The IPO with a face value of Rs 2 is a complete offer for sale (OFS) of up to 19.63 million shares by Promoter, Promoter Group and other selling shareholders.

The offer for sale comprises of up to 4.14 million shares by Kamal Khushlani, up to 4.27 million shares by Poonam Khushlani, up to 1.08 lakh by Sonakshi Khushlani, up to 1.08 lakh shares by Andrew Khushlani, up to 2.03 million shares by Concept Communications Ltd, up to 5.03 million shares by Bela Properties Private Ltd, up to 1.97 million shares by Jay Milan Mehta, up to 1.97 million shares by Sagar Milan Mehta.

Kamal Khushlani introduced the brand “Mufti” which is now celebrating its 25th anniversary, aiming to revolutionize men’s fashion by offering casual clothing options that are creative, bold, and expressive, catering to the contemporary Indian man, offering a wide array of wardrobe solutions for different occasions in customers’ lives, encompassing a range of products such as shirts, t-shirts, jeans, chinos, and more, ensuring year-round clothing options are available.

READ MORE: Fashion Retail Leaders – Kamal Kushlani, Founding Director, Mufti

Bennett Coleman & Co. in the year 2008, made an investment of Rs 9.29 crore for 9.72% ownership, currently holds 12.36% stake, the third largest shareholder after Kamal Khushlani with a 33.84% stake and Poonam Khushlani with a 27.62% stake.

As of May 31, 2023, Credo Brands Marketing has a presence across India with 1,773 touchpoints, including 379 EBOs, 89 LFSs, and 1,305 MBOs, reaching major metros as well as Tier-3 cities. It also has a website, www.muftijeans.in, and other e-commerce platforms for its online customers.

For the fiscal year 2023, the restated revenue from operations increased 46.02% to Rs 498.18 crore against Rs 341.17 crore a year ago on the back of increase revenue generated from the sales of products and also with an increase in exclusive brand outlet (EBOs). Net profit for the period more than doubled from Rs 35.74 crore in fiscal 2022 to Rs 77.51 crore in fiscal 2023.

Credo Brands Marketing follows an asset-light model, outsourcing manufacturing operations to various partners. This approach enables them to focus on product design and maintain quality through multiple checks.

DAM Capital Advisors Limited, ICICI Securities Limited and Keynote Financial Services Limited are the book running lead managers and Link Intime India Private Limited is the registrar to the offer. The equity shares are proposed to be listed on BSE and NSE.

One such leader, who has been able to provide direction, is driven and innovative and has adapted to changing trends in the field of fashion retail is Kamal Khushlani, Founding Director, Credo Brands Marketing (Mufti).

Humble Beginnings

A Bachelor of Commerce (1987), Kamal Khushlani is a self-taught designer and entrepreneur who has been in the business of fashion since 1992. In that year, he started a small business named Mr & Mr which made and sold shirts for men. Although his shirt business was growing, Khushlani decided to go bigger. With no formal education in the field of fashion retail, he founded the homegrown men’s clothing brand Mufti in 1998 with a Rs 10,000 loan from his maternal aunt.

Mufti – which literally means casual dressing – was derived from the Hindi word Mufti which is used in the Indian Army for ‘casual dressing’, as opposed to a uniform.

Mufti began selling its wares to multi-brand outlets. An opportunity arose and the brand started to sell to large format stores as well. It wasn’t until 2006 that the brand entered offline retail and launched an EBO.

Today the brand boasts of over 1,773 touchpoints, including 379 EBOs, 89 LFSs, and 1,305 MBOs, reaching major metros as well as Tier-3 cities. It also has a website, www.muftijeans.in, and other e-commerce platforms for its online customers. The brand has over 600 employees on its direct payroll and indirectly employs over 2,000 people.

READ MORE: Mufti brand-owner Credo Brands Marketing files DRHP for IPO

Strengths & Weaknesses 

Khushlani says his strengths are that he is open to change, is a relationship builder and is committed to the vision of his company.

His weaknesses on the other hand include that he is emotionally attached with his employees, harsh to himself when he makes mistakes and that he avoids confrontation.

Aspirations 

His aspiration is simple – to always remain at the forefront of the Indian Fashion Retail business.

He says that there are many skills which helped him succeed in the industry, the foremost being an innate fashion sense, belief and perseverance and his people skills.

Lessons Learned Over the Years

Khushlani says an entrepreneur must always make:

• Prompt decisions
• Prompt payments
• Prompt deliveries

His Take on the Future of Industry 

The Fashion Retail industry will get more and more D2C oriented. Mufti itself has expanded into women’s clothing as well as footwear in the last 5 years.

Role Model in the Industry 

Kamal Khushlani says he has always been inspired by Renzo Rosso.

Life Mantra 

A self-taught fashion designer, brand strategist, and futurologist, Kamal believes in creating a wave of culture and fashion that originates in India and is embraced worldwide. His life mantra is simple: “Life is not about every breath you take, it’s about the moments that take your breath away.”