The innovation behind Manyavar's rise to the top!

Hey there,

This man turned a ₹10,000 loan from his mother into a ₹30,000 Cr fashion empire!

We are talking about Ravi Modi, founder of Vedant Fashion Limited, famously known as Manyavar. As a young boy, Ravi spent time in his father's garment shop. There, he saw an untapped market for ethnic wear.

Despite his father's initial rejections, Ravi's determination didn't waver. He borrowed some money from his mother, sourced ethnic garments, and laid the foundation for what would become Manyavar.

Starting small, and selling to local stores, Ravi's vision turned into a clothing success story. But how did he do it?

1. Survive before you could thrive:

In the beginning, Ravi didn't have the capital to open exclusive stores. So, he started by selling Manyavar's ethnic wear in local multi-brand outlets like Vishal Mega Mart, Kashmir Vastralaya collection, and Kala Mandir in the early days.

This strategy raised the working capital needed in those make-or-break years. Ravi reinvested the revenue from initial sales into more designs and materials, gradually establishing Manyavar in well-known multi-brand outlets.

2. Double down on what matters:

Once Manyavar gained a foothold in multi-brand stores, Ravi decided to open exclusive brand outlets. To avoid high overheads, he smartly transitioned to a franchise model from company-owned stores.

This allowed rapid expansion without stretching resources thin. By converting company-owned stores to franchise-owned, Manyavar grew to 649 outlets across India, including 16 overseas in a total of 245 cities.

3. Something for everyone:

Recognizing the need to cater to various fashion preferences, Ravi expanded Manyavar into a family of brands under Vedant Fashion. This now includes Manyavar, Manthan, and Twamev for men, Mohey for brides, and Mebaz for everyone.

This strategy has broadened Manyavar's audience, accommodating different offerings and budget preferences.

4. Strategic marketing for premium pricing:

Ravi knew selling premium ethnic wear required creating a perception of value. He achieved this through targeted marketing. Manyavar partnered with high-profile weddings and brought on celebrities like Ranveer Singh & Virat Kohli as brand ambassadors.

The brand also sponsored wedding content and advertised during major sports events. This marketing strategy solidified Manyavar's premium image, allowing them to maintain prices without discounts.

Ravi's strategic perseverance transformed Manyavar from a small business into a thriving fashion empire. He tapped into India's love for lavish weddings, creating an ethnic wear brand that reflects the nation - vibrant, proud, and rich in tradition.

Now, as preferences evolve and more people opt for Western styles or celebrate abroad, the question arises: Can Manyavar adapt to meet the changing desires of new generations?

✏️ Jargon of the day

Perception:

Perception is how people think about or understand something. It is the impression that someone forms about something based on how they interpret it.

Perception is everything for startups. They need to convince customers their product is valuable and better than competitors. Startups create perception through branding, marketing, and providing a quality product or service.

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Cheers,
Karthik