Vedant Fashion has risen 376% this year to Rs 32,400 Crore which has seen its owner Ravi Modi climb 205 ranks to rank 41st on the IIFL Wealth Hurun India Rich List 2022.
Modi owns Manyavar, an ethnic clothing brand. He was the top earner on the list by percentage. He is followed by Falguni Nayar and his family, whose wealth increased by 354%, then Rafique Abdul Malik and his family from Metro Brands, who saw their wealth increase by 240%.
Meanwhile, Mukesh Ambani and Gautam Adani were the biggest winners in terms of absolute wealth.
The Manyavar brand is a leader in the Indian party and bridal wear market with a presence across India. Other Vedant Fashions brands include Manthan, Twamev, Mebav and Mohey. It competes with Trent, Metro Brands, Aditya Birla Fashion Retail and TCNC Clothing Company. The company made its public debut in February.
Modi started Vedant Fashions in 2002 in Kolkata to manufacture traditional Indian clothing. He named the business after his only son. The company has $85 million in sales and has over 600 stores across the country and 11 stores internationally.
Nayar and the family’s flagship company, Nykaa, has also grown by 345% in the past year to report wealth of Rs 38,700 crore, which has boosted its ranking to 33rd place. Nykaa offers personal care, beauty and fashion brands through its app, website and some 80 stores.
Fourteen people entered the top 100 of the IIFL Wealth Hurun India Rich List 2022. Modi and Nayar were among the top 100 as their companies were listed this year and the stocks were unlocked.
IIFL Wealth and Hurun India released the list on Wednesday. It refers to people born and raised or residing in India.