The Indian wedding industry is just insane. One out of four weddings on earth happen in India. That means India has 25% of the world’s weddings. That’s how big the Indian wedding industry is? Indians are crazy about weddings. They spend 20% of their life’s income on Indian weddings. 20% of all loans taken in India are for the wedding and 80% of Indians take a loan to meet wedding expenses. Just have a look at this chart - Out of India's 140 crore population, 34% comes within marriage age and from those 283 million are actively planning to get married.
India is estimated to have about 40 crore weddings in the next 15 years, A Number bigger than the total population of USA.
Yet no brand has been able to consolidate it’s position in this industry except Manyavar: a flagship brand of Vedant Fashions. It has emerged as the frontrunner in India's ethnic wear segment. Founded by entrepreneur Ravi Modi in 1999, Manyavar has established a dominant presence across 250 cities in India, boasting an impressive network of 640 stores in over 6 countries. In FY23, the company reported a substantial net profit of Rs. 429 crore. Over the past 5 years, it’s net profit has grown at a CAGR of 23.9%.
That is pretty impressiv but why no other brand has been able to achieve what Manyavar has.
In India, most of the apparel brands cater to westernized clothing, as the Indian ethnic wear
market remains highly fragmented and difficult to penetrate. It is a seasonal
business that creates inventory management issue; it has a highly fragmented
vendor ecosystem; its demanding customers want to explore a wide product range;
and it is a business with high cost of retailing. Because of these challenges, currently,
there is no large wedding and occasion wear apparel player with a pan-India
Presence except Manyavar. Nearly 75-80% of the market is unbranded and
unorganized.
Then you must be wondering how did manyavar become so successful ??
11 окт 2023
