Vedant Fashions: Marketing Pride

Vedant Fashions, the iconic brand behind Manyavar, has carved a niche in India's ethnic wear landscape since its incorporation on May 24, 2002. Specialising in wedding and celebration attire for men, women, and children, the company has elevated traditional Indian fashion into a statement of elegance, offering aspirational designs that blend cultural richness with modern styles. The flagship Manyavar brand has become synonymous with Indian wedding wear, reflecting the celebratory spirit of the nation. Through its comprehensive ecosystem of brands—including Mohey, Twamev, Manthan, and Mebaz—VFL caters to diverse tastes and preferences, each brand offering a distinct value proposition.

The journey of Manyavar began as a vision in 1999 when Ravi Modi ventured into his family business, reimagining men's ethnic wear. By 2008, the company blossomed into a thriving retail operation, evolving from 90 employees to over 5,000 today. Under VFL, Manyavar has transformed men’s ethnic wear into a distinguished signature. The brand expanded its repertoire to include a wide range of garments and accessories, becoming a one-stop shop for wedding celebrations. Today, Manyavar is synonymous with elegance and festivity, encompassing everything from sherwanis and bandhgalas to trendy kurta-jacket sets and matching accessories.

Manyavar’s retail footprint is equally impressive, with over 600 stores spread across 240 cities in India and 15 stores in five countries, including the UAE, Canada, the USA, and the UK. With each international store, the brand extends Indian culture and ethos globally, establishing itself as a trusted name in wedding and celebration wear. The strong global presence reflects the brand's vision, led by Ravi Modi’s strategic foresight and Shilpi Modi’s creative spark, together fostering a world-class organisation with a distinctly Indian soul.

A significant part of Manyavar’s growth story is its successful association with Bollywood celebrities. The brand has collaborated with well-known stars like Anushka Sharma, Kartik Aaryan, Ranveer Singh, Amitabh Bachchan, Alia Bhatt, and Kiara Advani, enhancing its appeal among young and aspiring consumers.

Financial Performance

Vedant Fashions’ robust business risk profile is anchored by its commanding presence in the ethnic wear market, boasting over 660 exclusive brand outlets (EBOs) nationwide and 16 international EBOs spanning 13 cities, covering an impressive 17 lakh sq. ft. This extensive reach enabled the company to generate a remarkable Rs 1,365 crore turnover in fiscal 2024, despite a slight dip in wedding dates that year. Demand for kurtas and sherwanis remained resilient, even during the pandemic. With strategic expansions in new brands like Twamev, Mohey, and Manthan, alongside powerful ad campaigns, revenue growth is poised to flourish.

The company’s asset-light franchise model, paired with an efficient automated supply chain, has secured robust operating margins of 45-48 per cent over three years. Its financial profile shines, with a strong net worth of Rs 1,430.6 crore, minimal reliance on external debt, and a solid interest coverage ratio of 15 times in fiscal 2024, underscoring Vedant Fashions’ financial resilience and operational excellence. Vedant Fashions added around 62,000 sq. ft of retail space, including 27 new stores, demonstrating its commitment to growth and reach.

According to experts, VFL can face challenges as it must innovate to match shifting consumer tastes, manage economic impacts on lifestyle spending, and expand beyond its predominantly menswear-focused revenue base. However, undoubtedly the journey of VFL encapsulates a blend of Indian tradition and modern-day retailing, consistently driven by the aspiration to dress every celebration with unparalleled grace and grandeur.