Ravi Modi, Founder and Managing Director (MD) of ethnic clothing brand ‘Manyavar’, emerged as the year’s biggest wealth gainer in the recent IIFL Hurun India Rich List 2022. With a staggering increase of 376 %, Modi’s net worth has increased to ₹32,400 crore, the listing showed. Unsurprisingly, he jumped a huge 205 positions – from 246 to 41 – on the list, which was topped by Gautam Adani.
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Here are some things to know about Ravi Modi:
(1.) According to Forbes, his net worth in real time, as of September 25, was $3.7 billion. On the 2022 Forbes list of billionaires, he was ranked 1,238.
(2.) The Manyavar brand falls under Vedant Fashions, which the 45-year-old opened in 2022 in Kolkata — and named after his only child — to make traditional Indian clothing. Today, Vedant is the Marketing Director of Vedant Fashions.
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(3.) Modi’s wife Shilpi sits on the board of Vedant Fashions. The $85 million company has more than 600 stores in India and 11 international outlets.
(4.) Modi, who took his company public in February, would have liked to live simply and resides in a company on the outskirts of Kolkata, away from the hustle and bustle of the metropolis.
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(5.) With his legacy business doing good, he decided, in 2002, to buy a Mercedes. However, he postponed his plan, put the profits to expansion and got himself a Mercedes in 2017, 15 years later.