Retail India News: Mufti Jeans' Owner, Credo Brands Marketing, Files DRHP for IPO
Retail India News: Mufti Jeans' Owner, Credo Brands Marketing, Files DRHP for IPO

Credo Brands Marketing Ltd, the proud owner of Mufti Jeans, one of India's leading homegrown brands in the mid-premium and premium men's casual wear market, has submitted its Draft Red Herring Prospectus (DRHP) to the capital market regulator Sebi, with the aim of raising funds through its initial public offering (IPO).

The IPO, with a face value of Rs 2, will be a complete offer for sale (OFS) of up to 19.63 million shares by the Promoter, Promoter Group, and other selling shareholders. The offer for sale includes up to 4.14 million shares by Kamal Khushlani, up to 4.27 million shares by Poonam Khushlani, up to 1.08 lakh shares 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, and up to 1.97 million shares by Sagar Milan Mehta.

Kamal Khushlani, the visionary behind the "Mufti" brand, which is now celebrating its 25th anniversary, aimed to revolutionize men's fashion by offering creative, bold, and expressive casual clothing options. Mufti caters to the contemporary Indian man, providing a wide range of wardrobe solutions for various occasions, including shirts, t-shirts, jeans, chinos, and more, ensuring year-round fashion choices.

Bennett Coleman and Co made a significant investment of Rs 9.29 crore in 2008, acquiring a 9.72 percent ownership stake. Currently, they hold a 12.36 percent stake, making them the third-largest shareholder, following Kamal Khushlani with a 33.84 percent stake and Poonam Khushlani with a 27.62 percent stake.

As of May 31, 2023, Credo Brands Marketing has an extensive retail presence across India, with 1,773 touchpoints, including 379 exclusive brand outlets (EBOs), 89 large format stores (LFSs), and 1,305 multi-brand outlets (MBOs), catering to major metros and Tier-III cities. The company also operates through its website,, and other e-commerce platforms to serve online customers.

In fiscal year 2023, the restated revenue from operations witnessed a significant increase of 46.02 percent, reaching Rs 498.18 crore compared to Rs 341.17 crore in the previous year. This growth can be attributed to increased revenue from product sales and the expansion of exclusive brand outlets (EBOs). Furthermore, the net profit more than doubled from Rs 35.74 crore in fiscal year 2022 to Rs 77.51 crore in fiscal year 2023. Credo Brands Marketing follows an asset-light model by outsourcing manufacturing operations to various partners. This strategic approach allows them to focus on product design and ensure quality through multiple checks.

DAM Capital Advisors Limited, ICICI Securities Limited, and Keynote Financial Services Limited have been appointed as the book-running lead managers for the IPO, while Link Intime India Private Limited will serve as the registrar to the offer. The equity shares are proposed to be listed on both the BSE and NSE exchanges.

Stay on top – Get the daily news from Indian Retailer in your inbox
Also Worth Reading