Early Life
Ravi Modi was born in 1977 in Kolkata, West Bengal, into a Marwari business family with deep roots in the textile industry. His father ran a 140 sq ft retail store in Kolkata's AC Market. Modi started helping in his father's store at the age of 13, learning the nuances of the retail business. He was a good student and excelled in mathematics. Modi received his B.Com degree from St. Xavier's College, Kolkata.
Rise to Success
Modi founded Vedant Fashions in 1999, naming it after his son. He recognized a gap in the market for ready-made, high-quality ethnic wear and launched Manyavar in 2002. Initially, Modi sold kurtas, and he ensured he was paid in cash. The Manyavar label was officially launched in 2002. By 2005-06, Modi began selling products to large format stores, building a pan-India presence. In 2022, Modi took Vedant Fashions public.
Key Business Strategies
Modi's success is attributed to several key strategies. He focused on building Manyavar as an exclusive brand outlet. The business model is asset-light and franchise-driven. Modi's emphasis on high-quality fabrics, celebrity endorsements (like Virat Kohli and Anushka Sharma), and aggressive expansion solidified Manyavar's market leadership. He also implemented an automated replenishment model and focused on innovation and automation to enhance efficiency.
Philanthropy
Modi has also focused on social initiatives. Under his direction, the Manas Foundation, a social enterprise for cardiac care, has performed over 500 heart surgeries. He leads several initiatives centered on education and healthcare for the underprivileged.
