Credo Brands Marketing Limited: About the Company
Established in 1999, Credo Brands Marketing Limited is a leading provider of men’s casual clothing, renowned for its flagship brand “Mufti.”
Originally focusing on shirts, T-shirts, and trousers in 1998, the company has significantly expanded its product range. Today, Mufti offers a diverse selection, including sweatshirts, jeans, cargos, chinos, jackets, blazers, and sweaters. These products are categorized for various occasions, catering to relaxed vacation wear, authentic everyday attire, urban casual styles, party wear, and athleisure.
With a robust presence in the Indian market, the company boasts a network of 1,773 retail outlets as of May 31, 2023. This includes 379 exclusive brand stores (EBOs), 89 large format stores (LFSs), and 1,305 multi-brand stores (MBOs).
Catering to a wide demographic, the company’s reach spans major metropolitan areas to Tier 3 cities. As of March 31, 2023, the company has established its footprint in 582 cities, reflecting growth from 598 cities in 2022 and 569 cities in 2021.
To fuel its innovation and style, the company relies on a talented design team of 15 members as of May 31, 2023. This dedicated team played a pivotal role in creating and producing over 1,348 unique designs during the 2023 financial year.
Mufti Menswear IPO Details
| IPO Date | December 19, 2023 to December 21, 2023 |
| Face Value | ₹2 per share |
| Price Band | ₹266 to ₹280 per share |
| Lot Size | 53 Shares |
| Total Issue Size | 19,634,960 shares (aggregating up to ₹549.78 Cr) |
| Offer for Sale | 19,634,960 shares of ₹2 (aggregating up to ₹549.78 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
| Shareholding pre issue | 64,301,880 |
| Shareholding post issue | 64,301,880 |
Mufti Menswear IPO Lot Size
| Application | Lots | Shares | Amount (₹) |
| Retail (Min) | 1 | 53 | ₹14,840 |
| Retail (Max) | 13 | 689 | ₹192,920 |
| S-HNI (Min) | 14 | 742 | ₹207,760 |
| S-HNI (Max) | 67 | 3,551 | ₹994,280 |
| B-HNI (Min) | 68 | 3,604 | ₹1,009,120 |
Credo Brands Marketing Limited (Mufti Menswear)IPO GMP
Credo Brands Marketing Limited (Mufti Menswear) IPO GMP as on 20th December, 2023 is ₹125
Credo Brands Marketing Limited Financial Information
₹ in Crores
| Particulars | 30 June,2023 | 31 March,2023 | 31 March,2022 | 31 March,2021 |
| Assets | 592.38 | 574.48 | 476.05 | 416.99 |
| Revenue | 119.43 | 509.32 | 354.84 | 261.15 |
| Profit after Tax | 8.58 | 77.51 | 35.74 | 3.44 |
Key Performance Indicator
| KPI | Values |
| P/E (x) | 23.22 |
| Post P/E (x) | 23.23 |
| Market Cap (₹ Cr.) | 1800.45 |
| ROE | 29.98% |
| ROCE | 28.16% |
| Debt/Equity | 0.65 |
| EPS (Rs) | 0.54 |
| RONW | 29.98% |
Strengths:
- Diverse Product Range: Mufti has successfully expanded its product portfolio beyond shirts and trousers, offering a wide array of casual clothing, including jeans, jackets, and athleisure wear. This diverse range caters to various customer preferences and fashion trends.
- Extensive Retail Presence: With 1,773 retail outlets across India, including exclusive brand stores, large format stores, and multi-brand stores, Mufti has established a strong and widespread presence. This broad reach allows the brand to tap into diverse markets, from major metropolitan areas to Tier 3 cities.
- Design Innovation: The company’s design team of 15 members demonstrates a commitment to innovation. Having created over 1,348 designs in the 2023 financial year, Mufti stays ahead in the fashion industry, meeting consumer demands with fresh and appealing styles.
Risks:
- Market Competition: The fashion industry is highly competitive, and Mufti faces the risk of losing market share to competitors. Rapid changes in consumer preferences and the emergence of new entrants could impact the brand’s position in the market.
- Economic Sensitivity: Mufti’s success is closely tied to economic conditions. Economic downturns or fluctuations in consumer spending may adversely affect the demand for non-essential items like casual clothing, potentially impacting the company’s revenue and profitability.
- Supply Chain Disruptions: Global events, natural disasters, or geopolitical issues can disrupt the supply chain, leading to delays in production and distribution. This poses a risk to Mufti’s ability to meet customer demand and maintain a consistent product flow in the market.
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