Samir Modi is fondly referred to as ‘Mr Mom’ for all the expert advice that he doles out on make-up and skin care and can speak on the subject endlessly. In business circles, he is the rebel who chooses to be whimsical about his business choices. And, to the insiders, he is a determined man who believes in the principle of Meraki and is capable of springing magic out of the ordinary.
In the last 14 years that he turned entrepreneur after an innings in the family business enterprise run by his father, KK Modi, the well known industrialist he has carved an image of a maverick for himself!
The only difference being that there is method to his madness.
Someone with great leadership qualities and ability lead from the front, he employs a team of highly charged, a dedicated and creative set of minds. As he puts it: “I hate limitations and refuse to be caged. Creativity fuels me and I thrive in charged environs. I believe it is all about thinking different. Meraki is what defines my business strategy. This principle is distilled into my philosophy of SAMIRNESS.”
As the Managing Director of Modi Enterprises, he drives the growth of each of the enterprises under him – Modi Care, Colorbar, and 24×7 chain of retail stores – making sure each holds its own place in its respective sector.
With a unique approach towards business and brand building, he is known to be driven by passion and instinct, the two key factors that define someone who does not believe in towing the conventional line.
Add to it a sharp business acumen backed with solid research, a focus on benchmarking of world class quality, regionalization and localization in tune with consumer behavior and aspirations and extremely competitive pricing, Modi has hence been able to create brand(s) that are known for providing exceptional value to the consumers.
The closest venture to his heart is his beauty and make up brand. The Rs 350 crore giant, Colorbar, is the fastest growing cosmetic brand in the country. With 80 company owned stores and more than 1,000 plus multi-brand outlets across the country, Colorbar today is the third largest player in the Indian beauty cosmetics market which is valued at estimated US $2,597 million and is the second largest consumer market in the world.
Introduced to fill in the huge gap in home-grown brands, Colorbar was created with an aim to compete with the large well established giants and strongly entrenched itself in the ‘Masstige’ segment of the industry.
Over the years, with the high set of quality standards that he refused to compromise with, the brand offers the quality equivalent to those offered by the top of the line world makeup brands, such as global leaders Mac and Bobbi Brown.
Each of the Colorbar products are created and developed in the best facilities and R&D centers in the world. Colorbar has access to get the same superior formulations from global vendors but he is a strong disrupting force who provides the high end products at highly accessible price points. A strong element is that Colorbar is cruelty free. The brand future expansion plans include focus on global markets.
An alumnus of the Harvard Business School, USA, a graduate from Hindu College, Delhi University, he completed his formative education from Doon School in Dehradun. He worked his way up the ranks in his father’s venture, and earned himself a reputation of someone whose expertise lay in conceptualizing, strategizing, creativity and setting up new businesses.
He is currently the Executive Director – Godfrey Phillips India Limited, Director – Indofil Industries Limited, President – Twenty Four Seven Convenience Stores, Managing Director – ColorBar Cosmetics Pvt. Ltd. and the Vice Chairman and Managing Director – Modicare Private Limited.
Modicare
He was instrumental in starting the first Indian network marketing company – Modicare, marketing consumer products and providing knowledge and employment opportunities. The company today has 8.5 lakh registered consultants and is growing at a rapid pace.
It provides products, knowledge and employment to many people. Through the success of Modicare, he has changed the fortunes of thousands of people in India and helped them realize their dreams.
In his words, “I started the brand 20 years ago. It was taken away from me 14 years ago, and I got it back 7 years ago. From a turnover of Rs 64 crore, when I took over, to Rs 640 crore that we closed this year, it is one of my fastest growing brands today.”
Twenty-Four Seven
Samir Modi launched Twenty-Four Seven retail stores in 2005 as the country’s first convenience store chain that stays open 24 hours. These stores offer Indian consumers a completely international shopping experience with a wide range of products from ready-to-eat food, beverages, groceries provisions, over the counter medicines, various convenient services and a lot more round the clock. The company initially tied up with Indian Oil to open stores at their petrol stations, creating a fast turnaround service culture. Today, the brand stands at 100 stores as on June 7, 2018, including the standalone stores.
On a larger role, Modi is involved in strategic thinking and brand conceptualization for Godfrey Phillips Limited, the Group’s flagship company. He is a key member of the top management think tank and is constantly involved in generating ideas and solutions.
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