Manyavar Franchise
Vedant Fashions' men's wedding-wear brand; 501 franchisee-led EBOs across Vedant's brands. Terms not published; est. ₹65 L–2.5 Cr.
Manyavar franchise at a glance (terms checked Sept 2026)
Investment
₹65 L - ₹2.5 Cr*
Estimate — not published by the brand · incl. fit-out, working capital, rent deposit · excl. land
Ongoing take
Not published
Franchise fee
Not published
Payback
Not published
* Not verified — the brand doesn't publish this; the figure comes from other published sources or FranchiseChuno's estimate (see "Reported elsewhere" and "Our estimates" below). Real numbers can differ.
- Legal or regulatory action on record — see Reputation & News
- Disputes with franchisees: None found (records checked Sep 2026)
- Company standing: Active and up to date with the registrar
Outlets
Not published
What we couldn't verify
- • Outlet closures
- • Franchisee satisfaction
- • Profit or loss
- • Revenue trend
Ask before you sign
- Speak to at least 3 franchisees who have run an outlet for 2+ years and see their actual monthly sales and profit — a franchisor making money doesn't mean its franchisees do.
- Get a written, itemised cost breakdown — the brand hasn't published one.
- Ask for the one-time franchise fee in writing, and whether any part is refundable.
Franchise terms checked against Vedant Fashions annual report FY2025-26 — asset-light, franchisee-led EBO model on 27 Sept 2026. Figures marked * aren't published by the brand — they come from other published sources or our own estimate, and aren't verified.
Ways to Partner with Manyavar
2 partner models published by the brand. Figures it doesn't publish are left blank.
Franchisee-leased EBO
- Investment
- ₹65 L – ₹2.5 Cr
- Who it suits
- Franchisee signs the store lease and bears all store costs
Investment is a FranchiseChuno estimate; Vedant publishes none. Stock is bought from Vedant on credit, backed by a security deposit or bank guarantee.
Company-leased EBO
- Investment
- ₹65 L – ₹1.9 Cr
- Who it suits
- Vedant signs the lease and pays the rent; the franchisee bears other store costs, with commercial terms adjusted
Investment is a FranchiseChuno estimate (no rent deposit); Vedant publishes none. Vedant says leases it signs typically run 10–15 years. Other terms not published.
Our Estimates
FranchiseChuno estimateManyavar doesn't publish these, so here is our best read of the market and how we got there. They are our estimates, not the brand's figures — use them to plan, then confirm the real numbers in writing.
All-in cost of a Manyavar/Mohey EBO
₹65 L–2.5 Cr*
Store size: Vedant's domestic EBOs average about 3,300 sq ft (1.67 mn sq ft ÷ 501, Jun 2026); we assume 2,000–5,000 sq ft for a new store. Fit-out: Vedant's management put franchisee capex at about ₹2,100–2,150 per sq ft in tier 2/3 cities and ₹2,500 in tier 1 (earnings call, 27 Jul 2026), so ₹42 L–1.25 Cr (about ₹70–83 L for an average store); whether GST is included wasn't said. Stock: the franchisee buys and owns it (Vedant's FY26 accounts say legal title and risk pass to the franchisee on delivery), but on credit: Vedant's receivables were ₹651 Cr at 31 Mar 2026, about 166 days of its revenue, secured by customer security deposits of ₹148 Cr plus bank guarantees. That deposit works out to roughly ₹30 L per domestic EBO; we use ₹15–40 L. Rent deposit: none if Vedant leases the premises (it paid rent on about a fifth of stores, Crisil 2022); ₹0–60 L if the franchisee leases, depending on city and size (our assumption). Opening working capital for staff, rent and running costs: ₹10–25 L (our assumption). Total: about ₹65 L (2,000 sq ft, tier 3, Vedant-leased) to ₹2.5 Cr (5,000 sq ft, tier 1, franchisee-leased); an average-size (3,300 sq ft) franchisee-leased store comes to roughly ₹1.25–1.7 Cr. Excludes any franchise fee, which Vedant doesn't disclose.
