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Draft:Ravi Modi1

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Ravi Modi
Born1977 (age 46–47)[1]
Kolkata, West Bengal, India
Alma materBachelor in Commerce, St. Xavier's College, Kolkata
Spouse
Shilpi Modi
​
(m. 1987)​
ChildrenVedant Modi (son)
Websitehttps://manyavar.com/

Ravi Modi is an Indian businessman, who is the founder and chairman of franchise-based apparel company Vedant Fashions.[2][3][4]

According to the IIFL Hurun India Rich List 2022, Modi's net worth is ₹32,400 crore with 41 on the list.[5][6]

As per Forbes list of India’s 100 richest tycoons, dated OCTOBER 09, 2024, Ravi Modi is ranked 96th with a net worth of $ 3.45 Billion.[7]

Early life and education

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Modi was born and raised in Kolkata, West Bengal, India. He is the third child alongside three sisters.[8] His father was a businessman and ran a 140-sq-ft retail store inside AC Market in Kolkata in 1975 under the name of one of Modi's sisters, Vandana.[9][10] He was good in Mathematics & resides in a society on the outskirts of Kolkata which is away from the metropolis bustle.[5] He did his bachelor's degree from St. Xavier's College, Kolkata.[11][12]

Career

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In 2001, Modi took ₹10,000 from his mother as a seed capital.[11][13] Next year in 2002, he started Vedant Fashions in Kolkata, to manufacture traditional Indian garments and he named the business after his son Vedant.[14] Modi launched brand Manyavar to cater men with mid-segment price in 2002 in Kolkata[15] and set up first standalone exclusive brand outlet (EBO) store in Bhubaneshwar in 2008 as Manyavar.[16] Modi launched brand Mohey in 2015 to cater women specialise in traditional Indian occasion wear and are priced in the mid-segment of the market.[15] He moved to a franchise model from company-owned and company-operated stores in 2016.[17] Modi made his company Vedant Fashions to a profitable initial public offering (IPO) in 2022 and became one of India's richest person in 2022.[15]

Awards

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  • Winner of the entrepreneur of the year 2022 under the category Consumer Products and Retail.[18]

Personal life

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Ravi Modi married Shilpi Modi in the year 1987. They have a son, Vedant who is the chief marketing officer (CMO) of Vedant Fashions.[17]

References

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  1. ^ "How Ravi Modi built the Manyavar empire". Forbes.com. 6 Dec 2022. Retrieved 19 March 2024.
  2. ^ Gautam, Vanya (2024-02-20). "From Nikhil Kamath To Radha Vembu: 10 Youngest Indians On Forbes Richest List". Indiatimes. Retrieved 2024-09-15.
  3. ^ "Ravi Modi: A Man Behind India's Luxury Ethnic Wear 'Manyavar'". Bru Times News.
  4. ^ Gupta, Paromita (2024-06-29). "Rare Rabbit bags funding from Gruhas, A91 and Ravi Modi's Family Office". Entrepreneur. Retrieved 2024-09-15.
  5. ^ a b "Hurun Rich List 2022: Who is Ravi Modi, whose net worth grew 376%?". Hindustan Times. 2022-09-25. Retrieved 2024-03-19.
  6. ^ Gopalan, Krishna (2022-09-21). "IIFL-Hurun Rich List: 14 new billionaires make the cut; led by Nykaa's Falguni Nayar, Vedant Fashions' Ravi Modi". Business Today. Retrieved 2024-09-15.
  7. ^ "India's 100 Richest".
  8. ^ "Meet Ravi Modi, The Man Who Gave Indian Weddings A Classy Touch With His Brand Manyavar | His Net Worth and More". TimesNow. 2023-07-05. Retrieved 2024-03-19.
  9. ^ "The Untold Story Of How Ravi Modi Built Vedant Fashions—the Makers Of Manyavar—into A $3.5 Billion Behemoth". Forbes India. Retrieved 2024-03-19.
  10. ^ Kumar, Anurag (2023-07-05). "Meet Ravi Modi, The Man Who Gave Indian Weddings A Classy Touch With His Brand Manyavar | His Net Worth and More". Times Now. Retrieved 2024-09-15.
  11. ^ a b "मां से 10 हजार लेकर बना दी 32,000 करोड़ की कंपनी, रवि मोदी ने आखिर कैसे किया यह कमाल!". Navbharat Times (in Hindi). Retrieved 2024-03-19.
  12. ^ "Business Success Story: Ravi Modi, The Man Who Turned Rs.10,000 Borrowed Into Rs.26,000 Crore Legacy". Zee News.
  13. ^ Naidu, Pavan (3 Jun 2024). "Meet man who started business with just Rs 10000, turned it into Rs 25400 crore company, his net worth is..." DNA India. Retrieved 2024-09-15.
  14. ^ "The 45-year old founder of Manyavar is worth over Rs 30,000 crore". CNBCTV18. 2022-11-28. Retrieved 2024-03-19.
  15. ^ a b c IN, FashionNetwork com. "Vedant Fashions Q3 net profit rises 5 percent to Rs 158 crore". FashionNetwork.com. Retrieved 2024-09-15.
  16. ^ Datta, Aveek (11 Aug 2017). "Vedant Fashions: Stitching Success With Ethnic Wear". Forbes India. Retrieved 2024-09-15.
  17. ^ a b Raghunathan, Anu. "This Billionaire Made His Fortune Selling Affordable Fashion For Big Fat Indian Weddings". Forbes. Retrieved 2024-03-19.
  18. ^ "Ravi Modi". www.ey.com. Retrieved 2024-03-19.
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Official website


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