Manyavar's Ravi Modi's wealth rises 376%, biggest gainer this year in Hurun rich list
1 min read . Updated: 21 Sep 2022, 03:29 PM IST
Premium- Ravi Modi of Vedant Fashions gained the most in percentage terms this year
With an increase of 376%, Ravi Modi of Vedant Fashions, the owner of ethnic wear brand Manyavar, is the biggest gainer this year in percentage terms, followed by Falguni Nayar & family (345%) and Rafique Abdul Malik & family (240%) of Metro Brands, a multi-brand footwear retail chain, as per IIFL Wealth Hurun India Rich List 2022.
Ravi Modi of Vedant Fashions was the biggest gainer this year. A category leader in the branded Indian wedding and celebration wear market with a pan-India presence, Vedant Fashions, gained the most in percentage terms, as it grew 376% to ₹32,400 crore and he moved up 205 ranks to claim the 41st position in the list. Meanwhile, Gautam Adani and Mukesh Ambani are the biggest gainers in terms of absolute wealth.
Vedant Fashions' 'Manyavar' brand is a category leader in the branded Indian wedding and celebration wear market with a pan-India presence. The company's other brands include Twamev, Manthan, Mohey, and Mebaz and it competes with Aditya Birla Fashion Retail, Trent, Metro Brands and TCNS Clothing Company. The stock made its market debut on the stock exchanges in February this year.
Ravi Modi started Vedant Fashions, named after his only son, in Kolkata city in 2002 to manufacture traditional Indian garments. The $85 million (revenue) company has more than 600 stores across India and 11 international stores.
Falguni Nayar & family’s flagship company, Nykaa also grew by 345% in the last year to report a wealth of ₹38,700 crore and her rank moved up by 169 to the 33rd. Nykaa offers beauty, personal care and fashion brands through its website, app and 80-odd brick-and-mortar stores.
Fourteen individuals entered the Top 100 of IIFL Wealth Hurun India Rich List 2022. Falguni Nayar and Ravi Modi entered the Top 100, as their companies were listed and values were unlocked.
Hurun India and IIFL Wealth today released the IIFL Wealth Hurun India Rich List 2022. This list refers to individuals residing or born and bred in India. Thisis the 11th annual ranking of the richest individuals in India. Wealth calculations are a snapshot as of 30th August 2022. India has 221 billionaires, down 16 compared to last year.
