Manyavar:-
Manyavar began its journey as a thought in 2002 when Ravi Modi ventured into a family business that revamped men’s ethnic wear. The company has grown to 5000+ employees associated with the Brand. Under the umbrellas of Vedant Fashion Limited Manyavar transformed men’s ethnic wear into a signature statement. Soon the Brand opened a much wider variety of Men’s Garments and accessories which rendered it a one-stop shop for celebration wear.
Manyavar’s timeless celebration collection includes Sherwani’s, Indo-Western, Royal Bandhgalas, Trendy Kurtas, and matching accessories for special Moments. Manyavar also started Kid’s Ethnic Wear and Fusion Wear for Little Ones.
Timeless and iconic attires have cemented its reputation across the world with a commanding retail presence of 600+ stores over 240 cities and 5 countries with 15 international stores in the U.A.E., Canada, U.S.A., U.K. Transcending boundaries, Manyavar has emerged as one of the best places to work at with state of the art infrastructures. The Manyavar movement has been a reflection of Ravi Modi’s Grit, Global vision, and nurturing spirit team with Shilpi Modi’s (Ravi Modi’s Wife) creative spark.
Manyavar’s Growth as a Brand Is also Heavily attributed to its extensive focus on marketing and advertising which boasts of the highest advertising budget in the Industry. While later It started a wedding wear brand Celebration Wear.
Who Is Ravi Modi?
Ravi Modi is a renowned name in the Indian wedding Industry. He is a leader behind a globally recognized ethnic wear brand ‘Manyavar’. He founded Vedant Fashions named after his son in 2002. Specializing the traditional Indian Garments, The company has grown to become the largest provider of attires like Kurta-Pajama, Sherwanis, etc.
Ravi Modi drew the attention of millions of people when his position was changed unsurprisingly from 246 to 41 IIFL Hurun India Rich List 2022. With an exceptional 376% increase.
Success Story behind Ravi Modi’s ‘Manyavar’:-
Ravi Modi took rupees 10,000 from his mother and turned to manufacturing Indian wear, selling the finished products in Uttar Pradesh, West Bengal, Odisha, Maharashtra, Gujrat, and many more. Modi says He started selling to multi-brand outlets (MBOs). The inability to hire a creative agency meant Modi had to come up with a name. Modi says He wondered what was the purpose of life… It was to earn some respect for oneself. “That’s how we came up with the name Manyavar”. He denies that the choice of the name had anything to do with his father’s chiding. “It’s all destiny”. Because there was no plan and He was happy at the store. and after opening one more store.
Modi sold Kurtas which cost rupees 200 at a loss of rupees 10 to ensure he was paid in cash. He thought he would sell 20% of his production to him to get working Capital and 80% for production. Manyavar relies on data analytics to manage inventory, including unique merchandise ownership of stock.
Manyavar can also Learn and Grow in many various ways:-
1). Market Research:- Continuously conduct market research to understand the latest fashion trends, consumer preferences, and emerging markets.
2). Branding:- Invest in Building a strong brand identity to differentiate your fashion company in a competitive market.
3). Innovation:- Stay innovative by developing new designs, materials, or sustainable fashion practices to appeal to eco-conscious consumers.
4). E-commerce:- Expand your online presence and e-commerce capabilities to reach a broader audience and adapt to changing consumer shopping habits.
5). Collaboration:- Partner with influencers, designers, or other brands to create unique collaborations that generate buzz and attract new customers.
6). Sustainability:- Embrace sustainable practices to reduce the environmental impact of your fashion company, which is becoming increasingly important to consumers.
7). Social Media:- Use social media platforms to engage with your audience, showcase your products, and gather feedback.
8). Financial Management:- Maintain a strong Financial Management strategy to ensure the company’s long-term viability.
9). Talent Development:- Invest in the professional development of your team to foster creativity and innovation within the company.
The fashion Industry is Dynamic, so adaptability and staying current with trends and consumer demands are essential for long-term success.
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Financial Status of the Company:-
In the year 2022 Vedant Fashions closed the year with revenue of rupees 564.81 crores while net profit stood at rupees 132.9 crores. A year before that, revenue was rupees 915.54 crores, and net profit rupees 236.6 crores. Ravi Modi’s wife Shilpi has a board seat.
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