Curated By: Business Desk
Last Updated: November 13, 2023, 17:03 IST
Ravi Modi started his enterprise with just Rs 10,000 borrowed from his mom
Ravi Modi’s Vedanta Fashions Ltd now operates over 650 shops in 248 cities throughout India and 16 retailers overseas.
Ravi Modi, the founding father of Vedanta Fashions, is ranked sixty fourth amongst India’s wealthiest, as per Forbes. He started his journey round 21 years in the past, working for 9 years in his father’s small clothes retailer earlier than beginning his personal enterprise. Today, his firm Vedanta Fashions has a market capitalisation of over Rs 32,000 crore.
The firm’s fashionable brand ‘Manyavar’ has turn out to be one of the crucial trusted names within the ethnic put on and marriage ceremony fashion phase in India.
Notably, Ravi Modi didn’t begin his enterprise with big capital. After falling out with his father, he started his enterprise with just Rs 10,000 borrowed from his mom. Through exhausting work and perseverance, Modi has amassed a internet worth of over Rs 28,000 crore. According to Forbes, Ravi Modi’s internet worth is $3.4 billion, making him the sixty fourth richest man in India.
What units him aside is that Modi expanded his enterprise with out taking loans. The billionaire steadily constructed his enterprise by reinvesting earnings. Vedanta Fashions Ltd now operates over 650 shops in 248 cities throughout India and 16 retailers overseas.
At the age of 13, Ravi Modi began working in his father’s store after college. He continued serving to his father even after finishing his commerce diploma from Kolkata’s St. Xavier College. Following a disagreement with his father, he began his personal enterprise with ten thousand rupees borrowed from his mom and named his firm after his solely son Vedant.
Known for his or her high quality and design, the garments gained reputation, and Modi offered them underneath the brand identify ‘Manyavar’. He expanded his enterprise to giant shops like mega-marts and Pantaloons, opening the primary Vedant Fashions retailer in Bhubaneswar, Odisha.
In 2016, Vedanta Fashions appointed Virat Kohli as its brand ambassador. Subsequently, actress Anushka Sharma grew to become the brand ambassador for the ladies’s line ‘Mohey.’ Later, they launched the ‘Twam Eva’ and ‘Manthan’ manufacturers, that includes Ranveer Singh and Alia Bhatt as brand ambassadors. Moreover, in 2022, the corporate went public.
The Vedant Fashions inventory has gained 47.84% since its inception in February 2022. However, prior to now six months it solely managed to realize solely 6.38%, which is method decrease than its efficiency prior to now 12 months. Furthermore, the 12 months-to-date returns are adverse because the inventory misplaced 1.51% in 2023.
