Innovative Socks
Socks can be quite the motivator for chasing an entrepreneurial dream. This was the case for Lubeina L Shahpurwala, the co-founder of Mustang Socks & Accessories. From everyday wear to the special occasions, Shahpurwala believes Mustang has something for everyone with “undeniable style packed with all the soft and warm fuzziness”.
Mustang is gearing up to launch its own ecommerce platform, which it believes will help it connect with a much broader consumer base. With an average year-on-year growth of 15 per cent in the last three years, Mustang ended 2018 with Rs 48 crore in revenue. It aims to grow at 15 per cent for the next three years.
“We use the strongest and finest quality combed cotton yarn, with reinforced toe-heel that breathes longer life into socks. We have the best assortment of socks. And we will also introduce unique limited-edition designs and collections to lure our audience at every occasion,” she says.
Growing With Many
Mustang has evolved over the years with technology playing an important role in its growth. It has integrated various machinery in its factory outlet, which has helped it produce at massive scale with “efficiency and reduced time”. Shahpurwala believes this has helped it penetrate various markets on a wider scale.
The company’s factory is located in Palghar. “We have been able to create a better standard of living in Palghar by enabling employment to both men and women,” she says.
From the word go, Mustang has created its products to target a variety of people on a large scale. “Our marketing and production teams work hand-in-hand,” she informs.
An All-in Leadership Approach
Shahpurwala’s leadership style believes in a do-it-yourself approach. “For a leader, it is very important to work on every aspect of the company, personally and then guide the fellow team members. I believe in getting my hands dirty, down at every level of my business, be it machinery, packaging, distribution, etc. and motivate my team to do the same. When a leader can first practice what he has to preach, the team understands the work better and inculcates trust in the leader,” she says.
Mustang’s philosophy has been to internalize and let the team grow with the organisation especially given the specialized skillset required. The company’s succession planning has been towards upskilling the second level of leadership, independently handling the engine of production and operations. Shahpurwala points out this is needed given Mustang’s growth ambition. She says, “In the future, we envisage a possible alliance for expanding our operational capabilities and driving the growth of Mustang as the most known brand for socks in India and hopefully internationally.”
