The Inspirational Journey of the Manyavar Founder Redefining Traditional Wear: Ravi Modi
In the tapestry of success stories, Ravi Modi's journey stands out as a testament to unwavering resolve, entrepreneurial spirit, and a remarkable ability to transform challenges into stepping stones.
Who is Ravi Modi?
Ravi Modi is the owner of one of the leading ethnic wear lifestyle companies in the country. Vedant Fashions, the corporation that owns well-known labels including "Manyavar," "Mohey," "Manthan," "Mebaz," and "Twamev," was created by Modi. His trajectory is a source of inspiration for aspiring entrepreneurs and dreamers like him. He is also one of the youngest and newest billionaires in India.
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His Early Life and Entrepreneurial Journey
He was born in 1977 in a Marvadi family. He was a child math prodigy who won many awards and scholarships for his skill. He embarked on his entrepreneurial odyssey at the age of 13 with his clothing business. His initiation into the world of business traces back to his father's modest 140 sq ft store in Calcutta.
After school, Ravi used to diligently visit the store and learn the nuances of consumer behaviour. He says his real MBA in retailing was done at his father’s shop. But sometimes things are made differently - One day his father told him something that hurt him, so he decided not to go store. His father's words, though initially hurtful, spurred him to seek new horizons.
His initiation into the family retail store in Kolkata served as the guiding light where his entrepreneurial instincts were forged and got experience that helped him. At 22, With just ₹10,000 money that he had borrowed from his mother, he started his career with Vedant Fashions, naming it after his only son. He decided to focus on Indian wear as a category. In the initial year, he visited all of India where he understood that there is no particular brand that deals with Indian wear.
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With a great deal of growth potential, he entered the disjointed and disorganised Indian wedding and celebration apparel sector. At that time, he thought of the idea of a wedding brand. The foundation of Manyavar was established when he began producing Indian wedding clothing and entered markets in multiple Indian states. The business reach of Modi was greatly enlarged by his strategic choices, which included creating outlets under exclusive brands and selling to large format stores.
Although he faced the challenge of capital, and he set his sights on the less-explored states of UP, Bihar, MP, and Odisha, believing that success in these regions would pave the way for a smoother journey and his belief also came true. His belief in making Indian wear a global phenomenon fuelled his determination.
A pivotal moment in Modi's journey occurred in the early 2000s when success tempted him towards the allure of luxury things. He wanted to buy a Mercedes because at that time he used to think if you have money then have whatever you want. However, a conversation with his father turned out to be a compass guiding him away from fleeting indulgence. His father told him about his business and told him that he would require capital for business. He said to him, 'Thode din ke taklif zindagi bharka aaram, ya thode din ka aaram, zindagi bharki taklif" (Pain for a few days, and you can have a lifetime of relaxation, or relax for a few days, and you could have pain for the rest of your life)'."
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The sage advice to reinvest profits into the business instead of succumbing to material desires showcased Modi's commitment to long-term success over immediate gratification.
Modi's steadfast commitment to his vision resulted in sacrifices, such as delaying personal luxuries, which laid the foundation for Vedant Fashions' astounding success. His asset-light business model and strategic decisions, like expanding through exclusive brand outlets and large format stores, propelled Manyavar into the mainstream.
Beyond the boardroom, Modi’s life reflects a philosophy of simplicity. He lives in the serene outskirts of Kolkata, Modi embraces a life close to nature. He loves nature and greenery, cultivates vegetables for his eating, plays tennis on his personal court, and prefers the verandah to the hustle of the office. His rejection of Western attire is symbolic of a leader attuned to Indian values and climate.
Today Modi is one the richest men in the country, his debut on the 2022 Forbes World’s Billionaires List, securing the 1,238th position with a net worth of $2.5 billion. By April 2023, his wealth soared to $3 billion and it's still going on. He was also a part of the Forbes list of 100 richest people in India in 2023.
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Ravi Modi's legacy extends beyond financial success; it resonates with the principles of resilience, strategic planning, and an unwavering commitment to one's vision. Vedant Fashions, with its more than 600 stores in India and 11 international locations, exemplifies the power of transformative leadership.
Beyond being a rich person, he also helps people in need. Under Ravi's direction, the Manas Foundation, a social enterprise for cardiac care, is steadily expanding and has successfully performed over 500 heart surgeries.
It becomes clear as we follow the complex thread of Ravi Modi's life story that success is more than just earning money—it is also about making a lasting impact on sectors of the economy, motivating future generations, and exemplifying the spirit of true entrepreneurship. Ravi Modi's narrative offers hope by demonstrating that ambitions may come true if one has the will, the willingness to make sacrifices, and a calculated approach.
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Thus, following his father's wise counsel, Modi established Vedant Fashions —named for his only son—instead of driving a Mercedes. After spotting a gap in the market, he decided to go into production and had his ethnic clothing manufactured in Uttar Pradesh. Modi established Vedant Fashions as the industry leader and "Manyawar" as a popular wedding brand.
Sources
https://www.ashoka.edu.in/profile/ravi-modi/
https://youtu.be/H3I1WhKv7Yo?si=gEvLzSgFE9FoO4lU
https://yourstory.com/2023/11/ravi-modi-manyavar-vedant-fashion-journey
https://digitalvillage.in/the-inspiring-story-of-ravi-modi-and-manyavaar/
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