Denim brand Spykar has announced the promotion of Sanjay Vakharia to the position of Chief Executive Officer (CEO). Vakharia co-founded the brand in 1992 and was the COO and Director since 2014.
The revenues of Spykar have doubled and the profits grew by 4x in the last three years. The business was acquired by the Metdist group from Prasad Pabrekar in 2014. The Metdist Group is owned by the Bagri family led by Apurv Bagri. The group is a global conglomerate with diversified interests in metal, hospitality, fashion and technology.
Sanjay Vakharia, CEO, Spykar Lifestyles, said, âFor 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 Spykarâs business strengths of a great product, strong team work and the Metdist groupâs 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.â
âSpykar 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 Sanjayâs 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,â said Amisha Bagri, a member of the Metdist Group.