ChrysCapital in talks to buy denim brand Mufti

By

Maverick Martins

Published
May 26, 2017

Private equity major ChrysCapital is in talks to acquire Indian denim and casual wear brand Mufti in a deal estimated at slightly over Rs 500 crore, Times of India reported citing sources.
 

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, sources told TOI.
 
Mufti founder Kamal Khushlani holds a 65% stake in the parent company, leaving rest with a set of investors, mostly high net worth investors. Khushlani, along with some of the investors, is selling stakes in the company that will give ChrysCapital a controlling stake.

The deal is estimated to value the company at about Rs 750 crore. JM Financial is advising on the transaction process. ChrysCapital declined to comment. Khushlani didn’t respond to  call and text message.
 
ChrysCapital, the largest India-focused private equity investor, 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.
 
Mufti, retails through more than 1,400 multi brand outlets and 120 large format stores.