Unit-economics model · Sep 2026
Sales of an average-size EBO
₹25–30 L a month*
Customers bought ₹2,008 Cr of Vedant's brands at retail prices in FY26. Franchisee-owned EBOs made 88% of these sales in H1 FY22; assuming 80–88% now gives ₹1,600–1,770 Cr over about 1.67–1.69 mn sq ft of domestic EBO space, or roughly ₹9,500–10,500 per sq ft a year. For a 3,300 sq ft store that is about ₹25–30 L a month on average, heavily skewed to the wedding seasons. For comparison, Vedant's management said a franchisee needs roughly ₹7,000 (tier 3), ₹8,500 (tier 2) or ₹10,000–10,500 (tier 1) of sales per sq ft a year to earn a good return (Jul 2026).
Adjusted from reports · Sep 2026
Reputation & News
3 red flags to checkWhat the press, courts and real franchisees or customers have said about Manyavar — summarised by us, with every source linked.
⚠ Scam alert
Vedant warns of impostors using its brands
Vedant has issued a public caution that people falsely claiming links to Manyavar, Mohey and Mebaz have sought fees, deposits and 'processing' charges from the public. It says it never authorises such agents and never asks for money in its recruitment process.
Source: Vedant Fashions caution notice (the brand's own site)- Legal / regulatory· Dec 2019
Vedant took a Patna franchisee to arbitration
Vedant, as franchisor under a 2014 franchise agreement, referred disputes with a Patna franchisee to a sole arbitrator it appointed under the agreement; the Calcutta High Court allowed the arbitration to proceed (2017) and extended the time for the award to May 2020. The outcome of the arbitration isn't public.
Source: Calcutta High Court orders (Indian Kanoon) - In the news· Jul 2026
Vedant is closing weaker stores
On its Q1 FY27 call Vedant said it closed stores where the market had shifted, where a bigger store nearby drew customers away, and a smaller number that never did well; it said 3–4% of stores typically close each year. Net domestic EBO space fell 15,100 sq ft in the quarter. In Feb 2026 it said Manyavar's mid-premium segment had been hit by weak middle-class demand, while premium Twamev did better.
Source: Vedant Fashions earnings-call transcripts, 13 Feb and 27 Jul 2026 (the brand's own site) - Legal / regulatory· Jul 2026
Legal Metrology complaint pending against Vedant
Maharashtra's Legal Metrology department seized Vedant goods for alleged breaches of the Legal Metrology Act, 2009 and issued a notice to its directors in June 2019. Vedant's writ petition in the Bombay High Court was withdrawn in Jul 2026 with liberty to raise its points before the magistrate's court in Dadar, Mumbai, where the complaint is pending. Nothing has been decided against Vedant.
Source: Bombay High Court order, WP 4121 of 2019 (Indian Kanoon) - In the news· Jul 2026
Q1 FY27: profit up, store space trimmed
Vedant reported Q1 FY27 PAT growth of 14.7% and revenue growth of 7.2%. Its domestic EBO space shrank by a net 15,100 sq ft in the quarter, to 501 EBOs across 1.67 mn sq ft.
Source: Vedant Fashions investor presentation, Q1 FY27 (the brand's own site)
Show 3 moreShow fewer
- Legal / regulatory· Oct 2016
Vedant wins manyavar.in domain dispute
An arbitrator ordered the manyavar.in domain transferred to Vedant after finding it was registered in bad faith by a cybersquatter. Vedant was also pursuing cases over other look-alike Manyavar domains at the time.
Source: S.S. Rana & Co. - In the news· May 2026
'Made for Each Other' campaign
Manyavar and Mohey ran a joint campaign featuring Rashmika Mandanna and Vijay Deverakonda, and launched 'The Manyavar Shaadi Show' YouTube series during FY26.
Source: Vedant Fashions investor presentation, Q4 FY26 (the brand's own site) - In the news· May 2026
Q4 FY26 profit up 13%
Vedant Fashions reported a Q4 FY26 consolidated profit of ₹114.3 Cr, up 13.2%, on revenue of ₹399.4 Cr, up 8.7%. The board recommended a final dividend of ₹7.75 a share.
