Ravi Modi’s Manyavar: The Story Behind India’s Leading Wedding Fashion Brand
Ravi Modi’s Manyavar: The Story Behind India’s Leading Wedding Fashion Brand
At 13, Ravi Modi began his career as a salesperson in his father’s clothing store. A few years down the line, he borrowed Rs 10,000 from his mother to launch his own venture. Now his empire is worth 32,000 crores. Yes, we are talking about the Manyavar brand and entrepreneur Ravi Modi.
The Manyavar brand is synonymous with weddings, often evoking a strong association in people’s minds. Established by Ravi Modi, this esteemed brand has created a significant presence in traditional Indian fashion through his enterprise, Vedant Fashions.
Ravi Modi’s path as an entrepreneur started from humble beginnings. At just 13 years old, he began his career as a salesperson in his father’s clothing store. A few years later, he borrowed Rs 10,000 from his mother to launch his own venture, ultimately establishing Vedant Fashions.
Vedant Fashions was founded in Kolkata in 2002 and is the parent company of well-known brands like Manyavar, Mohey, Manthan, Mebaz, and Twamev.
The company’s current valuation stands at Rs 32,000 crore, while Modi’s net worth has increased to approximately Rs 28,000 crore. As of April 2023, he holds the 64th position among India’s wealthiest people and ranks 1,238th on Forbes’ World Billionaires list.
Manyavar is renowned for its stunning collection of kurtas, sherwanis, jackets, lehengas, and saris.
Under the guidance of Modi, the company experienced significant growth and emerged as a remarkable success, highlighted by a successful IPO in 2022. This milestone not only enhanced the brand’s visibility but also positioned Modi among the wealthiest people in India.
The Kolkata-based company operates over 660 stores in 263 cities throughout India, along with 17 international locations. In 2023, Modi divested 10% of his ownership to raise the public stake in the company to 25%, in compliance with stock market regulations.
Modi, 45, offers both premium and mass-market men’s lines named Tvamev and Manthan. In 2017, he purchased competitor Mebaz for an undisclosed amount to expand his presence in the mid-premium and premium segments within the South Indian market.
Modi has achieved success by transforming his initial venture in men’s ready-to-wear into an entirely new segment of branded wedding attire. His goal is to create a comprehensive shopping experience for families, ensuring that he addresses various income levels as well as regional tastes.
