Indian ethnic wear industry is one such industry which has taken great strides over past few years. The success that this industry has achieved is absolutely incredible. A decade ago, Men’s Ethnic Wear was a fading segment in fashion. Today, it’s a genre - emerging globally. In a brief conversation with Utpala Ghosh, Ravi Modi, Managing Director, Vedanta Fashion Pvt. Ltd, explains the expanse of its Men’s ethnic wear brand Manyavar
At a time when so many global brands are entering the Indian market and more and more urban population are turning towards western outfits, what is the viability of ethnic wear in India?
- India is one of the most diverse countries in the world and the retail business here is unique compared with other markets across the world. We, despite our different demographics, careers, preferences and lifestyles, still have that ‘Indianness’ in our blood. This ‘Indianness’ will never go, as ethnic clothes are about elegance, class and style. Indian ethnicity is quite unique and in the today’s world not only Indians but people all over the world appreciate this unique ethnicity.
- Manyavar is not just among the most visible men’s wear brands in the country. Rather the brand has defined its identity as an essence of respect and giving value to relationships. It is something that is deeply rooted in the Indian psyche that helps the brand tick with the customers.
- Please tell us about the expanse of Manyavar.
- Manyavar is the front-runner in the segment with a breakthrough product innovation that generates value for its customers. 400+ stores including 35 flagship and 12 international stores, spread across 160 Cities in India, U.S.A, U.A.E, Bangladesh and Nepal in 8 years. We are a family of 250 franchise partners and 1 belief - we rise when our associates prosper. The market share of Manyavar in the ethnic wear category of men is growing by 20-25% annually.
What is your preferred franchise model and why?
- We have two franchise models i.e. unit franchise and multi-unit franchise. In unit franchise, we maintain individuality in concurrence with the uniformity of the brand values. However, we believe that ‘we rise when our associates prosper’ and this belief led to the evolution of the multi-unit franchise model.
- Franchise Fact:
- Investment: Minimum Rs. 40 lacs to Rs. 50 lacs
- Area: 1000 sq ft with 20 ft frontage area
- Breakeven: 2 to 2.5 years
- Number of company owned centres:150+
- Number of franchisees:250+
- Currently present in which cities: 160 cities in India, U.S.A, U.A.E, Bangladesh, Nepal and Saudi Arabia
- Looking to expand in cities: Metropolitan cities to Tier III towns particularly in Maharashtra and Gujarat
- Preferred Location: High streets and malls
- Year of Inception1999
- Year of starting franchise operations 2008