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Draft:Ravi Modi

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Ravi Modi
Ravi Modi
Born1977 (age 47)
Kolkata, West Bengal, India
Alma materBachelor in Commerce, St. Xavier's College, Kolkata
Occupation(s)Founder and Chairman of Vedant Fashions Limited. (Manyavar, Mohey, Twamev)
Known forFounder of Manyavar, a leading Indian men’s wear brand
Spouse
Shilpi Modi
​
(m. 1987)​
Websitehttps://manyavar.com/

Introduction

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Ravi Modi (born, March 1977) is an Indian entrepreneur and the founder, chairman, and managing director of Vedant Fashions Limited, best known for the Indian men’s wear brand Manyavar. Under his leadership, Manyavar has become a prominent player in the Indian wedding and celebration wear market. The company operates over 600 stores across India and 11 international locations, selling a wide range of traditional attire, including kurtas, sherwanis, lehengas, and sarees under brands like Manyavar, Mohey, and Mebaz. Modi is listed on the 2022 Forbes World’s Billionaires List, with a net worth of approximately $3.3 billion.[1], and is recognized as one of India's youngest billionaires.

Early Life and Background

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Ravi Modi was born on 13th March 1977 in Kolkata, into a business family. His entrepreneurial spirit emerged at a young age when he began helping his father at their retail store at just 13. For the next nine years, he immersed himself in learning the intricacies of the business, from managing inventory to attending to customers. The early exposure laid the foundation for his deep understanding of retail, customer service, and business operations.

Education: Ravi Modi pursued his higher education at St. Xavier's College, Kolkata, where he completed a Bachelor of Commerce (B.Com) degree. His education, combined with hands-on experience at his father’s store, equipped him with both the academic and practical knowledge necessary to venture into the world of business.

Professional Journey

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In 1999, Ravi Modi took his first entrepreneurial step by borrowing ₹10,000 from his mother, venturing into the manufacturing of traditional Indian wear[2]. Starting with a small manufacturing setup, he supplied garments to Multi-Brand Outlets (MBOs) across India. He soon realized the potential of wedding and celebration wear, a market that lacked strong, organized players.

By 2005-2006, Modi expanded his distribution to Large Format Stores (LFS) such as Future Group, Westside, and Shoppers Stop. In 2008, he opened the first exclusive brand outlet (EBO) of Manyavar in Bhubaneswar. Modi emphasized data and operational efficiency to manage costs and provide value. Over time, Manyavar grew within the Indian fashion industry, focusing on wedding wear for men, women, and children. In 2016, Modi introduced Mohey, a women's celebration wear line, broadening Manyavar's offerings. The company expanded its retail footprint, driven by a focus on market demand for quality and customer service[3].

A pivotal moment in the company’s growth came in 2016, when cricket superstar Virat Kohli was signed as the brand ambassador[4]. At the time, By 2019, the company had expanded its retail footprint to 1 million sq. ft., launching Twamev, a bridge-to-luxury wedding wear brand, further solidifying its dominance in the market.

In 2022, Vedant Fashions Limited, the parent company of Manyavar, went public, listing on the stock exchanges[5]. As of FY2024, the company boasts a 1.71 million sq. ft. retail presence, with 662 exclusive brand outlets (EBOs), including 17 international outlets, spanning 263 cities globally.

Establishment and Vision of Manyavar

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Modi's vision for Manyavar was rooted in his belief that respect is the ultimate pursuit in life. This philosophy is reflected in the brand’s ethos and the name itself, which signifies honor and prestige. He envisioned creating a brand that would be the go-to destination for Indian wedding and celebration wear, transcending age, gender, and regional boundaries. The mission was clear: Manyavar would be a dominant force in the Indian wear space, offering high-quality, affordable, and stylish garments that reflect India's rich cultural heritage[6].

  1. 1999: Ravi Modi borrows ₹10,000 from his mother to start manufacturing traditional Indian wear, selling to MBOs[7].
  2. 2005-2006: Manyavar garments start selling in large-format stores like Central Group, Westside, and Shoppers Stop[8].
  3. 2008: Manyavar’s first exclusive brand outlet opens in Bhubaneswar.
  4. 2015: Launch of Mohey, a women’s celebration wear brand.
  5. 2016: Signing Virat Kohli as brand ambassador, coinciding with Kohli becoming the captain of the Indian cricket team[9].
  6. 2019: Launch of Twamev, a bridge-to-luxury wedding wear brand, and expansion to 1 million sq. ft. of retail space.
  7. 2022: Vedant Fashions Ltd. goes public on the Indian stock exchange[10].
  8. 2024: Manyavar reaches 1.71 million sq. ft. retail presence with 662 EBOs across 263 cities, including 17 international locations.

