Incorporated in 2002, in West Bengal, Vedant Fashions Ltd (VFL), with its brand ‘Manyavar’ is a category leader in the branded Indian wedding and celebration wear market with a pan- India presence. The company has established a multi-channel network and introduced brands by identifying gaps in the under-served and high-growth Indian wedding and celebration wear category. VFL is the largest company in India in the men’s Indian wedding and celebration wear segment in terms of revenue, EBITDA and PAT for the FY20. VFL offers a wide spectrum of products for every celebratory occasion. VFL has their dominance in the premium and value segments of the men’s Indian wedding and celebration wear market through their brands, Twamev and Manthan, respectively, and in the women’s Indian wedding and celebration wear market through their brand, Mohey.
Market leader in Indian celebration wear market, benefiting from an increase in consumer spending
Their brands comprise a diverse range of attires and accessories for various members of the wedding entourage, besides the personalization for the bride and the groom. According to CRISIL, their “Manyavar” brand is a category leader in the branded Indian wedding and celebration wear market with a pan-India presence, as of FY20. “Twamev” is their premium brand in men’s Indian wedding and celebration wear, and “Manthan” is their value brand in the same segment. VFL also caters to women’s segment with “Mohey” and they have an upcoming brand, “Mehbaz”. According to CRISIL, the Indian wedding and celebration wear market is relatively less price-sensitive as compared to casual wear. The branded market is expected to grow at 18%-20% between the FY20-25, primarily due to an increase in the availability of branded Indian wedding and celebration wear, as well as several regional brands offering merchandize of consistent quality with attractive and contemporary designs, uniform pricing and enhanced customer experiences. These are positives for VSL as it has a diverse portfolio and a solid brand image.