Manyavar's founder Ravi Modi started the business with 10 thousand rupees. Today, Manyavar has opened more than 600 stores across the country. Ravi Modi has made his name in the list of Indian rich people with his hard work. His net worth is more than Rs 32,000 crore.
Ravi Modi is an Indian entrepreneur best known as the founder and chairman of franchise-based apparel company Vedant Fashions Limited, the parent company of the renowned ethnic wear brand Manyavar. According to the IIFL Hurun India Rich List 2022, Ravi Modi's net worth is ₹32,400 crore with #41 in the list.
Early Life and Entrepreneurial Beginnings
Ravi Modi was born in1977 in Kolkata, West Bengal, into a Marwari business family with deep-rooted ties to the textile industry. Ravi's father was a businessman and had a 140-sq-ft retail store inside AC Market in Kolkata in 1975. Modi used to help his father in his retain store along with his studies. Ravi Modi was good at studies since childhood. Modi, the only son of his parents, was good at mathematics. He started coming to the shop every day from the age of 13. Ravi Modi worked as a salesman in his father's shop. While working in the shop for nine years, he learned the nuances of sales. He received his B.Com degree from Kolkata's St. Xavier's College. Growing up, he was surrounded by the world of fabrics, textiles, and garment production, which gave him a keen understanding of the industry from an early age. Modi’s entrepreneurial journey began in 1999 when he founded Vedant Fashions, driven by a clear vision to revolutionize the way Indian men approached ethnic wear.
At the time, traditional Indian clothing for men was either unbranded or seen as a niche market. Most buyers relied on local tailors for custom-made outfits. Recognizing a gap in the market for ready-made, high-quality ethnic wear, Ravi Modi launched Manyavar, aiming to make premium traditional wear more accessible.
The Rise of Manyavar
After a rift with his father, Ravi took Rs 10,000 from his mother and started a clothing business. He named it after his only son Vedant. He started making Indian ethnic garments and sold them from Kolkata to other cities of West Bengal as well as Uttar Pradesh, Odisha, Bihar and Madhya Pradesh. Due to good quality and design, people liked the clothes made by him. After this, Modi named his clothes as 'Manyavar' brand. Along with markets, he also targeted big stores like Vishal Mega Mart and Pantaloon. Ravi Modi opened the first store of Vedant Fashion in Bhubaneswar, the capital of Odisha. Today he has more than 600 stores across the country.
Ravi Modi also focused on building a strong retail presence. The company adopted a franchise model, which allowed rapid expansion across India and eventually into international markets like the USA, UAE, and the UK. The brand’s flagship stores became prominent in major cities, offering an immersive shopping experience for customers. Modi’s emphasis on store design, visual merchandising, and excellent customer service helped Manyavar gain a loyal customer base.
One of Modi's key strategies was positioning Manyavar as the go-to brand for wedding attire. He understood that Indian weddings are elaborate affairs where families are willing to invest heavily in clothing. By creating a brand specifically associated with weddings, Manyavar became a household name, not just for grooms but for their families and guests. The brand's signature sherwanis, bandhgalas, and kurtas became essential components of the modern Indian wedding wardrobe.
Manyavar’s "celebrating Indian weddings" marketing campaigns, featuring Bollywood stars such as Ranveer Singh and Virat Kohli, further solidified the brand’s association with the glamour and opulence of Indian nuptials.
Expansion and the Birth of Mohey
Building on the success of Manyavar, Ravi Modi expanded the brand’s portfolio with Mohey, a line of ethnic wear for women, launched in 2015. Mohey’s launch was a strategic move, as it allowed Vedant Fashions to tap into the women's wedding wear market, which is even larger than the men's segment. The brand offers a wide range of lehengas, sarees, and gowns, with a focus on bridal wear.
Mohey’s success reinforced Ravi Modi’s vision of creating a one-stop destination for ethnic wedding wear, catering to both men and women. The complementary brands—Manyavar and Mohey—have become cornerstones of the Indian wedding fashion industry, with customers relying on them for their big day.
Like any successful entrepreneur, Ravi Modi has faced his share of challenges. The retail industry, especially the fashion segment, is highly competitive and constantly evolving. The COVID-19 pandemic posed significant hurdles, especially for a business dependent on weddings and festive occasions. However, Manyavar adapted by enhancing its online presence and introducing more casual and fusion wear, catering to the demand for comfort and style.
Despite challenges, Ravi Modi remains focused on expansion. In 2022, Modi was able to turn his company, Vedant Fashions, into a successful initial public offering (IPO), which in turn allowed him to become one of the richest person in India. Modi continues to explore new markets and product lines, with an eye on further international expansion.
