Most of the new Spykar stores will be franchise-run
New Delhi: Mumbai-based homegrown denim company Spykar Lifestyles Pvt. Ltd., which runs eponymous retail stores, plans to add 40 outlets in the financial year 2024-2025, a top executive told IndiaRetailing.
“We will have a more aggressive expansion—we are looking at a 40-store addition by FY 2025,” said Spykar’s chief executive officer Sanjay Vakharia, speaking on the sidelines of a panel discussion by Clothing Manufacturer’s Association of India (CMAI) at Bharat Tex 2024 held at Bharatmadapam, Pragati Maidan in Delhi.
“The stores will be opened across the country,” he added without getting into the specifics of the geographies the brand is focusing on. However, as per media reports, the omnichannel retailer is also looking at strengthening its foothold in important markets, including tier 2 and 3 cities.
“Most of the stores will be franchise-run,” added Vakharia, which aligns with the brand’s business model.
Spykar which sells denimwear, accessories and innerwear is currently present across 2250 points of sales, which includes more than 300 Spykar exclusive stores, large format retailers, and all major e-commerce platforms, as per its website.
The addition will take its store account close to 350 stores, a target the brand had set for FY 2021. However, the pandemic put brakes on its plans. Pre-pandemic, Spykar was planning to expand at the rate of 30-40 stores a month.
This financial year, the brand will once again pick up pace and focus on expansion expecting things to improve. “I think it (the slowdown) seems to be temporary and we’re hopeful that probably the second quarter should be much better,” Vakharia said.
Speaking about the emerging trends in fashion retail, he said “sustainability would be very important,” as well as slow fashion. Denim, being slow fashion, Spykar stands to benefit.
Established in 1992 Spykar has been a part of the Bagri family-promoted Metdist Group, since 2014. Based in the European Union, the Metdist group has interests in metals and diverse industries like fashion, technology, financial services, etc.
