Spykar charts cautious growth, bets on ‘Made in India' strength amid rising fast fashion competition

Time of India

2 days ago

New Delhi:
Denim
and casualwear brand
Spykar
posted a 6-7% growth in FY25, in line with its conservative plan for the year, as it chose to focus on internal efficiencies over aggressive expansion, said
Sanjay Vakharia
, Co-founder and CEO of
Spykar Lifestyle
, in an exclusive interaction with ETRetail.
'There was no push for growth last year. It was a course correction year for us. Despite that, we grew 6-7% over the previous year,' said Vakharia.
The brand stayed cautious in light of subdued consumer sentiment and avoided inventory overbuilds. Instead, it invested in back-end stability and retail discipline positioning itself for stronger, more sustainable growth ahead.
Spykar doubles down on Made-in-India supply chain
With trade realignments and tariffs in focus globally, Vakharia underscored Spykar's 100% India-based manufacturing and sourcing model, calling it both a strategic and value-driven choice.
'We are proudly and completely
made in India
. Our entire supply chain including yarns, fabrics, accessories, embellishments is domestically sourced. There's no dependency on imports,' he said.
He added that recent policy shifts and tighter scrutiny on Bangladesh-made products may benefit Indian manufacturers in the long run by reducing unfair cost advantages.
'Bangladesh gave Indian manufacturers a tough time due to ultra-low labour costs. The government's move to check these products was long overdue and will level the playing field,' he noted.
India-first playbook: 500+ towns, 160+ own stores
While global giants like Zara, H&M and Uniqlo are expanding in India's metros, Spykar sees opportunity in its wider reach across 500+ towns, including 160 exclusive brand outlets.
'Most international brands are still focused on the top 20 cities. We are already present in 160 cities through our stores and in over 500 cities via trade networks,' said Vakharia.
'That gives us a big first-world advantage. There's huge headroom in the next 350 cities.'
Competing with fast fashion — but on quality, not price
Spykar welcomes the rise of homegrown fast fashion players, but is firm about not joining the race to the bottom.
'The first casualty in cheap fashion is quality. Indian consumers may love a good deal, but they are extremely value-conscious,' said Vakharia.
'It's not about buying cheap — it's about getting the right product at the right price.'
He believes newer fast fashion brands are helping bring unorganised consumers into formal fashion, which eventually benefits established brands like Spykar by creating aspirational upgrade pathways.
At the product level, Spykar is investing heavily in customised fits for Indian body types, trend-driven collections, and a sharp price-to-quality balance that appeals across demographics.
Looking ahead
With
cotton prices
stabilising and global headwinds potentially favouring India's apparel sector, Vakharia is optimistic but measured.
'The more stable the environment, the easier it is to plan. We hope the current momentum holds,' he said.
As the market polarises between hyper-value and premium segments, Spykar is betting on fit, quality, and trust to stand its ground — not just against global brands, but also against the rising tide of domestic fast fashion players.