Samir Modi, overseeing chief (MD) at Modi Ventures, a Rs 10,000 crore combination, established by his granddad Rai Bahadur Gujarmal Modi in 1933, converses with TOI about the effect of the Coronavirus pandemic on his three organizations, Modicare, 24Seven General stores, and Colorbar Makeup.
Data has shown that during the pandemic, magnificence and individual consideration industry has seen a significant effect. What do you think?
I began three organizations. First is the 24SEVEN retail location network that is open 24 hours, second is Colorbar Beauty care products and the third is Modicare which is my immediate selling organization. I’ll discuss every one of them with the goal that you have some unique situation.
24SEVEN has improved for the current year in the pandemic than the past one (pandemic) even though 66% of our outlets were closed either because of the area or not permitted according to govt rules.
Colorbar Beautifiers was affected in the main period of lockdown, and we lost around half of our business. When the business recuperated somewhat, the recently forced lockdown in February and Walk hit us once more.
Presently going to my third business, Modicare. It’s one of my quickest developing organizations and it wasn’t affected at all as we were stronger during the Coronavirus time frame than prior. Individuals are joining this business since they have a sense of safety.
Coronavirus has made countless individuals unreliable on account of occupation misfortunes, pay cuts, and the general circumstance has quite recently been troublesome. The subsequent stage has been a lot harder for everybody.
Modicare has been developing at a CAGR of 60%. Our turnover for 2020-21 was Rs 1723 Crore. Along these lines, during the Coronavirus time frame, we have enlisted a development of 40% over the earlier year.
What do you feel is responsible for the success of a convenience store?
The main piece is the product, the assortment in stock. Also, it’s food, and the third is air and administration.
For instance, we have an idea called Kirana ++. We are giving all that a Kirana store gives. Then, at that point, we have prepared to eat food, which is new. We convey it two times every day from our elite grocery store, and the third thing, which the Kiranas don’t have, is administrations and significantly more imported merchandise.
Along these lines, I think the corner shop chain idea in itself is as yet developing. It’s been a test throughout the long term yet it’s staying put. The edges are extremely dainty.
What about distribution? Do you plan to stick to direct sell or there will be a little brick or mortar store and online?
All things considered, no, as it removes the pay of the expert, who has gone along with us. In this way, we certainly don’t have any desire to bring it on the web or in retail. The actual business is becoming quicker than I can deal with.
We have around 200-300 thousand (2-3 Lakh) individuals joining each month. We’re 50 lakhs individuals right now. Along these lines, business is developing quickly and my fundamental concern is securing the pay of the average person.
However, you’re correct. The wellbeing classification wasn’t there completely however in the course of the last 10-12 years, the organization has truly invested in a great deal of energy in getting healthy. health has countless contenders.
You have retail and direct selling contenders. Along these lines, you have both in the health classification. They value esteem items and they’re costly items. In this way, there’s an even equilibrium that you need to keep up with.