1. In the streets of Kolkata’s AC Market, Ravi Modi’s father used to run a 140 sq ft store. While the shop sold T-shirts and Trousers, it did not have traditional Indian wear. 19-year-old Ravi Modi wanted to do something about it. 🤔
2. Ravi sourced 100 kurta-pyjama sets and sold 80 within a week. The father gave his permission to let Ravi start a company, and the mother gave Rs 10,000 in seed capital. In 2002, Manyavar was born. 🚀
3. The idea was simple ⏩ Bring Indian Ethnic Wear to mainstream apparel and not only for weddings. So, Ravi started by selling everything from Kurta – pyjamas to sherwanis. The brand picked off well. However, Ravi was ashamed.
4. Every Western brand mocked him for the kind of clothes he sold. However, Ravi knew the power of Traditional wear. He reinvested every penny to build a solid supply chain in the next five years.
5. In 2008, Manyavar launched its first exclusive brand outlet in Bhubaneswar.He also pushed the pedal on marketing. In 2014, Manyavar became one of the first brands to advertise during intervals in movie theatres. 🙌
6. Manyavar grew to a revenue of 500 CR by 2016. Till now, It had raised 0 Rs in funding and had just 22 CR as debt on its books. The Western brands had finally woken up to the noise an Indian counterpart was making. In the same year, Vedant pulled another masterstroke.👇
7. He signed the then-Indian cricket captain, Virat Kohli, as the brand ambassador, and his ads started appearing from Eid to Diwali. Soon, Manyavar became mainstream, and was in 400 outlets in 173 cities, with a profit of 139 CR. 📉
8. While growing, Ravi realised he had nothing for women, who were 60% of the market. In 2016, he launched Mohey – A collection of Women’s ethnic lehengas by the House of Manyavar. And guess who became Mohey’s ambassador?
Anushka Sharma, who was to marry Virat Kohli in December next year. ✅
9. The duo started appearing in marriage ads together, and Manyavar became the go-to wedding dress brand. It touched revenues of 1000 CR. At an unbelievable 30% profit, it beat big brands like Aditya Birla Fashion and Tata Trent. At a 30% market share, PE firm Kedara Capital acquired a 10% stake in them at a valuation of 4500 CR.
10. With funding, Manyavar grew rampantly to over 600 stores in India and 11 stores globally. It grew to a revenue of 6000 CR. By 2022, Ravi raised 944 CR from 75 anchor investors to take the company public. It was the first time an Indian company in the Ethnic wear category traded on the BSE and NSE. 💪
➡️Today, Manyavar is present in over 240 cities in India and five countries globally. It closed last year on a valuation of 26,000 CR.
Ravi wanted to drive a Mercedes in 2002 but waited over 15 years. Except, now he drives a Mercedes and the entire Indian ethnic dress category.