Credo Brands Marketing Ltd

About the Company:

Company’s brand “Mufti” was launched by Promoter, Kamal Khushlani, 25 years ago with a vision to redefine menswear.

The brand “Mufti” was created as an alternative dressing solution and was designed to deliver a casual alternative with a focus on creative, bold, and expressive clothing for the contemporary Indian man who wanted something more stylish than what was commonly available.

Company believes in providing a meaningful wardrobe solution for multiple occasions in a customer’s life, with our product offerings ranging from shirts to t- shirts to jeans to chinos, which caters to all year-round clothing.

In order to keep pace with these evolving fashion trends, company’s product mix has evolved significantly over the past several years from consisting of only shirts, t-shirts and trousers in the year 1998 to a wide range of products including sweatshirts, jeans, cargos, chinos, jackets, blazers and sweaters in relaxed holiday casuals.

Company’s products are available through a pan-India multichannel distribution network that has been built over the years comprising of exclusive brand outlets (“EBOs”), large format stores (“LFSs”) and multi-brand outlets (“MBOs”), as well as online channels comprising of our website and other e-commerce marketplaces.


Company’s Distribution Network:

Company had 16 distributors as on September 30, 2023 for distribution to MBOs. Company’s well-established EBO network offers a holistic shopping experience for our customers.

Company’s EBOs are located nationwide across high streets, malls, airports and residential market areas.

Company also has an online presence which is rapidly growing wherein the customers can shop through company’s own website,, as well as through various e-commerce marketplaces.



Company’s key operational performance indicators:



Break-down of revenue from operations from various distribution channels: 



Company’s Key Financial Performance Indicators: (in millions)



Management Team:

  1. Mr. Kamal Khushlani (Designation: Chairman and Managing Director)
  2. Mrs. Poonam Khushlani (Designation: Whole-time Director)





Objectives of the Issue:

Offer For Sale: (Rs.550 cr)

  • The Selling Shareholders will be entitled to the entire proceeds of the Offer after deducting the Offer expenses and relevant taxes thereon. Company will not receive any proceeds from the Offer.




Positives for the Company:

Strong brand equity with presence across categories.

  • Launched in the year 1998, Company’s brand “Mufti” is a recognized brand with 25 years of presence in India.
  • Company provides a wide range of products for multiple occasions in a customer’s life, with our product offerings ranging from shirts to t-shirts to jeans to chinos to jackets, which caters to all year-round clothing with a prominent focus on casual wear.


Multi-channel pan-India distribution network.

  • Out of total 404 EBOs as of September 30, 2023, approximately 66.34% of company’s EBOs are on the high streets, approximately 32.18% are in malls, approximately 1.49% of our EBOs are in airports.
  • In addition to Exclusive Branded Outlets (EBOs), company also have a strong presence through Multi-brand outlets (MBOs) and Large Format Stores (LFS) across all geographical zones in India.



Scalable asset light model.

  • As a wardrobe solutions provider for multiple occasions in a customer’s life, company focusses on designing the products in line with global fashion trends in casual wear.
  • With a focus on creation of a holistic casual wear brand, company outsources the manufacturing operations, while all aspects of design are managed in-house. This helps company to maintain an asset-light model with respect to plant, property, and equipment.



Expand our domestic store network in existing and new cities.

  • As part of growth strategy, company intends to continue increasing the presence by setting up new EBOs and expanding EBO network in existing as well as additional regions across India.
  • Company expects emerging demand from such cities will help fuel the growth. Having established EBOs primarily in major metro, Tier 1, Tier 2 and Tier 3 cities in India, company intends to expand the focus and establish additional EBOs on the basis of existing model, across emerging Indian markets.



Financials of the Company:

(in Crores) FY 21 FY 22 FY 23 Upto 30th Sept 23
Revenue 261.1 354.8 509.3 119.4
Net Profit 3.4 35.7 77.5 8.5



Valuation of Peer Group Companies:

Company Name Face Value EPS PE Ratio RoNW NAV
Credo Brands Marketing Ltd 2 12.06 23.21 29.98% 43.75
Go Fashion (India) Limited 10 15.33 88.24 17.27% 96.36



IPO Details:

Details Info
Issue Opens on 19th December 2023
Issue Closes on 21st December 2023
Issue Price Rs.266 – 280
Face Value Rs.2
Retail Category Allocation 35%
Minimum Lot  53 Shares
Minimum Investment Rs.14,840
Issue Constitutes 30.53%
Issue Size Rs. 550 cr ($66 million )
Market Cap Rs.1800 cr ($217 million)
Listing at NSE & BSE
Equity Shares Offered (OFS) 1,96,34,960
Equity Shares Prior to the Issue 6,43,01,880
Equity Shares after the Issue 6,43,01,880

Also Read : List of Upcoming IPO’s in India.


IPO Valuation Parameters:

Earnings Per Share (EPS) Price To Earnings ratio (PE) Return on Net Worth (RoNW) Net Asset Value (NAV)
12.06 23.21 29.98% 43.75



Company Contact Info:
Credo Brands Marketing Limited
B-8, MIDC Central Road,
Marol, Next to MIDC Police Station,
Andheri(E), Mumbai- 400 093
Maharashtra, India.
Telephone: +91 22 6141 7200



Lead Manager to the Issue:
Link Intime India Private Limited
C-101, 1st Floor, 247 Park
L.B.S. Marg, Vikhroli (West)
Mumbai 400 083
Maharashtra, India
Telephone: +91 81081 14949