Our 2020 vision is 600 exclusive stores: Ravi Modi
In a tete a tete with Joyshree Saha, Modi reveals the brands reputation across the world with a commanding retail presence of 400+ stores, including 60 flagship and 12 international stores across 160 cities. Edited Excerpts:BY Joyshree Saha | January 06, 2017 | comments ( 0 ) |
In 1999, Ravi Modi, Founder, Manyavar created a family business that re-invented men’s ethnic wear category. The brand became synonymous with wedding wear and later to festivals.
What is unique about franchise strategy that is making your model a hit in the market?
The business model of Manyavar is routed through the franchisee model. Trust and values are the two key points that are embedded in the strong business relations. The major challenges of a business with regards to the resources usually raise three questions namely -- What, How and When. This can be explained through robust strategies established with the partners. The franchisees complete the Manyavar Parivaar as they are treated as our extended family; thus the sense of belongingness has shown its dedication in maintaining our mission and vision.
What are your criteria for selecting investor?
People should have experience in the field of retail; minimum carpet area should be 1,000 sq ft and willing to invest Rs 40-50 lakh as an initial investment.
What training and support you will be offering to your investor?
We cover various avenues ranging from software and system like ERP, process driven technology based communications tools to employee training in soft skills imparting our values.
How do you envisage your growth prospects in India?
The retail business here is unique as compared with other markets across the globe. Despite difference in demographics, careers, preferences and lifestyles, we still have same ‘Indianness’ in our blood. The Indian ethnicity is unique and in the today’s world not just Indians but rest of the world appreciates this.
What is the preferred franchise model for your brand’s expansion?
We follow two franchise models – single-unit franchise and multi-unit franchise. In single unit franchise, we maintain individuality in concurrence with the uniformity of the brand values. We believe ‘we rise when our associates prosper’ and this belief led to the evolution of the multi-unit franchise model.
What is your expansion plans?
Our 2020 vision is 600 exclusive stores with 1 million sq ft of retail space, including 100 flagship stores and 50 global stores spread across 300 cities worldwide.
24 Nov 2015, Hotel Pullman, Aerocity, New Delhi.
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