets 60 per cent sales, while Tier I cities account for 40 per cent of its sales.