Source: CNBC-TV18
Vedant Fashions brands
| Brand | For | Positioning | Since |
|---|---|---|---|
| Manyavar | Men and boys | Mid-premium; sold through EBOs, multi-brand outlets, large-format stores and online; no end-of-season sales | 1999 |
| Mohey | Women | Mid-premium; EBOs and online | 2015 |
| Twamev | Men and women | Premium; EBOs and online | 2019 |
| Mebaz | Men, women and kids | Mid-premium to premium; South India focused, strongest in Andhra Pradesh and Telangana | Acquired 2017 (brand started 2002) |
| Diwas | Men | Value to mid-premium; multi-brand outlets and online | 2024 |
Source: Vedant Fashions investor presentation, Q4 FY26, and annual report FY2025-26
Key Terms at Manyavar
The clauses that shape day-to-day running and your exit — read these before the fee.
- Renewal
- Franchise arrangements are renewable on terms mutually agreed between the franchisee and Vedant; the term isn't published (IPO prospectus, Feb 2022).
- Exit
- Vedant says it may terminate a franchise agreement if the franchisee can't pay for inventory bought from it or is declared insolvent, and may close a company-leased EBO if rising rent makes it unprofitable (IPO prospectus, Feb 2022).
- Supply & stock
- Franchisees buy stock from Vedant and take legal title and risk on delivery; it is replenished automatically from Vedant's central Kolkata warehouse. Vedant gives credit and says its receivables are secured by security deposits and bank guarantees taken from customers (₹148 Cr of deposits at 31 Mar 2026). It provides for goods it expects to be returned (₹114 Cr refund liability at 31 Mar 2026); the return terms aren't published.
- Pricing
- Manyavar sells at uniform prices online and offline, with no discounts or end-of-season sales.
- Other terms
- A 2014 Vedant franchise agreement examined by the Calcutta High Court named Vedant as franchisor and let it appoint the sole arbitrator of its choice.
- Who pays for what
- Franchisees must meet Vedant's store-design requirements for interiors and fittings; Vedant provides technical assistance.
Legal & Contract Summary
Key contract terms at a glance — read before you sign.
Agreement Type
Franchisee-Owned, Franchisee-Operated
Contract Duration
—Renewal Available
—Territory Exclusivity
—Non-Compete Clause
—Exit Clause
—About the Brand
Brand USP
Vedant says, citing a Crisil report on FY20 data, that Manyavar leads branded Indian wedding and celebration wear; it sells at uniform prices with no discount sales.
Why invest in Manyavar?
Manyavar by the Numbers
Source marked on each figure501 in 205 cities and towns
Domestic EBOs (all Vedant brands) · Jun 2026
Company filingAbout 3,300 sq ft (1.67 mn sq ft ÷ 501)
Average domestic EBO size · Jun 2026
Company filing₹2,008 Cr in FY26
Retail sales of Vedant's brands (sales of customers) · FY26
Company filing₹1,435 Cr (profit ₹376 Cr)
Vedant revenue, FY26 · FY26
Company filingFranchisee-led (most EBOs franchisee-owned)
Store ownership model · Mar 2026
Company filingOver 300; 73% with Vedant 3+ years
Franchisees · Sep 2021
Company filing88% (H1 FY22)
Share of customer sales from franchisee-owned EBOs · Sep 2021
Company filing31% (H1 FY22)
Five largest franchisees' share of customer sales · Sep 2021
Company filing+2.7% in FY26; +3.8% in Q1 FY27
Same-store sales growth · Jun 2026
Company filingAbout ₹2,100–2,150 per sq ft in tier 2/3 cities; about ₹2,500 in tier 1
Franchisee fit-out cost (management estimate) · Jul 2026
Brand claimAbout ₹7,000 (tier 3), ₹8,500 (tier 2), ₹10,000–10,500 (tier 1) a year
Sales per sq ft a franchisee needs for a good return (management) · Jul 2026
Brand claimManyavar Outlet Network
By format · Jun 2026
- All stores incl. SIS and international, FY26 year-end669
- Domestic EBOs, all Vedant brands (1.67 mn sq ft, 205 cities and towns)501
- Shop-in-shops, all Vedant brands (65,000 sq ft, 103 cities)136
By country · Jun 2026
International stores (9 cities abroad): 14 outlets · Jun 2026 · vedantfashions.com
Cities with Outlets
Show all 80 citiesHide the city list
Company Financials
Parent / group levelThese figures are for Vedant Fashions Ltd (listed on NSE and BSE), not this brand alone — separate from what a single franchise outlet earns.
