Category winner: Consumer Products and Retail
The flagbearer of ethnic wear
Ravi Modi’s journey started when he started visiting his father’s retail clothing store in Kolkata during his teens and learning the ropes of the business. The man behind “Manyavar” is a first-generation entrepreneur who started this venture with a meagre seed capital of INR10,000. With his far-sighted business acumen, he has successfully led “Manyavar” from its humble origins in the unorganized sector into one of India’s biggest brands.
With a keen eye on customer engagement, Ravi Modi is focused on innovation and automation. To enhance efficiency, he has created a supply chain backed by an automated replenishment model. Over the years, he has built a unique franchisee driven, asset-light business model, with four key valuesꟷ transparency, efficiency, use of technology, and inclusive growth of all stakeholders. Manyavar has never sold a single garment at a discount and yet has always managed to achieve negligible dead stock.
Manyavar is a category-leader with 1.34 million square feet of retail space, across 626 exclusive outlets in 235 cities in India and 14 international outlets as of September end 2022. The company, Vedant Fashions, saw ~85% growth in net revenue in FY22 to reach INR1,041 crore and a market capitalization of INR33,124 crore as of November 2022.
Ravi Modi defines an enterprise as ‘life’ and not just ‘commerce’. His social healthcare enterprise “Manas” has done more than 500 heart surgeries. He leads several initiatives centred on education and healthcare for the underprivileged.
With many accolades, including “Best ethnic fashion retailer” and “Best place to work”, the business reflects Ravi Modi’s ideology of owning the celebration and happiness space with the vision to instil pride in wearing Indian wear.