Manyavar share price is gaining uptrend day by day, 812 to 1300 it has a good journey of vedant fahio Ltd.
Manyavar or vedant fashions Ltd owner is ravi modi.
The ravi modi says, if you cant affort it ! Buy it.Ravi Modi.
who’s dressed in a blue kurta pyjama at his house in Newtown, Kolkata. His then-four-year-old business, Vedant Fashions, which made popular ethnic wear, Manyavar, was doing reasonably well and money was flowing smoothly.
However, as he firmed up his plans to buy a Mercedes, his father, who had earlier inadvertently brought out the entrepreneur in Modi, asked his son a few questions. And then doled out some sound advice.
He asked me whether I can afford it. I said I can,” the soft-spoken Marwari tells Forbes India. “He asked me if my business was sustainable. I said yes. He said you will require capital. I said yes. He asked me if my business has the potential to grow. And I said yes.” Modi adds: “Then he told me, ‘Thode din ke taklif zindagi bharka aaram, ya thode din ka aaram, zindagi bharki taklif (Pain for a few days, and you can have a lifetime of relaxation, or relax for a few days, and you could have pain for the rest of your life)’.”
manyavar share price IPO
Shares of Kolkata-based Vedant Fashions, which owns ethnic wear brand Manyavar, debuted with decent gains on the National Stock Exchange (NSE) and BSE at 8.08% premium over the issue price of ₹866 apiece despite a weak market momentum.
Profit of ₹70 per share is much more than the early grey market premium of ₹40 the company had commanded.
Post-listing, the market capitalisation of the company stood at ₹22,716 crore, according to BSE data.
The shares of Manyavar IPO were trading at ₹951.75, higher by 9.89% at 10.28 a.m., on February 16.
The ethnic wear company sells its products through five brands — Manyavar, Mohey, Mebaz, Manthan and Twamev. The company’s flagship brand ‘Manyavar’ is one of the famous brands known for wedding collections.
The IPO was open between February 4 and February 8.and was oversubscribed by just 2.57 times by investors.
“Vedant Fashion is debuting the secondary market on a positive note despite poor subscription figures. The company has strong brand value with good fundamentals however valuation is a major concern, therefore, investors should approach it from the long-term perspective where any dip of 15-20% from current levels will be a good buying opportunity. Those who applied for listing gain should maintain a stop loss of ₹890,” said Santosh Meena, head of research, at Swastika Investmart.
However, most analysts were not very bullish on the IPO as they were not very confident about the company maintaining its profit levels in the coming years because of high margin and inflation pressure.
Analysts believe it is difficult to “maintain (margins) given the competition from the local retailers, online retailers and non-branded products and building inflationary pressure. Furthermore, business is highly concentrated on wedding and festival wear and thereby vulnerable to variations in demand,” said a report Choice Broking firm.
Is manyavar share price IPO Profitable.
Ethnic wear brand Manyavar owned by Vedant Fashion has become the most profitable apparel brand in India posting a net profit of Rs 90 crore. Manyavar posted a net profit higher than Zara, which until last year was the most profitable apparel brand in the country, according to a report in the Economic Times.
During year ended March 2016, Vedant Fashions posted a 22 per cent rise in sales at Rs 504 crore with net profit of Rs 90 crore, according to data sourced from Tofler, a company research platform.
In comparison, Inditex Trent that runs Zara stores had sales of Rs 842 crore and net profit of Rs 80 crore. In fact, Vedant Fashion’s profit is higher than department store chain Shoppers Stop and Tata run Westside.
The company attributes it to a host of factors, from cost efficiency to its strict pricing policy.
“We never discount our merchandise as we plan our inventory better to avoid any stock pile up,” said Manyavar’s founder Ravi Modi.
The retailer has then been more aggressive, adding nearly two stores every week on average for the past three years, and now has more than 400 stores. Also, Manyavar either donates or destroys unsold stock, adding pressure on the company to keep designs relevant and sell products aggressively.
In comparison, most apparel brands have been offering steep discounts to move unsold merchandise, resulting in the erosion of retailers’ margins and more than a fifth of sales taking place during end-of-season sales.
Indian wear, initially largely restricted to the older age segment, now finds acceptance among younger consumers, added Modi who now sell fusion clothing — a mix of modern and traditional wear — instead of just ethnic, which are reserved for special occasions.
The brand has also brought in India cricket captain Virat Kohli as brand ambassador to appeal to a younger consumer base.
