In a bid to strengthen its portfolio, fashion apparel brand ‘Spykar’ plans to launch its range of footwear next year and will invest Rs.90 crore in the category by 2020.
“We plan to launch the Spykar footwear by 2017. We will invest what’s needed and we estimate Rs.90 crore by 2020. We will be starting with men’s wear. The categories we will cater to is flip flops, slippers, shoes. The pricing will start from Rs.599,” Sanjay Vakharia, chief operating officer of Spykar Lifestyle said.
The company is aiming to clock a turnover of Rs.325 crore this year, a growth of over 30 per cent from last year’s figure of Rs.242 crore. Predominantly perceived as a men’s wear brand, Spykar expects its women’s division to contribute to 30 per cent of sales by 2020 from 15 per cent now.
Launched in 1992, Spykar, which gets 60 per cent of its sales from smaller towns, has 210 franchise stores, which it plans to increase to 400 by 2020. With e-commerce fast emerging as a preferred mode of shopping, the company expects a sizeable contribution from the online segment in coming years.
“We saw a growth of close to 30 per cent in 2015-16 and the consumer segment is quite exciting and is expected to do better in times to come. Currently, six per cent of our revenues come from online channel. Going ahead, we see 20 per cent of revenues from online,” Vakharia said.
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