Mufti plans to open 25 new stores by March 2020
Nov 25, 2019
Men’s fashion and denim brand Mufti, owned by Credo Brands Marketing Pvt Ltd, is planning to expand its retail footprint by opening 25 new stores before the end of the current fiscal year with a focus on tier 2, 3 cities.
Mufti has been witnessing strong sales in tier 2, 3 towns, which has resulted in an 11 percent growth in the first six months of this fiscal.
The brand had posted sales revenue of Rs 395 crore ($55.1 million) for the financial year 2019 and expects a 12 percent annual growth this fiscal.
“We have seen good demand and new markets are opening up. Hence the new stores will come up not just in tier 1 or tier 2 towns, but also in smaller tier 3 places,” Kamal Khushlani, founder and managing director of Mufti, told BusinessLine.
Mufti has witnessed remarkable growth in retail and e-commerce, it said.
“We have not faced any complaints with our channel partners; be it online or brick and mortar ones. We are not a brand that sells primarily online. So we balance out our offline offerings with an online presence,” he added.
Mufti was launched in 1998 by Kamal Khushlani and currently has a retail network of 300 stores across the country.
Copyright © 2020 FashionNetwork.com All rights reserved.