Private equity investor, ChrysCapital is likely to buy Indian denim and casual wear brand, Mufti in a deal estimated at slightly over Rs 500 crore. ChrysCapital is in exclusive discussions with Credo Brands Marketing, the owner of Mufti, and is completing due diligence ahead of signing a definitive buyout deal.
Mufti founder, Kamal Khushlani holds a 65% stake in the parent company, while private investors hold the rest. Khushlani, along with some of the investors, is selling stakes in the company. This deal, estimated to value the company at about Rs 750 crore, will give ChrysCapital a controlling stake.
ChrysCapital sees scope in strengthening the home-grown brand which fits with the country’s young consumers, who seek to blend western fashion with the Indian spirit.
According to a source, “The brand has strong latent equity, and fresh investments will scale it up."
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