Ravi Modi – Founder and CEO of Manyavar
Ravi Modi is an Indian businessman who is the founder and CEO of Manyavar, a popular men’s ethnic wear brand in India. He is also the MD and founder of Vedant Fashions.
|St Xavier’s College Calcutta
|Franchise India Hall of Fame
Ravi Modi was born and raised in Kolkata. He was raised in a middle-class family and developed an early interest in business and entrepreneurship. Modi completed his education in commerce before starting his career in the garment industry. After completing his MBA, Modi worked for several companies in the textile and apparel industry, including Bombay Dyeing, Grasim Industries, and Raymonds. During his time at these companies, Modi gained valuable experience in various aspects of the industry, including production, marketing, and distribution. Modi’s early life and experiences in the textile and apparel industries played a significant role in shaping his entrepreneurial journey and the success of his businesses.
Modi founded his first business, a company called Vedant Fashions, which initially focused on exporting women’s clothing. However, Modi soon realized that there was a need for affordable and fashionable men’s ethnic wear in the Indian market.
He started his business with just one store in Delhi named Manyavar with the aim of creating a brand that offered high-quality and affordable ethnic wear for men. The brand initially focused on wedding wear and soon became a popular choice for grooms and groomsmen in India.
Manyavar has expanded its product line to include casual wear, fusion wear, and accessories over the years, and it now has over 200 stores across India. Manyavar is a leading ethnic wear brand in India, known for its high quality and intricate designs.
Modi’s success with Manyavar has earned him numerous awards and recognitions, including being named Entrepreneur of the Year at the Economic Times Awards for Corporate Excellence in 2018. Manyavar has also been recognized as one of the most trusted and admired brands in India, winning awards from organizations like the Retailers Association of India and the Indian Council of Market Research.
- Manyavar launched the “Dil Se” initiative, which aims to support various social causes, including education, healthcare, and women’s empowerment. The initiative has provided financial aid to several non-profit organizations and supported programs for underprivileged children.
- In 2019, Ravi Modi established the Ravi Modi Foundation, which is focused on supporting education, healthcare, and environmental conservation.
- Manyavar launched the “Wedding Wishes” initiative, which aims to fulfill the wedding dreams of underprivileged couples.
- Manyavar has contributed to several disaster relief efforts in India, including providing aid to those affected by floods, earthquakes, and other natural disasters.
Ravi Modi’s Path to Success
Ravi Modi is a self-made man who has achieved a lot in life. He is an inspiration to many young entrepreneurs. Ravi Modi’s path to success began with his early exposure to the textile and apparel industry, which eventually led him to identify a gap in the Indian market for affordable and fashionable men’s ethnic wear. He has worked hard to build Manyavar into one of the leading ethnic wear brands in India.
Modi continued to expand his business empire other than Vedant Fashions and Manyavar by launching other fashion retail brands, including Mohey, Mebaz, and Me+. He also diversified into other areas, such as real estate and hospitality, by launching the MBD Group. Modi’s success with Manyavar and other businesses has earned him numerous awards and recognitions.
As of February 2023, Ravi Modi has an estimated net worth of $3.1 billion.
Interesting Facts about Ravi Modi
- Ravi Modi opened the first international Manyavar store in Dubai in 2011.
- Ravi Media-shy Modi did not attend his company’s listing ceremony at the National Stock Exchange.
- Ravi Modi is good at mathematics.
- Manyavar has been the official sponsor of the Indian Premier League (IPL) for several seasons and has also been the clothing partner for the Kolkata Knight Riders team.
- Modi is a fitness enthusiast and regularly works out to maintain his health and fitness.
Achievements and Awards
- Ravi Modi won the Ernst & Young Entrepreneur of the Year Award in 2018 in the category of consumer products and retail.
- Ravi Modi has been recognised at the Economic Times Awards for Corporate Excellence several times.
- In 2018, Manyavar won the award for “Best Brand” in the Men’s Ethnic Wear category.
- Ravi Modi was named “Entrepreneur of the Year” in 2018.
- In 2018, Modi made it to Forbes India’s Rich List with a net worth of $1.3 billion, ranking him among the top 100 wealthiest people in India.
- Ravi Modi was inducted into the Franchise India Hall of Fame in 2018 in recognition of his contributions to the Indian franchise industry.
- Manyavar has won the Retailer of the Year award several times, including in 2019, when it was named Retailer of the Year (Men’s Wear) at the India Fashion Forum.
- The Ministry of Skill Development and Entrepreneurship presented Ravi Modi with the National Entrepreneurship Award in 2019.