Ravi Modi, the lifestyle tycoon who is the man behind the popular ethnic wear brand ‘Manyavar’, emerged as the top Indian wealth gainer of the year in the recently released IIFL Wealth Hurun India Rich List 2022.
Modi, who is the Founder and MD of Vedant Fashions, the owner of Manyavar, saw his wealth increase by a mind-boggling 376 percent this year. He was far ahead of most, apart from Nykaa founder and India’s richest self-made woman Falguni Nayar, who came near with a wealth increase of 345%.
Modi’s Manyawar is an industry leader in ethnic wear fashion and bridalwear shopping. Modi’s net worth has soared to Rs 32,400 crore as per the Rich List. As per Forbes, his real time net worth is $3.7 billion.
The extraordinary gain has catapulted Ravi Modi 205 ranks, up from 246 to 41. Apart from Manyawar, Modi’s Vedant Fashions also includes other brands like Mohey, Manthan, Mebaz, Twamev. The company went public with an IPO in February 2022.
How Ravi Modi built his business empire
Ravi Modi was born to a father who owned a clothes retail store and grew up earning his experience from the age of 13. He grew up working as a salesman in his father’s store and then heading the business. Identifying a gap in the industry, he decided to get his own ethnic wear manufactured from UP, as per a Forbes article.
In 2002, he opened Vedant Fashions, named after his son who is the Chief Marketing Officer of the company today. From selling his finished products for cash early on, Vedant Fashions now runs over 600 stores across the country and 11 internationally.
Modi is reported to live simply and resides in a society in the outskirts of Kolkata away from the metropolis bustle. His wife Shipli is also a board member at Vedant fashions.
In an interesting anecdote from Ravi Modi’s life, he wanted to buy a Mercedes car in 2002 with his legacy business doing good, but realised the potential through a conversation and decided to postpone the plan for 15 years. Instead, he put the profits into expansion. He finally bought a Mercedes in 2017.
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