Ravi Modi

Net Worth

$1.735B

-0.46% (24h)

Ravi Modi is an Indian billionaire businessman, best known as the founder of Vedant Fashions, the parent company of the renowned ethnic wear brand Manyavar. His estimated net worth as of July 25th, 2024 is $2.8 billion. Modi's career began with a 140-sq-ft store in Kolkata, where he learned the nuances of the business. His strategic approach, including launching Manyavar, has revolutionized the Indian wedding and festive wear market, making it the industry leader. He has also established multiple brands such as Mohey, Manthan, Mebaz, and Twamev. Modi's journey is an inspiration to aspiring entrepreneurs, showcasing how strategic planning can turn challenges into successes.

The Full Dossier

Early Life and Education

Ravi Modi was born in Kolkata, West Bengal, India, in 1977. He is the third child in a family with three sisters. His father, a businessman, ran a small retail store. Ravi completed his Bachelor of Commerce degree from St. Xavier's College, Kolkata.

Rise to Success

Modi's entrepreneurial journey began in 1999 when he founded Vedant Fashions. He started with a small loan from his mother. In 2002, he launched the Manyavar brand, focusing on men's ethnic wear. Modi recognized the gap in the market for high-quality, ready-made ethnic wear. Manyavar quickly became a popular choice, especially for weddings. By 2008, the company opened its first exclusive brand outlet (EBO). In 2022, Vedant Fashions had a successful IPO.

Key Business Strategies

Modi's strategy included an asset-light business model, focusing on EBOs. He used celebrity endorsements to boost brand awareness. The company expanded to over 600 stores in India and 11 international locations. Modi also diversified, launching brands such as Mohey to cater to women's ethnic wear.

Philanthropy

Ravi Modi supports various initiatives, including education and healthcare. He established the Ravi Modi Foundation and supports the Manas Foundation, a social enterprise for cardiac care, which has performed over 500 heart surgeries.

Career Timeline

2022

Vedant Fashions IPO

Took Vedant Fashions public, which was oversubscribed by nearly 15 times.

2008

First Exclusive Brand Outlet

Opened the first exclusive Manyavar brand outlet (EBO).

2002

Launched Manyavar

Launched the Manyavar brand, focusing on men's ethnic wear.

1999

Founded Vedant Fashions

Established Vedant Fashions, the parent company of Manyavar.

Philanthropic Impact

HealthcareUndisclosed

Manas Foundation

Supports cardiac care, having performed over 500 heart surgeries

VariousUndisclosed

Ravi Modi Foundation

Supports education, healthcare, and environmental conservation.