Philanthropy and Social Contributions

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Apart from his business achievements, Ravi Modi is deeply committed to philanthropy and community development. His social enterprise, Manas, funds 1,000 heart surgeries for those in need across India. Through Manyavar, Modi supports numerous charitable organizations, including:

  • Yuva Unstoppable: Providing education to the underprivileged.
  • Rural Health Care Foundation: Offering healthcare services to underprivileged communities.
  • Friends of Tribal Society: Supporting the education of tribal children.

Ravi Modi's commitment to social responsibility extends to other significant initiatives, including:

  • Parivaar Education Trust: Supports educational resources and scholarships for children from economically disadvantaged backgrounds.
  • Sunbird Trust: Promotes education as a tool for social cohesion and development.
  • Mukti School Support: Enhances educational facilities and access for students in low-income areas.
  • Ashoka University Delhi: As the founder and sponsor at Ashoka University, Ravi Modi supports higher education and research initiatives aimed at societal development[11].
  • Kalinga Institute of Social Science: Provides educational resources and empowerment programs for tribal communities.
  • Akhand Jyoti Eye Hospital: Provide specialized healthcare services, such as eye surgeries.
  • Narayana Health: Offers comprehensive medical care for underprivileged populations.
  • Medica Superspeciality Hospital: Supports healthcare initiatives to improve access to quality medical services.

Ravi Modi’s philanthropic endeavours aim to uplift marginalized sections of society by addressing issues such as education inequality, healthcare accessibility, and overall community development. He is committed to fostering a long-term, sustainable growth for the country’s most vulnerable populations.

Personal Life

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Ravi Modi is happily married to Shilpi Modi, and they have a son named Vedant.

Awards and Recognitions

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Ravi Modi’s contributions to the retail and fashion industry have earned him numerous accolades:

  1. EY Entrepreneur of the Year Award (EOY) - Consumer Products and Retail (2022)[12]
  2. Young Retailer of the Year (Asia Retail Congress, 2012)[13]
  3. Youngest Jewel of Rajasthan (2012)
  4. Retail Leadership Award (Asia Retail Congress, 2013)
  5. Bravery and Entrepreneur Award (Parwaz Media Group, 2015)[14]
  6. Emerging Leader (CMA Management Excellence Awards, 2015)
  7. Entrepreneur of the Year in Trading Business (Entrepreneur Awards, ET Now & Franchise India, 2016)
  8. Recognized by Forbes India in 2017 as one of the "Bootstrapped Bosses"—business leaders who built large businesses without external investors.
  9. Retail Icons of India (Images Group, 2019)

Ravi Modi’s entrepreneurial journey and social contributions underscore his vision of creating value not only in business but also in society.

References

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  1. ^ Balachandran, Manu (Apr 27, 2022). "The Untold Story Of How Ravi Modi Built Vedant Fashions—the Makers Of Manyavar—into A $3.5 Billion Behemoth". Forbes India. Retrieved 2022-12-06.
  2. ^ Naidu, Pavan (3 Jun 2024). "Meet man who started business with just Rs 10000, turned it into Rs 25400 crore company, his net worth is…". DNA India. Retrieved 2024-09-15.
  3. ^ Datta, Aveek (Aug 11, 2017). "Vedant Fashions: Stitching success with ethnic wear". Forbes India.
  4. ^ Malvania, Urvi (7 Nov 2016). "Manyavar appoints Virat Kohli as its brand ambassador". Business Standard. Retrieved 2016-11-07.
  5. ^ "Vedant Fashions which Owns Manyavar Brand Files IPO Papers with Sebi". indianretailer.com. Retrieved 2021-09-13.
  6. ^ "About Manyavar". Manyavar. Retrieved 2016-11-07.
  7. ^ Pathak, Analiza. "Meet man, who turned Rs 10000 borrowed from mother into Rs 32000 crore company". india.com. Retrieved 2024-09-19.
  8. ^ Chettiar, Archana. "Building a 26000 Cr Manyavar Empire With Just Mom's 10K". india.com. Retrieved 2024-01-24.
  9. ^ Malvania, Urvi. "Manyavar appoints Virat Kohli as its brand ambassador". business-standard.com. Retrieved 2016-11-07.
  10. ^ Indian Retailer Bureau. "Vedant Fashions which Owns Manyavar Brand Files IPO Papers with Sebi". Indian Retailer. Retrieved 2021-09-13.
  11. ^ "Ashoka University - Ravi Modi Profile". ashoka.edu.in.
  12. ^ "Category winner: Consumer Products and Retail". ey.com.
  13. ^ "Young Retailer of the Year". asiaretailcongress.com.
  14. ^ "Bravery and Entrepreneur Award". irftrustedmark.org.
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