Tag: Mufti

News

The 4th Edition of FAB Show 2024 Expected to Attract More Than 10,000 Buyers From 400 Plus Cities Across India

Apr 15, 2024 by Sujata Muguda 0 Comments #Aditya Birla Fashion & Retail, #Arvind, #Bangalore Apparel Manufacturers Association (BAMA), #Banswara, #Bestseller, #Bharti Creations, #brands, #Clothing Manufacturers Association of India (CMAI), #CMAI, #Dharmi Enterprise, #Exporters, #FAB Show 2024, #Fabrics Accessories & Beyond Show 2024 (FAB Show), #Fashion Accessories India, #Gokaldas Exports, #Gokul Bhagwan Enterprise, #Grasim, #Jindal, #Kora, #Manufacturers, #Mufti, #Naveen Sainani, #Noida Apparel Export Cluster (NAEC), #Pepe Jeans, #Rajiv Masand, #Ramsons, #Reliance Brands, #Retail Manufacturing Association of Indore (RMAI), #Retailers, #Ruby Mills, #SGCCI, #Shoppers Stop, #Siyaram’s, #Soch, #South Gujarat Textile Traders Association (SGTTA), #South Indian Garment Association (SIGA), #Spykar, #Stori, #The Southern Gujarat Chamber of Commerce & Industry (SGCCI), #The Sustainability Zone, #Value Added Fashion Fabrics, #Westside

CMAI_FAB Show_Inauguration_1

Mumbai, April 15, 2024: The most awaited 4th edition of Fabrics Accessories & Beyond Show 2024 (FAB Show) by Clothing Manufacturers Association of India (CMAI) was inaugurated on April 15, 2024, in the August presence of sourcing heads from renowned brands and retail majors including Aditya Birla Fashion & Retail, Bestseller, Gokaldas Exports, Kora, Mufti, Pepe Jeans, Reliance Brands, Shoppers Stop, Soch, Stori, Spykar, Westside.

During the inauguration CMAI felicitated regional trade associations namely The Southern Gujarat Chamber of Commerce & Industry (SGCCI), Noida Apparel Export Cluster (NAEC), Retail Manufacturing Association of Indore (RMAI), South Indian Garment Association (SIGA), South Gujarat Textile Traders Association (SGTTA), Bangalore Apparel Manufacturers Association (BAMA), among others.

The 4th edition of the FAB Show is being held from April 15 to 17, 2024, at the Bombay Exhibition Centre (NESCO) in Mumbai, showcasing the entire supply chain to Brands, Manufacturers, Retailers, and Exporters expected to visit the show. Exhibiting this year at the FAB Show are over 200 Fabric Suppliers, leading accessory manufacturers, Machinery Suppliers, Real Estate Developers, Software Developers, and services from all across India.

Rajesh Masand,the President, CMAI, said “We are delighted that just in its 4th edition the FAB Show 2024 is already established as the premier convergence hub for the entire garments manufacturing supply chain. The FAB Show serves not only as a platform for showcasing the latest in technological advancements but also as a catalyst for raising awareness about sustainability and understanding evolving consumer preferences, thus shaping the future of the industry. Over 4000 primary members of CMAI will be visiting the FAB show.”

In India’s dynamic textile landscape, a transformation towards sustainability and eco-conscious practices is underway. The Sustainability Zone at the FAB show, drawing large footfalls, promotes innovations in circularity by showcasing fabrics crafted from waste materials and wastewater management. This initiative aims to educate and raise awareness about sustainability, a cornerstone of CMAI’s holistic strategy to engage, educate, and inspire the garment industry.

CMAI_FAB Show Inauguration

Speaking about the fair, Naveen Sainani, Chairman FAB sub-committee said “The FAB Show 2024 offers unmatched opportunities for garment industry supply chain vendors to connect with reputed large buyers from all over India and around the globe. Exhibitors at the show have curated the newest fabric trends, offering brands a prime opportunity to craft the trendiest garments for their upcoming collections. Furthermore, CMAI is spearheading a future where sustainability is integral to business operations, echoing our vision for a greener, more resilient world through the sustainability zone.”

One of the highlights at the FAB Show 2024 is the Surat Pavilion, organized by SGCCI for the third consecutive edition. This pavilion will showcase over 40 prominent fabric manufacturers from the region.

Among the key participants are Grasim, Arvind, Siyaram’s, Banswara, Ruby Mills, Jindal, Gokul Bhagwan Enterprise, Bharti Creations, Dharmi Enterprise, Ramsons, Value Added Fashion Fabrics, Fashion Accessories India and many others. The expected visitors include mainly Garment manufacturers, Brand owners, and e-commerce platforms, underline the FAB Show’s importance as a premier gathering for the Fashion and Apparel industry highlighting its significance as a key platform for their sourcing requirements. More than 10,000 buyers and manufacturers from over 400 cities, and international buyers from the USA, Bangladesh, UAE, Bahrain, Egypt, Russia, Hong Kong, Kenya, Sri Lanka, and Nepal among others are expected to visit FAB Show 2024.

