In the bustling lanes of Kolkata’s AC Market, where dreams often remain confined within small shop windows, one man’s vision would revolutionize India’s ethnic wear landscape. Ravi Modi’s journey from a modest 140-square-foot family store to building Manyavar, a ₹25,000 crore fashion empire, exemplifies the transformative power of unwavering conviction and strategic innovation.
The Genesis of Innovation of Ravi Modi
At just 19, Ravi Modi identified a crucial gap in his father’s apparel store: the absence of traditional Indian wear. His experimental foray with 100 kurta-pyjama sets, selling 80 within a week, wasn’t just a successful sales attempt—it was the birth of a vision that would reshape India’s fashion retail landscape.
Foundations Built on Faith
With his father’s blessing and a mere ₹10,000 seed capital from his mother, Ravi Modi established Manyavar in 2002. His vision transcended the conventional perception of ethnic wear as mere wedding attire, aiming to establish it as mainstream fashion. This bold approach, though initially met with skepticism, would prove prescient.
Resilience Through Adversity
Despite facing mockery from Western brands, Ravi Modi remained steadfast in his belief in traditional wear’s potential. Rather than succumbing to market pressures, he channeled every earned rupee into building a robust supply chain over five years—a decision that would later prove instrumental in the company’s scaling capabilities.
Strategic Expansion
The 2008 launch of Manyavar’s first exclusive brand outlet in Bhubaneswar marked the beginning of an aggressive retail strategy. Ravi Modi’s innovative approach to marketing, particularly the pioneering use of movie theater advertising in 2014, demonstrated his understanding of changing consumer engagement patterns.
Financial Prudence and Growth
By 2016, Manyavar had achieved the remarkable feat of scaling to ₹500 crore in revenue with zero external funding and minimal debt of ₹22 crore. This financial discipline, coupled with strategic growth, caught the attention of the very Western brands that had once dismissed the concept.
Brand Building Excellence
The masterstroke of signing Virat Kohli as brand ambassador elevated Manyavar from a clothing brand to a cultural phenomenon. The brand’s presence across 400 outlets in 173 cities, generating profits of ₹139 crore, validated Ravi Modi’s vision of mainstream ethnic wear.
Market Expansion and Innovation
Recognizing the untapped potential in women’s ethnic wear, which comprised 60% of the market, Ravi Modi launched Mohey in 2016. The signing of Anushka Sharma as brand ambassador, coinciding with her marriage to Virat Kohli, created perfect synergy for the brand’s wedding wear positioning.
Financial Success and Investment
The company’s exceptional 30% profit margins, surpassing established players like Aditya Birla Fashion and Tata Trent, attracted Kedara Capital’s investment at a ₹4,500 crore valuation. This partnership fueled expansion to over 600 domestic stores and international presence.
Market Leadership and Public Listing
Manyavar’s historic public listing in 2022, raising ₹944 crore from 75 anchor investors, marked the first time an Indian ethnic wear company traded on the BSE and NSE. This milestone validated not just the company’s success but the entire category’s potential.
A Legacy of Transformation
Today, Manyavar’s presence across 240 Indian cities and five countries, with a valuation of ₹26,000 crore, stands as a testament to Ravi Modi’s vision and execution. His personal restraint in waiting 15 years before indulging in luxury symbolizes the disciplined approach that built this empire.
Beyond Business Success
Ravi Modi’s achievement extends beyond financial metrics. He transformed Indian ethnic wear from occasional wear to aspirational daily fashion, creating a new retail category and employment opportunities while preserving cultural heritage. His journey from a small store owner to industry pioneer demonstrates that with vision, persistence, and strategic execution, one can not only build a successful business but reshape an entire market segment.
