- FashionUnited |
Ethnic clothes retailer Manyavar’s women’s range Mohey Celebration wear has made a mark through 11 standalone stores which will now be increased to 30 by the end of the month. In fact, the company is now targetting 100 Mohey stores by the end of the next financial year.
The company is planning to expand overseas too. In the next three months, Manyavar stores will come up in the US and Europe. The US store will be launched in April followed by a launch in the UK in August. The US outlet will have both Manyavar and Mohey clothes. Internationally, the brand is targeting 50 stores by 2018. The international stores will be based on a franchisee model. So far, the brand has franchisee models in Dubai, Sharjah, Bangladesh and Abu Dhabi. Vedant Fashions, which owns Manyavar, has been recording a 40 per cent year-on-year growth through the last five years. The company made a turnover of Rs 550 crore and hopes to make an EBITDA of Rs 160 crore this fiscal.
Ravi Modi, MD, Manyavar, says that branching out into women’s fashion was a strategic move as the women’s wear market is 40 times bigger than men’s wear. He plans to take Mohey to the same level as Manyavar.
Manyavar started out in Kolkata from a 150 square feet shop catering to groom wear. Today, the brand has 415 stores and target to touch 600 by the end of 2018. The company manufactures two million dresses annually. It enjoys 30 per cent share of the market in the men’s celebration wear segment.