afaqs! news bureauPublished: 9 Sep 2018, 6:34 PM

Spykar Lifestyles elevates Sanjay Vakharia as CEO

Since 2014, Vakharia was COO and director - Spykar Lifestyles.

Sanjay Vakharia has been promoted as the new chief executive officer (CEO) of Spykar Lifestyles. Vakharia co-founded the brand in 1992, and was the COO and director since 2014.

Spykar Lifestyles elevates Sanjay Vakharia as CEO
Sanjay Vakharia

Speaking about his new position, Vakharia, says, “For the last 25 years, Spykar has been leading the fashion denim market in India. With great brand saliency 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.”

According to the press release shared by the company, the fashion brand had an excellent year for the business where it clocked retail sales of over Rs 550 crore. The revenues of Spykar have doubled and the profits grew by four times in the last three years. The business was acquired by the Metdist Group (owned by the Bagri family and led by Apurv Bagri) from Prasad Pabrekar in 2014.

Amisha Bagri, a member of the Metdist Group, says, “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.”