Manyavar began its journey as a thought in 1999 when Ravi Modi ventured into a family business which revamped men’s ethnic wear. What followed was a full swing retail operation thriving from 2008 and since then the company has grown from a niche 90 employees to a blissful 1000+ employees at the backend and 3000+ associated with the brand at the front end.
Under the umbrella of Vedant Fashions Limited (formerly known as Vedant Fashions Pvt. Ltd.), Manyavar transformed men’s ethnic fashion wear into a signature statement. Soon the brand opened up a much wider variety of men’s garments and accessories which rendered it as a one stop shop for celebration wear. During the course of its evolution, the label became synonymous with wedding wear; a one-stop-store, draping the world with joy and finest Indian elegance. Thus, Manyavar completed celebration.
Manyavar’s timeless celebration collection includes exquisite Sherwanis, fine Indo-Westerns, Royal Bandhgalas, classic Kurta-Jackets and matching accessories for life’s special moments. Not leaving behind the juniors, Manyavar started with their Kid’s Ethnic and Fusion wear line which was a delight to the little ones.
Paving the path for a happier family, the brand introduced Mohey, celebration wear for women, in 2016 and acquired one of the biggest fashion brands in southern India, Mebaz, in 2017, a one stop destination for Men, Women and Children.
Timeless and iconic attires have cemented its reputation across the world with a commanding retail presence of 600+ stores in over 200 cities and in 3 countries with 11 international stores in U.A.E & U.S.A.
Transcending boundaries, Manyavar has emerged as one of the best places to work at with state of the art infrastructures, friendly workforce, numerous employee benefits and smiling faces.
The Manyavar movement has been a reflection of Ravi Modi’s grit, global vision and nurturing spirit teamed with Shilpi Modi’s creative spark. Their foresightedness driven together by a massive production and operation force has shaped a world class organization with Bharatiya ethos and swabhiman.
Manyavar’s growth as a brand is also heavily attributed to its extensive focus on marketing and advertising that boasts of the highest advertising budget in the industry. While it started out as a Wedding wear brand, over time there has been a paradigm shift from wedding to celebrations on the whole and the new campaigns’ focus on branding the label as Celebration wear.
A winning streak in establishing the brand further was the on-boarding of leading names in Bollywood- Kartik Aaryan, Ranveer Singh, Amitabh Bachchan and Alia Bhatt.
Leading the campaigns #Groomsquad and #TaiyaarHokarAiye, heartthrob of the nation-Kartik Aaryan won the audiences’ hearts at one go! His youthful charm and his penchant for style are in complete synergy with Manyavar’s brand persona.
At Manyavar, we are always in pursuit of excellence, and aim to set higher standards. So, it’s only fitting to welcome Ranveer Singh to Manyavar, the one man who has been setting new standards of excellence with every step he takes. We shot a slew of commercials with him- #DiwaliWaliFeeling and #TaiyaarHokarAiye which are a huge success.
Extending the legacy further, we on-boarded the living legend Amitabh Bachchan. He is an epitome of Indian culture and tradition, something which is at our core. Adding to the #DiwaliWaliFeeling, he is an ideal man to represent the whole idea and feeling.
Alia Bhatt’s association with Mohey is a big step forward for the brand. In the recent past, Alia has been revered for her remarkable performances and this belief in being her truest self has furthered the alliance. As a brand, Mohey too believes in embracing and celebrating every unique identity and Alia was the perfect match for our brand ethos.
With all of them on board, together we hope to have a joyful journey in style.
Behind the scenes at Vedant Fashions Limited works a team of young and energetic sales professionals and employees who are an integral part of brand building and have been adding value to the organization. All efforts enumerated are to make an impactful difference in their lives and in the lives of all stakeholders of the brand driving towards one visionEarn Your Respect.
Is Manyavar Indian brand?
Men’s ethnic Indian fashion brand, Manyavar, was established in 1999 by Vedant Fashions with the aim of keeping traditional fashion sensibilities in vogue at a time when western wear takes up most of people’s closet space. Known for offering exclusive ethnic-inspired clothing at affordable prices, the brand caters to confident, charming and stylish men who proudly flaunt their ‘desi avatar’ on weddings, parties and other special occasions.
Manyavar has, over the years, created a cult following among male clientele, building a substantial customer base across India.
