Published
Dec 1, 2017
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Manyavar owner Vedant Fashions profit surges 23 percent to Rs 111 crore

Published
Dec 1, 2017

Vedant Fashions, owner of leading ethnic wear brands like Manyavar, Mohey continued its impressive run in the Indian market with profits surging 23 percent to Rs 111 crore (approx $17.2 million).
 

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The ethnic retailer witnessed a 21 percent rise in net revenue to Rs 610 crore (approx $94.6 million) in the financial year 2017, according to filings with the Registrar of Companies (RoC).
 
Vedant Fashion had posted a net profit of Rs 90 crore (approx $14.5 million) last year, earning the tag of the most profitable apparel brand in India as its profits were higher than Zara, Westside and Shoppers Stop.

After capturing a dominant share of the ethnic menswear market in India with Manyavar, Vedant Fashions is eager to tap the womenswear segment and currently investing heavily to build its in-house brand, Mohey.
 
Vedanta Fashions recently signed Anushka Sharma as the brand ambassador for Mohey to promote Manyavar, Mohey together alongside her beau & Indian cricket team captain Virat Kohli. It is also in talks to acquire Hyderabad-based rival ethnic wear brand Mebaz in order to strengthen its position in the lucrative women’s wear market in India.
 
The company is eyeing expansion into more international markets for growth in the coming year after establishing a strong presence in countries like Bangladesh, Nepal & UAE.
 
Founded by Ravi Modi in 1999, the Manyavar brand has 450 stores spread across 170 locations in India and 12 international stores. 

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