Mufti is targeting to double its revenue in the next five years. Going forward, the fashion brand will launch larger stores in the country as it looks to increase the product portfolio.
Mufti is on course to clock a turnover of Rs 450 crore in the current financial year. It will reach a revenue mark of around Rs 900 crore mark in the next five years. The firm's turnover for the previous fiscal stood at Rs 395 crore.
Kamal Khushlani, Founder & Managing Director, Mufti, said, “An average Mufti store today is 700 sq ft. We are opening new stores which range from 900-1,100 sq ft. We are also looking at opening flagship stores in the range of 1,500-2,000 sq ft.”
“The idea of this is to take the whole brand story out to the consumer. We plan to do this in the next couple of years. Also, we think we have enough range to open a larger store that caters to different moments in a consumer’s life. This also attracts the consumer perspective,” he added.
At present, Mufti is operating 304 exclusive outlets, with a presence in 110 large-format stores and 1,200 multi-brand stores. The fashion brand also sells its products from e-commerce partners. In 2020, the brand is targeting at opening another 25 stores.
The top executive stated, “By the end of March 2020, Mufti will have 325 exclusive stores. We open some and we close some, but we target to open around 30 odd stores in a year.”
The brand aims to launch bigger stores in the future.
“It would be wrong for me to say that we aren’t looking forward to opening a small store. In tier II and tier III cities, consumers are becoming very brand conscious but it depends on the size of the stores we get there. We will open even a smaller store depending on the availability. There is a particular market in Jamshedpur where every store is only 400 sq ft. In such cases, you have no choice but to sometimes open in these areas,” he further said.
The company is growing around 12% every year for many years. It now eyes to achieve a 15% growth rate in the coming years.