Mumbai, August 7, 2024: Two well-known business executives recently spoke at a lively event held by the CMAI Achievers Club. They shared their knowledge on how to succeed in cutthroat marketplaces and develop a strong brand. Kamal Khushlani, the founder of Credo Brands Marketing Ltd., led the first session, which focused on the “successful journey of Mufti,” one of India’s top fashion brands. Dr. Basesh Gala, the founder of 39Solutions and a well-known business coach, then gave a talk on “How to Grow in Competitive & Difficult Markets,” offering insightful advice.
Important topics covered in the Brand-Mufti session were market gaps, flexibility, new and trendy fashion trends, creating a distinctive brand identity, the goal of mindset, and more. Members were able to connect team visions, create meaningful and achievable goals, and understand strategic business principles during the Competitive Market Growth session.
President of the Clothing Manufacturers Association of India (CMAI), Rajesh Masand, gave a speech regarding the occasion, saying, “The goal of the CMAI Achievers Club is to conduct powerful sessions with selected esteemed speakers, professionals, and brand owners who share their experience and business logic.” It gets more and more crucial to distinguish between having a standard label and genuinely developing into a genuine brand. A scalable system must embrace novel, practical strategies in light of the ever-evolving corporate environment.
In the inaugural “Brand in Spotlight” session, Kamal Khushlani shared the motivational story of Mufti, emphasizing the value of perseverance, flexibility, and a strategic focus in creating a successful brand. In 1992, he embarked on his adventure with a meager amount of Rs. 10,000.
The fireside chat with Kamal Khushlani comprehended the following take aways: –
1) Identifying Market Gaps: Kamal Khushlani recognized a significant market gap for a specific type of clothing that was not readily available. This discovery of unmet demand led to the establishment of Mufti, a brand designed to cater to this niche. By identifying and addressing this gap, Khushlani was able to create a unique market position for Mufti, which has been a key factor in its success.
2) Adaptation to Trends: In 1996-97, Khushlani noticed significant shifts in men’s fashion trends. This observation sparked the creation of Mufti, aimed at offering unique and distinct styles that set it apart from other brands. By staying ahead of fashion trends and continuously adapting, Mufti has been able to maintain its relevance and appeal in the competitive fashion market.
3) Financial Resilience: Facing financial challenges in 2008, Khushlani demonstrated exceptional resilience by leveraging his negotiation skills and maintaining strong relationships with suppliers. This enabled him to keep the business afloat during tough times. Additionally, during the COVID-19 pandemic, Khushlani exhibited strategic resilience by closing underperforming stores and opening new ones, ensuring the brand’s survival and continued growth.
4) People-Centric Approach: Khushlani emphasized the importance of treating employees, suppliers, and partners with respect and fostering a sense of loyalty. He recognized their crucial role in building a successful business and maintained a people-centric approach, which helped build a positive work environment and strong, enduring relationships that contribute to the overall success of Mufti.
5) Brand Evolution: In 2019, Mufti underwent remarkable changes to stay relevant in the ever-evolving fashion industry. This included introducing a new logo and retail identity, as well as expanding into different verticals such as urban casuals, holiday casuals, and athleisure. These changes were made to meet diverse customer needs and to keep the brand fresh, unique and appealing to consumers.
Following up, Dr. Basesh Gala’s talk on “How to Grow in Competitive & Difficult Markets” emphasized the significance of comprehending the obstacles faced by MSME’s in the Indian market and addressed frequent problems including a lack of processes, scalability, and innovation. He underlined the significance of putting in place straightforward, efficient mechanisms and a distinct value proposition. Furthermore, regarding maintaining resilience and having a positive outlook, Dr. Gala distinguished three categories of people according to how they responded to stress: coffee beans (transform), eggs (harden), and carrots (soft).
Dr. Gala emphasized how crucial it is to change and adapt in order to remain current. A robust culture that nurtures emotional bonds between staff members, vendors, and clients is the foundation of any successful business. In the end, proactive thinking and a belief in the value of measured risks allow organizations to welcome change and actively seek out fresh concepts from all facets of the company.
At the end of the event, Ashok Thakkar, Chairman, CMAI Achievers Club stated, “We were thrilled to have such luminous Speakers with us today and extremely grateful to them for delivering informative, engaging and thought-provoking presentations which inspired everyone with risk-taking abilities for resultant success. Both the sessions significantly benefited our members and we are confident of a positive impact.”
About CMAI Achievers Club
The CMAI Achievers Club is an initiative that unites like-minded brand owners and MSME apparel manufacturers with a shared goal of elevating their brands to new heights. The CMAI Achievers Club plays an essential role in fostering growth and innovation within the Apparel industry. Through this knowledge sharing and networking platform, members learn from the industry’s top thought leaders, change makers, and innovators and prepare themselves to navigate challenges and drive their businesses toward sustained success.
