Fat Indian weddings will help men’s festive-wear brand Manyavar sail to an IPO — with Vedant Fashions, the holding company, opening up its bids by the first week of Feb.
Founded in 1999, Manyavar sells its wares at 3,500+ offline locations nationwide, as well as on top online marketplaces like Myntra. Business made ₹900 crores+ in revenues for the year before COVID, after which it took a ~40% hit in sales.
Rising consumption of ethnic wear, a well recognizable brand, and an extremely fragmented market are some positives in the company’s favor. However, getting caught up in the current market turmoil may turn out to be a bit of a party spoiler.