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Credo Brands Marketing Ltd IPO

Price Range (₹)

Rs. 266 –Rs. 280

Issue Size (₹ in Cr.)

Up to 549.78 Cr

Minimum Quantity

53 Shares

Bidding Period

Dec 19 – Dec 21, 2023
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Credo Brands Marketing Ltd IPO Issue timeline

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About the Credo Brands Marketing Ltd IPO

- Engaged in the retail sale of garments and accessories
- Their brand “Mufti” was launched by their Promoter, Kamal Khushlani, 25 years ago with a vision to redefine menswear. The product offerings range from shirts to t-shirts to jeans to chinos, which caters to all year-round clothing
- Their products are available through a pan-India multichannel distribution network comprising of their exclusive brand outlets, large format stores and multi-brand outlets, as well as online channels comprising of their website and other e-commerce marketplaces

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Strengths

Strong brand equity with presence across categories
Launched in the year 1998, their brand “Mufti” is a recognized brand with 25 years of presence in India. They provide a wide range of products for multiple occasions in a customer’s life, with our product offerings ranging from shirts to t-shirts to jeans to chinos to jackets, which caters to all year-round clothing with a prominent focus on casual wear (Source: Company DRHP)

Scalable asset light model
As a wardrobe solutions provider for multiple occasions in a customer’s life, they focus on designing their products in line with global fashion trends in casual wear. They outsource the manufacturing operations, while all aspects of design are managed in-house. This helps them to maintain an asset-light model with respect to plant, property, and equipment.(Source: Company DRHP)

Financially stable business model
They have organically grown their operations and have demonstrated an increase in revenues and profitability, other than in Fiscal 2021 when the operations were impacted on account of COVID-19. Their revenue from operations grew by 46.02% from ₹ 3,411.72 million in Fiscal 2022 to ₹ 4,981.82 million in Fiscal 2023. (Source: Company DRHP)

Risks

Vulnerable to variations in demand and changes in consumer preferences
Since they specifically cater to the market of men’s casual western wear, which is a segment of the vast apparel market, if their customers are not satisfied with their products, or there is lack of customer demand for products, it may adversely affect the business, financial conditions, and results of operations. (Source: Company DRHP)

Operate in highly competitive markets in each of their product segments in both offline and online channels
They face competition from various international, national, regional and niche brands and unorganized players in the men’s casual western wear industry who are present in their product segments. They believe that the men’s western wear industry is a highly unorganized market, and compete with several branded and non-branded players and local retailers’ brands. Their main competitors, in the similar price brackets, are brands such as Jack & Jones, Levi’s, Pepe Jeans U.S. Polo Assn. and Spykar(Source: Technopak report, Company DRHP)

Financials

  • Net Worth
  • Total Income
  • Total Borrowings
  • Profit After Tax
  • Earnings Per Share

Industry Trends

- Transition from Need based to Lifestyle Based purchase: The apparel market is seeing a change from need-based purchase to more of lifestyle-based purchase. Consumers today with more disposable income in their hands, are more aware of growing trends, latest fashion etc. This has resulted into creation of more occasion specific categories apart from the traditional Wedding & Festival Wear. Industry players like Mufti, Peter England, Louis Philip have expanded their product lines to retain their customers from going to other brands for their occasion specific needs.
- India Apparel Market Size & Level of Organization: The Apparel market size in India was valued at INR 5,476 Bn (USD 68.45 Bn) in FY 2023 and projected to grow at a CAGR of ~18% between FY 2023 and FY 2027 to reach INR 10,683 Bn (USD 133.5 Bn) by FY 2027 on the back of factors like higher brand consciousness, increasing digitization, greater purchasing power and increasing urbanization. (Source: Company DRHP)

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  • lock-in of 3 years
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    Choose the IPO you want to apply from the list. Click on Apply.

  • lock-in of 3 years
    Fill in the required details

    Fill in the quantity of shares. To apply at maximum price, check the cut-off price box and amount is auto calculated. If you want to apply at some other price within the price band, then you can enter the price manually by clicking on “Add bid” option.

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