In a freewheeling chat with IMAGES Retail Bureau, Ravi Modi, MD, Vedant Fashions Pvt. Ltd., talks about the evolution of the traditional menswear market, the growth of his brand, marketing and promotional strategies employed, technology and innovations introduced and finally, the road ahead.
Excerpts from the interview…
Take us through the journey of Manyavar, highlighting the milestones.
Manyavar, which started its journey in 1999, is the pioneer in revamping ethnic wear for men in India. We are the catalyst and the only brand in the celebration market. Today, Manyavar is not only a market leader; it also symbolises the Indian ethnicwear category.
We opened our first international exclusive brand outlet (EBO) in Dubai and since then, there has been no looking back. At present, we have international presence in markets like UAE and USA.
What was the reason behind betting on a category that was largely dominated by unorganised players?
When we launched the brand, we felt that there was a huge void in the men’s ethnic wear segment in India. No brand considered ethnic wear as ‘fashion’ or even a category to start with. It was over-looked by all the big existing players in the market. Whereas men’s western wear was already big and due to the amount of sheer visibility it had, customers too were more excited to buy a suit than an ethnic outfit.
We saw this as an opportunity to build an ethnic wear brand in India and slowly and gradually, we moved from being a wedding wear brand to celebration wear brand.
Our idea was to bring Indian wear back to mainstream apparel wear, changing the perception of restricting Indian wear only to weddings. We have had proud moments when we created entirely new categories in ethnic wear like fusion wear.
Throw some light on the product portfolio of the brand. What is the USP of the brand that helps it stand apart from the competitors?
Manyavar caters to the confident man who proudly wears his Indian roots at weddings, parties and other special occasions. Our timeless celebration collection includes exquisite Sherwanis, Indo-Westerns, Royal Bandhgalas, Classic Kurta-Jackets, and fashion kurtas. We have introduced an array of cuts, prints, colors, and patterns that are generally not seen in a groom’s trousseau options. A dedicated team of in-house designers closely work together in crafting these innovative and trendy collections.
Off-beat colors like pastels, which were never seen in a groom’s palette, have acquired a large space in men’s ethnic wear range. Asymmetrical cuts and hemlines are trending, making the whole range of men’s wear all the more exciting and innovative.
Some of the country’s finest fashion designers and artisans have been brought together to create the products at Manyavar. Each of the products is a signature product; it is a manifestation of in-depth research, creativity and design, workmanship, technology and benchmarking.
We have also introduced a premium wear brand called ‘Twamev’, which caters to the upmarket customer looking for an honestly priced substitute for designer wear in India.
Our plan is to transcend cultural and ethnic sensibilities to establish Indian wear as a widely accepted and preferred clothing not only in India but at the global level. We understand that this calls for fresh ideas, innovative products, and even new sections, and as the category widens, it will certainly help in the development of our brand further.
What steps are you taking to be an Omnichannel brand?
We have a very successful online business with a well-established website that continues to serve our customers pan India and overseas. We’ve recently launched ‘Cash on Delivery’ option for an easier payment method for our online customers and continue to expand digital services in stores.
We are one of the few retailers who have set-up systems that mirror Omnichannel functionalities before most retailers caught on to the buzzword. We view this as an essential service that must be offered if brands want to remain relevant. We price our products well and therefore we never offer discounts. We continue to believe that discounting leads to a poor Omnichannel experience as pricing parity becomes impossible to maintain with multiple channel dynamics.
Soon, we will be launching home delivery in our travel retail stores.
What are the innovations that you have introduced at stores to enhance customer experience?
We have a dedicated team of customer support executives, which provides 24/7 assistance. Consumers can contact them via online channels, help desk or toll-free phone numbers. Hence, if a customer requests for a product which is out of stock in a particular store due to size or colour unavailability, we have a robust online management system which tracks the required piece in the nearest stores and an inter-store transfer is carried out immediately with 4-hours.
Share with us the marketing and promotional strategies of the brand.
As far as brand recognition is concerned, Manyavar is among the most visible menswear brands in the Indian market. It is the largest spender in the segment across 360-degree media including a mix of ATL and BTL communication. The brand also leverages on its social media platforms for marketing purpose.
Besides marketing, the brand also focuses on CSR initiatives for brand building. Beyond corporate deliverance, Manyavar makes an active commitment to human respect.
A winning streak in establishing the brand further was taking on-board leading names of Bollywood – Kartik Aaryan, Ranveer Singh, Amitabh Bachchan and Alia Bhatt.