Prashant Modha, Co-Founder and CFO of Mondetta and MPG Sport (known for their iconic flag-themed sportswear) has over 30 years of international business success. Before he joins us next Wednesday, October 25 as a panelist for our Get Ready to Grow luncheon, we asked him to share how he grew Mondetta into a Canadian fashion powerhouse.
The Winnipeg Chamber: Describe the moment you knew you had something.
WC: What are the top three factors that helped you grow your business?
- Teamwork: The original three partners, Raj Bahl, Ash Modha and I all have unique skill sets that are complimentary. We are able to contribute in different ways. This has been the case right from the beginning.
- Perseverance and Optimism: Even through our roughest times we knew we would be successful. We have been through hell and back and have learned from it.
- Saving for a rainy day: We always ploughed all of our profits back into the company right from the beginning. Having that money from our successful times, let us weather the rough times.
WC: What are your top two highlights of your entrepreneurial journey?
PM: There are so many. In the past it used to be the one thing (award, newspaper mention, making the Jackets that were given as a gift to Prince Charles when he visited) but now all of that is replaced by the satisfaction of having run a fashion business for 31 years and looking at our staff and knowing that we are all a team working to make a great company that provides all of us jobs.The other for me was when Crocus invested in our company at a crucial time and then buying back the company from them (at a very large profit to Crocus) and more recently completing the sale of a majority of our company to a US based Private equity firm.
WC: What are some of the biggest mistakes you’ve made?
PM: I don’t even know where to start. Beaded belts in 1996… though they are a big thing now.Actually not sticking to the knitting has probably been the biggest mistake. In 1995 we licensed our name and helped with the Mondetta World Café. It really took our eye off the ball and sales declined.
PM: It is home. It is the city that took us in and allowed us to prosper but that can be said about any city. What I really like is the multicultural and cosmopolitan feeling in the city. While we are not New York, we certainly punch above our weight as a city. Not many cities do this. Look at the cultural assets we have, everything from North America’s longest continually operating ballet, MTC, an Opera company, the Jets and Bombers, the CMHR, the forks all the way to what should be Rock and Roll hall of Fame inductees, the Guess who.And on top of all of that, its affordable and a great place to do business.