CMAI dignitaries present at the inauguration were Rajesh Masand – President, Jayesh Shah – Vice-President, Naveen Sainani – Chairman FAB Show, Santosh Katariya – Secretary; Ankur Gadia – Hon Treasurer; Mohan Sadhwani – Executive Director, Rahul Mehta – Chief Mentor, and Prakash Parikh – Jt. Chairman of FAB Show, among others.

Business

Credo Brands Marketing Limited (MUFTI) Quarter Results

Jan 20, 2024 by Sujata Muguda 0 Comments #Credo Brands Marketing Limited, #Credo Brands Marketing Limited (MUFTI), #Kamal Khushlani, #Mufti

Mumbai, 20th January 2024 – Credo Brands Marketing Limited (MUFTI), one of the prominent players in the men’s casual wear providing a meaningful wardrobe solution for multiple occasions in a customer’s life, with product offerings ranging from shirts to t-shirts to jeans to chinos, which caters to all year-round clothing has announced its Unaudited Financial Results for the Quarter and Half Year ended 30th September 2023.

KEY FINANCIAL HIGHLIGHTS

 

Particulars (in Rs. Crs.) Q2 FY24 Q2 FY23 Y-o-Y H1 FY24 H1 FY23 Y-o-Y
Total Revenue 165.6 142.7 16% 284.1 234.9 21%
Gross Profit 95.3 81.9 16% 161.8 136.4 19%
Gross Profit Margin (%) 57.5% 57.4% 57.0% 58.1%
EBITDA 56.8 51.2 11% 87.1 80.3 8%
EBITDA Margin (%) 34.3% 35.9% 30.6% 34.2%
Profit before Tax 37.0 34.9 6% 48.3 48.7 -1%
PAT 28.0 26.0 8% 36.5 36.5 0%
PAT Margin (%) 16.9% 18.2% 12.9% 15.5%

On Consolidated Basis

KEY BUSINESS UPDATES

•     No. of EBOs added during H1 FY24 are 31 Stores on a Net Basis

  • Total EBOs as on 30th September 2023 stood at 404 stores

•     Sales Mix for H1 FY24

  • EBO : 52.5%; MBO : 25.0%; LFS : 3.3%; Online : 16.3%; Others : 9%

•     Product Mix for H1 FY24

  • Shirts : 1%; T-shirts : 13.5%; Bottomwear : 40.8%; Outerwear : 1.0%; Others : 2.6%

Credo Brands Marketing Limited

Same Store Sales Growth (SSSG) for EBOs de-grew by 4.7% for Q2 FY24 as compared to Q2 FY23 and was flat on a half yearly basis compared to the first half last year.

  • Working Capital Days as on 30th September 2023 stands at 177
  • Cash Flow from Operations (OCF) for H1 FY24 stood at Rs. -5.4 crores as compared to -Rs. 24.7 crore for H1 FY23
  • RoCE stood at 4%; RoE stood at 26.2% for H1 FY24 (On annualized basis)

Commenting on the Result, Mr. Kamal Khushlani, Chairman & MD, Credo Brands Marketing Limited said

“We at Mufti thank the investor community for the tremendous support shown during the IPO. Public Listing is a proud moment for of us and this will provide a healthy visibility to the brand.

Over the recent months, the retail sector experienced a slowdown owing to subdued consumer demand. Despite facing these external challenges, the company has successfully sustained its growth momentum. Moreover, some demand typically linked with the festive season has been deferred to the third quarter of this year, leading to a comparatively lower growth for Q2 & H1 FY24.

During H1 FY24, Revenues grew by 21% Y-o-Y to Rs. 284 crores with Gross Margins at 57.0%. Our EBITDA and

PAT for H1 FY24 stood at Rs. 87 Crores and Rs. 37 crores respectively.

We believe 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. The brand 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. Our products are designed to provide a youthful appearance while keeping up with the ongoing fashion trends. Our design team is constantly focusing on expanding our product range to meet a varied range of consumer needs.

In order to adapt to an ever-changing retail landscape, we conducted an internal assessment in 2019 and put the learnings to reinvent the brand philosophy. As part of this brand reinvention, we developed, 1) a new Brand Identity; 2) a new merchandise architecture for increasing our share of customer’s wallet by providing designs suited for specific occasions in our customer’s life ranging from relaxed holiday casuals, authentic daily casuals to urban casuals, party wear and also athleisure; 3) a new Retail Identity.

Since we made the above changes, the brand has gained in salience and the same is reflected in the performance of the Company.

We intend to continue increasing our presence by setting up new Points of sale and expanding our EBO network in existing as well as additional cities and regions across India. We expect emerging demand from existing and new cities will help fuel our growth.

Mufti has been able to build a resonance with consumers through multiple marketing, advertising and customer engagement initiatives. We intend to continue enhancing the brand recall of our products through the expansion of our EBOs footprint as well as the use of targeted marketing initiatives.”