12/01/2024
Ravi Modi's journey from childhood math whiz to the founder of Vedant Fashions, the company behind the famous Manyavar brand, is an inspiring tale of determination and entrepreneurship. As a child, Modi displayed a remarkable aptitude for mathematics, earning accolades from his parents for his early achievements in the subject.
Growing up, he joined his father's 140-square-foot retail store inside Kolkata's AC While contemplating an MBA after completing his commerce degree at St. Xavier's College, his father encouraged him to gain real-world experience.
As the business grew, Modi began to run the show and took decisions that would be a contrast to his father’s. “But one day, my father said something, and I got hurt,” Modi says. His father had questioned a decision that Modi had taken for ₹20,000. “He said ‘Humko barbad kardoge (Will you ruin us)? I might commit su***de one day.’ I said this is enough, I won’t come from tomorrow.”
He took ₹10,000 from his mother and turned to manufacturing Indian wear, selling the finished products in Uttar Pradesh, Odisha, Bihar, Madhya Pradesh and West Bengal, among others. To kickstart Manyavar, Modi began by selling a portion of his stock to Vishal Mega Mart, a cash-paying customer.
This arrangement provided the working capital he needed to sustain his business during its infancy. By 2005-06, Manyavar's products were available in large format stores (LFS) across India. He heeded his father's advice, avoiding debt and reinvesting most earnings into the business.
In 2008, Manyavar opened its first exclusive brand outlet (EBO) in Bhubaneswar, marking the beginning of an exciting growth phase. They transitioned from selling 20-25 crore INR annually to focusing on expanding EBOs, now operating over 1.3 million square feet of retail space across India.
The company operates in 230 cities and plans to expand into 150 more, particularly targeting southern regions like Bengaluru and Hyderabad. With a flexible, asset-light model and impressive returns, Ravi Modi's Manyavar is poised for sustained success in the Indian fashion apparel industry.