Manyavar's Ravi Modi top gainer in Hurun list as wealth rises 376%

Vedant Fashion grew 376 percent this year to Rs 32,400 crore, resulting in its owner Ravi Modi moving up 205 ranks to be at the 41st position in the IIFL Wealth Hurun India Rich List 2022.

Modi is the owner of Manyavar, an ethnic wear brand. He was the top gainer in the list percentage-wise. He is followed by Falguni Nayar and family, whose wealth increased 354 percent and then Metro Brands' Rafique Abdul Malik and family, who saw an increase in wealth by 240 percent.

Meanwhile, Mukesh Ambani and Gautam Adani were the biggest gainers in terms of absolute wealth.

The Manyavar brand is a leader in the branded Indian celebration and wedding wear market with a presence across India. Vedant Fashions' other 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 debut at the stock market exchanges in February.

Modi started Vedant Fashions in 2002 in Kolkata to manufacture Indian traditional garments. He named the business after his only son. The company has a revenue of USD 85 million and has over 600 stores across the country and 11 stores at international locations.

Nayar and family's flagship company Nykaa also expanded 345 percent in the last year to report Rs 38,700 crore wealth, resulting her rank moving up to the 33rd spot. Nykaa offers personal care, beauty and fashion brands via its app, website and 80-odd stores.

Fourteen persons entered the IIFL Wealth Hurun India Rich List 2022's top 100. Modi and Nayar were among the top 100 as their companies were listed this year and values were unlocked.

IIFL Wealth and Hurun India released the list on Wednesday. It refers to individuals born and bred or residing in India.