Mufti aims to double its revenue by 2025
today Jan 24, 2020
Fashion brand Mufti is looking to double its revenue to Rs 900 crore in the next five years, as it expects to close the current financial year with revenue of Rs 450 crore. The company has clocked sales of Rs 395 crore for the financial year 2018.
To meet its revenue target, Mufti will be expanding its retail presence across India and planning to open 25 new stores this year, with a focus on tier 2, 3 cities.
The company’s new stores will be bigger, as it looks to house a wide range of products to cater to a bigger audience.
"The idea of opening larger stores 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," said Kamal Khushlani, founder & managing director of Mufti, told the Economic Times.
"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," he added.
Currently, Mufti has around 304 exclusive outlets and has a presence in 110 large-format stores and 1,200 multi-brand stores. The company also sells its products on leading e-commerce platforms in India.
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