Manyavar built India’s wedding-wear market. Now it’s losing ground

₹1,800 billion in FY20 to ₹2,400 billion in FY25. Within this, branded ethnic wear grew faster, at an 18–20% CAGR, lifting the organized segment’s share from about 11% to nearly 19% between FY19 and FY22.Even so, the unorganized segment still accounts for roughly 70-75% of the market, leaving significant room for organized players to expand while intensifying competition.Manyavar commanded roughly 38% share of India’s branded men’s ethnic wear market as of FY22, the latest available data, underscoring its dominance within the organized segment.

But over the past two years, newer organized players have begun competing more aggressively at similar price points, fragmenting demand.Company management, however, attributes much of the recent weakness to softer consumer sentiment rather than competitive pressure.“We did not see any major shift in consumer sentiment, especially in the middle-class segment. Manyavar is catering to the middle class,” said Rahul Murarka, chief financial officer of Vedant Fashions Ltd, during a recent post-analyst call.He added that while premiumization continues, it has largely bypassed this cohort.

“Value and premium are still doing very well. But the middle class is a segment that is getting impacted, where Manyavar is getting affected.”Murarka said the slowdown reflects muted discretionary spending more than rivalry.

“The major reason for the business performance over the last one year or so is consumer sentiment rather than competition,” he said.Vedant Fashions operates five brands: flagship men’s weddingwear label Manyavar; women’s brand Mohey; South India–focused ethnic wear chain Mebaz; premium label Twamev; and value-focused women’s brand Manthan. The company does not disclose revenue