In 1999, Ravi Modi started Manyavar with just 10,000 rupees
For 17 years, it faced tough competition from the unorganized sector
But then Modi played a masterstroke in 2016 & profits grew by 23.5% — all thanks to Virat & Anushka
Here's how the couple changed Manyavar's fate:
For 17 years, it faced tough competition from the unorganized sector
But then Modi played a masterstroke in 2016 & profits grew by 23.5% — all thanks to Virat & Anushka
Here's how the couple changed Manyavar's fate:
When Indians think of Ethnic & Traditional wear for men, the first brand that strikes the chord is ‘Manyavar’
— Am I right or am I right?
But it wasn’t the same until back in 2016.
— Am I right or am I right?
But it wasn’t the same until back in 2016.
Indian wear was such an unorganized market.
Ravi Modi — the brains behind Manyavar captured this market, organized and scaled it.
His initial investment of Rs.10,000 came from his mother & that’s when he started the journey of Manyavar.
Ravi Modi — the brains behind Manyavar captured this market, organized and scaled it.
His initial investment of Rs.10,000 came from his mother & that’s when he started the journey of Manyavar.
Ravi started by manufacturing Indian wear and sold finished products to the MBOs — Multi-Brand Outlets.
But, he wasn’t feeling it.
You see, throughout his childhood, he helped his father in their retail store that sold garments inside an AC Market in Kolkata.
But, he wasn’t feeling it.
You see, throughout his childhood, he helped his father in their retail store that sold garments inside an AC Market in Kolkata.
With great convincing power, he converted customers easily.
While doing so, he connected with them on the ground level and understood their needs.
But with the MBO’s denying data of customer preferences and feedback, the gap between him and the customers widened.
While doing so, he connected with them on the ground level and understood their needs.
But with the MBO’s denying data of customer preferences and feedback, the gap between him and the customers widened.
Modi did not want to be ordinary or get lost in the crowd.
So, he saw this as an opportunity and changed the whole business model.
In 2008, he set up Manyavar’s first exclusive brand outlet (EBO) in Bhuvneshwar.
So, he saw this as an opportunity and changed the whole business model.
In 2008, he set up Manyavar’s first exclusive brand outlet (EBO) in Bhuvneshwar.
But when the markets were filled with so many options to shop from, why would someone shop from Manyavar?
— Standardization
In simple words, your shopping experience remains the same irrespective of the location.
— Standardization
In simple words, your shopping experience remains the same irrespective of the location.
When a customer gets a good experience in one outlet, they tend to suggest it to their friends and family,
who in turn, will get the same experience in the outlet closer to them.
Word of mouth works better when there is standardization!
who in turn, will get the same experience in the outlet closer to them.
Word of mouth works better when there is standardization!
Following its success, the company has now opened over 600 brand outlets across different cities in India and 11 international stores.
Initially, it started as a COCO (company-owned-company-operated) model,
then shifted to COFO (company-owned-franchise-operated) model.
Initially, it started as a COCO (company-owned-company-operated) model,
then shifted to COFO (company-owned-franchise-operated) model.
Back in 2016, the company converted all its stores to FOFO (franchise-owned-franchise-operated) model.
The advantage?
👉🏼 This model had a cost-cutting approach.
All the company had to do was marketing, designing, and supply chain, and nothing else.
The advantage?
👉🏼 This model had a cost-cutting approach.
All the company had to do was marketing, designing, and supply chain, and nothing else.
It didn’t need to spend a dime on setting up its own stores.
👉🏼 The company is now able to collect real-time data on customer choices/preferences.
Using this data it is able to plan the manufacturing process based on supply and demand.
👉🏼 The company is now able to collect real-time data on customer choices/preferences.
Using this data it is able to plan the manufacturing process based on supply and demand.
Ever heard of a discount at Manyavar?
Well, me neither — because their team analyses the data so precisely that it is never left with surplus stock at any of its stores to ever go through an ‘End of season sale’!
Well, me neither — because their team analyses the data so precisely that it is never left with surplus stock at any of its stores to ever go through an ‘End of season sale’!
Manyavar hit a jackpot when they roped in Virat Kohli as their brand ambassador in 2016.
It reported:
— a revenue of Rs 610.24 crore in the financial year 2016-17, a growth of 21% over the revenue of Rs 504.27 crore reported in the previous year, and
It reported:
— a revenue of Rs 610.24 crore in the financial year 2016-17, a growth of 21% over the revenue of Rs 504.27 crore reported in the previous year, and
— the profit grew 23.5% to Rs 111.3 crore, as against a profit of Rs 90.1 crore in the previous year.
But how did Kohli have such an impact on the brand?
Because when it comes to cricket, Virat Kohli is an emotion — the G.O.A.T 🐐
But how did Kohli have such an impact on the brand?
Because when it comes to cricket, Virat Kohli is an emotion — the G.O.A.T 🐐
When people see their idols endorsing a particular brand, they automatically connect with it on an emotional level.
This helped the company to grab the young audiences that aspire to be like their idols.
Manyavar’s success was at its peak and then came the masterstroke by Modi.
This helped the company to grab the young audiences that aspire to be like their idols.
Manyavar’s success was at its peak and then came the masterstroke by Modi.
He launched ‘Mohey’— ethnic wear for women the same year and pulled in Anushka Sharma for the brand advertisements.
This was a big brain time because love birds Virat-Anushka were to tie the knot late in the year.
They targeted women who normally influence the wedding apparel.
This was a big brain time because love birds Virat-Anushka were to tie the knot late in the year.
They targeted women who normally influence the wedding apparel.
Be it mothers, sisters or fiancee — these women are the authority figures when it comes to taking important wedding decisions.
But even after all this, Manyavar saw a major problem.
Men at weddings still preferred clothing like suits and blazers that fit western standards.
But even after all this, Manyavar saw a major problem.
Men at weddings still preferred clothing like suits and blazers that fit western standards.
They tried to make Indian wear favorable among these men but failed.
And when you can't get work done in legitimate ways, you are obliged to consider crooked ways.
So, they launched a witty campaign ft. Ranveer Singh, where it taunted people wearing western attire to weddings.
And when you can't get work done in legitimate ways, you are obliged to consider crooked ways.
So, they launched a witty campaign ft. Ranveer Singh, where it taunted people wearing western attire to weddings.
This psychologically tamed people's perception towards clothing at marriages — making it more of a social obligation to wear good Indian ethnic clothes.
And more than anything else, humans hate being an outcast.
This wasn’t the first time Modi lured people with ads.
And more than anything else, humans hate being an outcast.
This wasn’t the first time Modi lured people with ads.
Earlier, it highlighted social issues like Kanya-Daan ft. Alia Bhatt for Mohey,
and dowry ft. Virat Kohli for Manyavar.
The advertisements were melting and easily found a place in people’s hearts.
and dowry ft. Virat Kohli for Manyavar.
The advertisements were melting and easily found a place in people’s hearts.
Besides being helped a little by the “Indic Renaissance” we’re experiencing in the country right now, Manyavar crafted its own path to the top spot
— all this growth without any venture capital or significant borrowings.
— all this growth without any venture capital or significant borrowings.
Manyavar is completely bootstrapped, and is light on debt.
Earlier this year, they released an IPO having a debt of only Rs. 22 crores on its books.
Earlier this year, they released an IPO having a debt of only Rs. 22 crores on its books.
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