Revenue (FY26)
₹1435.48 Cr
Net profit (FY26)
₹375.54 Cr
Employees (Mar 2026)
684
Source: Vedant Fashions Ltd annual report FY2025-26 (all Vedant brands, not Manyavar alone)
Source: Vedant Fashions Ltd annual report FY2025-26 (total workforce)
A profitable franchisor doesn't mean profitable franchisees. These are the company's numbers, not an outlet's. A franchisor can grow on fees and supplies while outlets struggle — talk to existing franchisees and see their accounts before you decide.
Company Health Check
What Manyavar's franchisor company has filed with the registrar and the courts — the checks a lawyer would run before you sign.
- Status with the registrar
- Active
- Annual filings
- Up to date
- Last AGM
- 4 Sep 2025
- Paid-up capital
- ₹24.3 Cr
- Auditor
- S.R. Batliboi & Co. LLP
Group companies
- Ravi Modi Family Trust (through Modi Fiduciary Services Pvt Ltd)promoter · 57.15%
- Ravi Modi HUFpromoter · 16%
Source: Tracxn — Vedant Fashions Ltd MCA filings (compliance status updated 26 Mar 2026) and Vedant annual report FY2025-26 (checked Mar 2026)
Full company recordsFinancials year by year, registered details, leadership and timelineShowHide
Manyavar Financials Over Time
Figures for the parent company, from filed or reported accounts.
Source: Tracxn — Vedant Fashions Ltd (MCA filings) · Vedant Fashions annual report FY26 / investor presentation Q4 FY26
A profitable franchisor doesn't mean profitable franchisees. These are the company's numbers, not an outlet's. A franchisor can grow on fees and supplies while outlets struggle — talk to existing franchisees and see their accounts before you decide.
Company Profile
The legal entity behind the brand, its leadership, and its official channels.
- Registered name
- Vedant Fashions Limited
- Company type
- Public Listed
- CIN
- L51311WB2002PLC094677
- Incorporated
- 24 May 2002
- Headquarters
- Kolkata, West Bengal
Leadership
- RRavi ModiChairman & Managing Director, Vedant Fashions
- SShilpi ModiWhole-time Director, Vedant Fashions
- VVedant ModiChief Revenue Officer, Vedant Fashions
Social presence
Company details source: Tracxn — company filings
Manyavar Timeline
1999
Manyavar starts
Brand began operations through a predecessor entity.
2002
Vedant Fashions incorporated
Incorporated as Vedant Fashions Private Limited in Kolkata.
2008
First exclusive brand outlet
Opened in Bhubaneswar.
2011
First international store
Opened in Dubai.
2015
Mohey launched
Women's celebration-wear label.
2016
₹500 Cr EBO revenue; first US store
Crossed Rs 5,000 mn in EBO revenue.
2017
Mebaz acquired; Kedaara Capital invests
Strategic acquisition of Mebaz and investment by Kedaara Capital.
2019
Twamev launched
Premium label; EBO revenue crossed Rs 10,000 mn and EBO space crossed 1 mn sq ft.
2022
Listed on the stock exchanges
Following an IPO.
2024
Exclusive Mohey flagship store
Introduced a standalone Mohey flagship EBO.
FranchiseChuno Analysis
Our analysis of verified dataHow Manyavar looks once the numbers are checked side by side.
- ✓The franchisor company is profitableIts latest filed accounts show a net profit. That's the franchisor's money, not yours: a profitable franchisor doesn't mean its franchisees make money. Check real outlet numbers before you invest.
