Mumbai, Apr 10: Lifestyle jeans brand Spykar will now foray into the kidswear segment by launching a new brand, 'OYO', in the third week of this month.
Confirming the development, Spykar marketing director Sanjay Vakharia told UNI here today that ''we will be launching the brand 'OYO' for the age group of 4-14, and it will be outsourced from reputed vendors.'' He said the company was looking at sealing a deal for a dedicated collection of the OYO brand, besides looking at getting into the premium jeanswear segment.
''We are in talks with designer Rocky S for creating a specific collection for the OYO brand and hope to conclude the agreement soon,'' Mr Vakharia said.
The company plans to set up 30 exclusive brand outlets in the first phase as part of its retail plans and then extend it further to multi-brand outlets in the next phase.
''We will be starting with 30 exclusive brand outlets of OYO spread over 12-15 cities in the first phase with an investment of around Rs 15 crore,'' he said, adding, the funding would be done totally through internal accruals.
''We plan to have total 75 stores by the end of this year. We are also planning to introduce this brand at select multi-brand outlets including Shoppers' Stop in the next season,'' Mr Vakharia added.
With this foray, Spykar plans to compete with other companies like Gini and Jony, Ruff, Lilliput and Raymond's, which recently launched a dedicated kidswear brand 'Zapp'.