Ravi Modi started Vedant Fashions in 1999 with the Manyavar brand, selling pajamas, saris, sherwanis(long-sleeved outer coats), kurtas, lehengas (ankle-length skirt), and salwar sets (trouser-and-tunic combination).
Vedant Fashions designs clothes but outsources bulk of the manufacturing. It currently has 590 outlets in 228 Indian towns and 13 in North America and the UAE.
Manyavar is its flagship men’s line, while Mohey is its 2015 women’s collection. Both are mid-premium or affordable aspirational.
According to Forbes, Modi listed 15% of the company on the Indian stock exchanges in February—the basis of his $3.75 billion fortune that adds him to the ranks of India’s richest this year for the first time.
Modi grew up with three sisters in Kolkata. His father was a first-generation entrepreneur who opened a clothes company in 1975. Kolkata’s AC Market is one of the city’s earliest air-conditioned markets, including clothing, jewelry, and electronics retailers.
The 45-year-old billionaire lives in a big bungalow on the outskirts of Kolkata where he grows his own fruits and vegetables. With 30 years of retail expertise, he provides a fresh perspective on money and career. “Earning wealth without earning time is meaningless,” he told Forbes.
Moreover, according to Forbes, he spends a quarter of his time on business, asset management, and philanthropy, and the rest on health, relationships, and learning. His daily activities include meditation, yoga, and studying strategies of retailers such as LVMH, Nike, and Uniqlo.