![]() ![]() Other brands in this category are 1/7th of Manyavar’s size Manyavar’s brand value is strong enough for the company to not offer any discounts/end-of-season sales offers. For kids, they sell kurta set & jacket sets. Products for men include Kurta, Indo-western, Sherwani, Jacket and accessories. It is focused towards Men and Boys and is distributed across EBOs, MBOs, LFS (Large-format stores) and e-Commerce. Manyavar is the oldest brand, launched in 1999. The company has 5 brands - Manyavar, Mohey, Twamev, Manthan and Mebaz with clear placements and propositions for each. They want to promote Indian culture and its time-honored values in India & overseas. The company’s vision is to instill pride in wearing Indian wear and its mission is to be a dominant player in Indian Wedding & Celebration wear space across gender & age. Being founder led with the entire family running operations closely, gives a lot of skin-in-the-game. It has all the makings of a potential long-term compounder, going just by the numbers - extremely large market size of 1.8 lakh crore, highly fragmented unbranded market, phenomenal market share, industry leading gross margins at 67%, very high operating margins nearing 50% that trickles down to the bottom-line thanks to asset-light nature to make stunning profit margins of 30%, RoCE of 47% even in Covid hit FY22 - so all the characteristics of a big fish in the ocean that can grow for sometime. Vedant Fashions is one of the very interesting consumer retail plays that have got listed recently.
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