The Competitive Market Growth session helped members learn strategic business principles, craft meaningful and realistic goals and align team visions.
The CMAI Achievers Club recently hosted a dynamic event featuring two prominent industry leaders who shared their expertise on thriving in competitive markets and building a successful brand. The first session was delivered by Kamal Khushlani, Founder of Credo Brands Marketing Ltd., who delved into the ‘’Successful Journey of Mufti’’, one of India’s leading fashion brands followed by the session “How to Grow in Competitive & Difficult Markets” by Dr Basesh Gala, Founder of 39Solutions, a renowned business coach, who provided valuable insights.
The Brand- Mufti session encompassed key aspects like market gaps, adaptability, fashion trends and new styles, building a unique brand identity, the purpose of mind set and more. The Competitive Market Growth session helped members learn strategic business principles, craft meaningful and realistic goals and align team visions.
Speaking about the event, Rajesh Masand, President, Clothing Manufacturers Association of India (CMAI) said, “The objective of CMAI Achievers Club is to conduct powerful sessions with select esteemed speakers, professionals, and brand owners who share their experience and business logic. The difference between having a regular label and actually becoming a real brand becomes increasingly important. A successful system to scale is by embracing new, effective approaches as the business landscape constantly changes.â€
During the first session ’Brand in Spotlight’, Khushlani revealed the inspiring journey of Mufti highlighting the importance of resilience, adaptability, and strategic focus in building a successful brand. He started his journey from scratch in 1992, with a modest loan of Rs 10,000. Initially, he faced several struggles which included buying and selling of clothes in a highly competitive market without formal knowledge of the business.
The fireside chat with Khushlani comprehended the following take aways: –
- Identifying Market Gaps: 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.
- 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.
- 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.
- 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.
- 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.
The ensuing session, “How to Grow in Competitive & Difficult Markets” by Dr Basesh Gala, highlighted the importance of understanding the Indian market’s MSME challenges and addressed common issues they face such as lack of systems, scalability, and innovation. He emphasized the importance of having a unique value proposition and simple, effective systems in place. Additionally, in terms of having a good mindset & staying resilient, Dr Gala categorized people into three types based on their reaction to stress: carrots (soft), eggs (harden), and coffee beans (transform). Subsequently, the best mindset is adopting a ‘coffee bean’ to thrive in tough conditions. Visionary takeaways include drawing inspiration from eagles for their ability to soar above challenges and willingness to renew themselves.
Dr Gala highlighted the importance of evolving and adapting to stay relevant. At the heart of any thriving organization is a strong culture—one that fosters emotional connections among employees, suppliers, and customers. Ultimately, believing in the power of calculated risks and being proactive, enables businesses to embrace change and seek new ideas from all levels of the organization.
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.â€
The second event of CMAI Achievers Club was attended by more than 50 members.