Spykar, one of India’s largest denim brands, has promoted Sanjay Vakharia to the position of Chief Executive Officer. Vakharia co-founded the brand in 1992 and was the COO and Director since 2014. The business was acquired by Bagri family owned the Metdist Group from Prasad Pabrekar in 2014. Led by Apurv Bagri, the Metdist Group is a global conglomerate with diversified interests in metal, hospitality, fashion and technology. commenting on the announcement, Sanjay Vakharia, CEO, Spykar Lifestyles, said, “For the last 25 years, Spykar has been leading the fashion denim market in India. With great brand salience and a superior product, we rank highly on customer satisfaction scores. With a renewed thrust on Marketing , coupled with Spykar’s business strengths of a great product, strong team work and the Metdist group’s strategic guidance , we are all set to a create waves in the fashion denim market. Our ambition is to double our revenue in the next couple years”. The announcement comes in line with an excellent year for the business where the brand clocked retail sales of over 550 crores. The revenues of Spykar have doubled and the profits grew by four times in the last three years. Also, the brand has set the plans rolling for its foray into consumer product space through licensing and the brand marked its debut at the India Licensing Expo, the b2b licensing and merchandising exposition, to showcase its L&M opportunities. “Spykar is uniquely placed to take advantage of the growing apparel industry in India. We are passionate about Spykar's story and strongly believe that under Sanjay’s leadership the brand will continue to grow exponentially in the years to come. We are very ambitious and are committed to being a part of Spykar's future success”, says Amisha Bagri, a member of the Metdist Group. Spykar has 220 standalone stores across 140 cities and over 700 SIS (shop in shops) and 700 multi brand outlets across 350 cities of the country. It is also available on all online fashion portals.
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