The wedding and celebration wear brand upgraded itself to ‘established’ category of brands with its aggressive franchise model and expansion strategies
Aggressive franchise focus and expansion has enabled Manyavar to score impressively in the recent Franchise 100 list for 2020 published by The Franchising World magazine. The wedding and celebration wear brand was upgraded to ‘established’ category of brands from ‘emerging’ category of brands in the previous list as it scored impressively across 45 parameters of the annual survey.
Manyavar’s decades old journey began in 1999 by Ravi Modi when he decided to revamp the men’s ethnic wear industry in India. A pioneer in the category, Manyavar was the sole brand exclusively targeting the industry at the time. “Being the catalyst that grew this category, Manyavar has become synonymous with wedding wear and developed the celebration and festive wear category as well,” shares Ravi Modi, Managing Director, Manyavar. Over time, Manyavar also launched proprietary brands Mohey in 2015 as celebration wear for women and Mebaz in 2017 as a one-stop ethnic wear destination for men, women and children.
“The consumer outlook towards ethnic wear has changed and evolved considerably over time,” Modi says. “They are now open to adopting and experimenting with cuts, colors and hues. Being market leaders we have consciously made efforts to command a bigger share in the contemporary man’s wardrobe by urging people to increase occasions of usage,” he adds.
Manyavar grew its franchise stores by over 15% from 364 franchise outlets in 2017 to over 420 in 2019-end. The company has plans to increase its outlet base to 250 flagship stores, 1000 exclusive brand outlets (EBOs) and 50 international stores by 2025.
Manyavar places significant importance on their vast franchise network, with franchisees comprising a majority of their retail presence. A Manyavar store requires an initial investment of Rs 35 lakhs with space of 1,500-2,000 sq. feet. In a high consumer traffic area, a Manyavar franchise can expect breakeven within 12-18 months. The brand is aggressively opening one store per month on an average. The company is also penetrating into Tier II and III cities where the demand for ethnic wear is growing with large and recurring profits for franchisees.
The Franchising World, India’s no.1 franchising magazine, identifies the Top-100 franchise brands and celebrates their achievements every year in its anniversary issue. The issue highlights the established and emerging Indian and global brands that are increasing their positioning in India along with the new-age brands that are lucrative and profitable, expanding fast and can act as a reference guide for budding entrepreneurs and investors across India.
Franchise 100 is the one-stop destination to know everything about the franchise industry and the leading brands, which investors and prospective franchisees can consider to start their entrepreneurship journey.