Mr. Siaf Dohrajiwala, VP- Investment, Avigo Capital Partners commented “The deal is about non–intrusive partnership. Avigo has full faith in management ability of Spykar and as such there is no control envisaged over functioning of Spykar.”
Spykar believes that retail expansion is the key to future growth. Developing adequate sourcing ability to match sales growth would entail expansion of designing and sampling ability along with creation of infrastructure for world class quality control. The investments in next two years are clearly focused on these areas clearly in the domestic market.
With biggest of the brands trying to enter India it would be certainly out of place for established Indian brand to shift focus. However international market will become attractive due to removal of trade barriers post WTO.
Spykar has already taken test marketing entry in Europe by putting up exclusive branded store at London. The next two years as Spykar focuses on Indian market; it will also acquire insight in European market which has been identified as market that can offer attractive margins and tremendous learning's. International foray would be thereafter begin with Europe and extend to other countries.
On anvil are two more brands addressing different market segments; one would be for the kidswear segment and the other for a 25 year to 40 yrs age group, 24 x 7 leisure and workwear fashion brand. The entry in other lifestyle products has also been made with world-class eyewear, footwear, junk-jewellery, and other lifestyle accessories already launched. Nearly 15 different categories of accessories are planned out of which about 9 have already hit the stores.
The focus is addressing the fashion needs of U:th segment which is extended on both sides of that spectrum and to deliver world-class fashion products consistently. As an incident of identifying fashion need Spykar has been only one to offer concept of style labs in selected cities where the U:th gets entire makeover including hairstyling, tattooing, body piercing, eyewear/ coloured lenses and of course the core of Spykar clothing with well matched accessories.
Internationally these concepts and products have tremendous acceptability, however there are country specific facets to be studied and Spykar has plans to make big international foray once the insight in these finer aspects of overseas markets are acquired over next two years.
Spykar Lifestyles Pvt Ltd
marketing@alchempro.com
