Vedant Fashions’ profits jump with Virat Kohli, Anushka Sharma as brand ambassadors

Vedant Fashions’ profit rose almost 23.4 per cent to Rs 111.30 crore in FY17, as per. Net revenue grew 21 per cent to Rs 610.24 crore as against the year ago period. The retailer posted a profit of more than Rs 100 crore in FY17. Vedant Fashions, which roped in cricketer Virat Kohli and actress Anushka Sharma, was very aggressive with ads, and this has helped it drive up sales. The company has two wholly owned subsidiaries: Mohey Fashions and Manyavar Creations. While Manyavar reported a large profit, Mohey Fashions, launched in 2016, posted a loss of Rs 95,366 in FY17.

Founded by Ravi Modi in 1999, the Manyavar has 450 stores across 170 locations in India, Bangladesh, the UAE, Nepal and the US. It 100 flagship stores and 12 international stores which are a mix of company- and franchisee-owned. The company which is mainly engaged in manufacturing and trading of ready-made garments such as ethnic and party wear for both men and women under the brand Manyavar and Mohey, is in the process of restructuring and expanding globally and will increase business through exports worldwide. The company is also looking at inorganic growth and the board expects to sustain or even outdo the current growth rate in the next fiscal. Analyst feel in-spite of global brands like Zara and H&M entering the country, demand for ethnic wear remain strong. As per Deloitte, the total ethnic wear market in India is around Rs 70,000 crores, 70 per cent of which is dominated by unorganised players.