Being born in a middle-class family and working under the guidance of father, Rahul Modi had constant friction with his father about their clothing business. Due to that, Rahul Modi started his own store with just 10,000 rupees. The initial days were tough, and his ideas were unique and brilliant to the clothing audience. He identified a gap as most of the people used western clothing rather than traditional clothing, and had unorganized markets with low visibility. The demand for traditional wear is extremely high as India is always celebrating, from weddings to festivals, birthdays to comfort.
Firstly, he started his business from a small store without any loans or investors. As days passed, his business started growing with profits. He has 9 years sales experience in his father's store, from their he branded and named his own store as Manyavar, which basically says about respect.
The strategies of Manyavar from ordinary clothing stores to a 30,000 crore empire.
Identification of the gap in the Indian market was their first initiative. That idea has shifted the entire business model.
Manyavar has independently researched customer behavior and collected data which they don't share with anyone. They obtained a franchise model, where operation charges, investment, employees are all handled by franchise owners. They would supply equipment and commissions only. They hired famous Bollywood celebrities, IPL and cricketer Virat Kohli as their brand ambassador and created advertisements for festivals with ethnic wear. They even opened Mohey, a new brand which is for the women's segment. They launched categories for rich, middle class, poor with different names and strategies.
The profit they gained was reinvested in the business for expansion rather than taking loans and debt. Most of the material, they outsourced from 450 vendors and they only worked on supply to franchise owners. Many business owners think and plan, but to expand their business one has to have strong data-based strategies with proper numbers. Ravi Modi, without any degree or financial support, with determination, he established a business worth crores. Today it has 600 stores, 12 international outlets, and yearly they sell 40 lakh pieces of outfits. That's the strength they possess in the Indian market.