- ✓Brand operating for 27 yearsFounded in 1999. The brand doesn't state when franchising began.
- !2 red flags in the news or public discussionSee Reputation & News below, and ask the brand to address each one.
Data completeness
55%
- ✓ Terms checked against the brand's own page
- ○ Published investment (not an estimate)
- ○ Franchise fee
- ○ Royalty
- ○ ROI or payback claim
- ○ Agreement term
- ✓ Training details
- ✓ Outlet cities verified
- ✓ Company financials
- ✓ Legal entity
- ✓ News & public opinion checked
Ask Before You Sign
Questions tailored to what Manyavar does and doesn't publish.
- 1Speak to at least 3 franchisees who have run an outlet for 2+ years and see their actual monthly sales and profit — a franchisor making money doesn't mean its franchisees do.
- 2Get a written, itemised cost breakdown — the brand hasn't published one.
- 3Ask for the one-time franchise fee in writing, and whether any part is refundable.
- 4Ask for the royalty and any marketing-fund fee, and how they're calculated (on sales or profit).
- 5Ask for the agreement term, renewal fee and exit or transfer terms.
- 6Ask whether you get an exclusive territory, and how large it is.
- 7Ask the brand to respond to each red flag listed under Reputation & News.
- 8Have a lawyer review the franchise agreement before paying anything.
- 9Visit 2–3 existing outlets and speak to their owners without the brand present.
Running the outletSpace, staff, launch steps, training, support and who does whatShowHide
Operations Required
What you'll need on the ground to run this franchise day-to-day.
Area Required
—
Staff Needed
—
Setup Time
—
Owner Involvement
—
Best Locations
Not published
Business Type
Not published
Training & Support
What the brand provides to help you launch and run your franchise.
Operations Manual
Step-by-step playbook for running the outlet
Supply Chain Support
Vendor sourcing, inventory & logistics
Technology / POS
Billing, inventory, and management software
Marketing Support
National campaigns with celebrity ambassadors (for example the Manyavar–Mohey 'Made for Each Other' campaign with Rashmika Mandanna and Vijay Deverakonda, and 'The Manyavar Shaadi Show' YouTube series), plus earlier IPL team partnerships (2013 and 2018).
Launch Support
Pre-opening setup and grand-opening assistance
Ongoing Field Support
Regular visits and operational coaching
Who Does What
Per franchisorHow Manyavar splits the work between the brand and you, as the brand describes it.
Manyavar
Handled centrally by the brand
- 1
Site selection and store design
Helps identify locations and gives technical assistance on store design and development.
- 2
Branding, inventory and supply chain
Provides branding and manages inventory and replenishment from its central warehouse in Kolkata.
- 3
Training
Runs training sessions for store staff and franchisee owners.
You (franchisee)
Your local responsibilities
- 1
Store capex and fit-out
Funds the store build and fit-out, meeting Vedant's store-design requirements for interiors and fittings.
- 2
Stock and security deposit
Buys and owns the stock supplied by Vedant, on credit that Vedant secures with security deposits and bank guarantees from franchisees; the deposit amount isn't published.
- 3
Premises
Signs the store lease in one arrangement; in the other, Vedant leases the premises and pays the rent, with commercial terms adjusted.
- 4
Staffing and day-to-day running
Handles store staffing, management and upkeep.
Training Programme
Ongoing Support
What Manyavar franchisees say
We haven't yet heard from enough Manyavar franchisees to show anything. We publish totals once 3 or more people who run an outlet have answered and we've called each one to check.
I run a Manyavar outlet — share how it wentFrequently Asked Questions
What is the total investment for a Manyavar franchise?
What training does Manyavar provide?
How much does it cost to open a Manyavar store?
Who pays the rent on a Manyavar store?
Do Manyavar franchisees buy their stock from Vedant?
Can a Manyavar store run its own discounts?
How long is a Manyavar franchise agreement, and can Vedant end it?
How is Vedant Fashions doing financially?
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