Vaibhav Global Explained

Vaibhav Global Limited
Former Name:Vaibhav Gems
Type:Public
Industry:Fashion, jewelry and lifestyle product manufacturing, electronic retail, e-retail
Predecessors:-->
Successors:-->
Founders:-->
Location:Jaipur, Rajasthan, India
Area Served:USA, UK & Germany
Products:Rings, Bangles, Bracelets, Earrings, Watches, Handbags, Scarves, Home décor
Brands:ILLIANA, Rhapsody, J Francis, Karis, Elanza, Strada, Genoa
Revenue: (FY 2019-20)
Operating Income: (FY 2019-20)
Net Income: (FY 2019-20)
Profit Year:-->
Footnotes:[1]
Website:www.vaibhavglobal.com

Vaibhav Global Limited (VGL), formerly known as Vaibhav Gems, is a multinational electronic retailer and manufacturer of fashion jewelry and lifestyle accessories. It sells its products through its home shopping channels, Shop LC in the United States and TJC in the United Kingdom. The company is headquartered in Jaipur, India.[2] [3] [4] [5]

History

VGL was founded as Vaibhav Enterprises in 1980. It was later incorporated as Vaibhav Gems Limited in 1989 in Jaipur, India. The company became Vaibhav Global Limited in 1994 and went public in 1996-97. VGL continued expanding its manufacturing and retail capabilities and in 2005-06 it acquired the STS Group of companies.

During the recession of 2008-09, the purchasing power of US consumers dropped significantly and VGL had to rework its strategy. The company brought the average price of its products down to $18 - $20 from $100 per piece in 2010 thereby, successfully transitioning from store-based jewelry business to discount retail business through web and TV channels.

It has electronic retail units: Shop LC formerly Liquidation Channel[6] in the US & Canada and TJC formally The Jewellery Channel in UK & Ireland. These are wholly owned TV channels as well as e-commerce platforms. The combined reach of these two TV channels is about 123 million households.[7]

In September 2023, it was announced that VGL had acquired the assets of Ideal World Ltd., a Peterborough, UK-based home shopping channel that went into administration in July 2023.[8] [9]

Awards and recognition

See also

Notes and References

  1. Web site: Vaibhav Global. Money Control. 20 October 2015. 6.
  2. Web site: Vaibhav Global: Reports, Company History, Directors Report, Chairman's Speech, Auditors Report of Vaibhav Global - NDTVProfit.com. profit.ndtv.com. 2015-10-19.
  3. News: Mudar. Patherya. Vaibhav Global: India's successful e-tail model. 19 October 2015. Business Standard. 21 June 2015. 1.
  4. News: Bang. Nirmal. Vaibhav Global ready to shine: Nirmal Bang. 19 October 2015. moneycontrol.com. 5 February 2013. 2.
  5. News: Indian company Vaibhav Global dresses up middle-class Americans. 2015-10-19. Business Standard India. 24 June 2015.
  6. News: Press Release - Liquidation Channel rebranded as Shop LC. https://web.archive.org/web/20180111165057/http://www.vaibhavglobal.com/sites/default/files/Shop%20LC%20Rebrand.pdf. dead. 2018-01-11. 2023-08-12.
  7. Web site: Vaibhav Global plans to hire 500 employees in FY'15. timesofindia-economictimes. 2015-10-20.
  8. Web site: 2023-09-25 . Vaibhav Global acquires Ideal World assets . 2023-09-25 . Broadband TV News . en-GB.
  9. News: 2023-07-06 . Ideal World shopping channel goes into administration . en-GB . BBC News . 2023-09-25.
  10. https://www.business-standard.com/article/news-cm/vaibhav-global-conferred-best-governed-company-121011400606_1.html Capital Market - Live News
  11. INDIA's next 500, and why they matter. Bhuva. Rajiv. 30 July 2015. .
  12. India's top 50 wealth creators. July 2015. Fortune India.
  13. Web site: India Gem & Jewellery Awards. www.gjepc.org. 2016-03-15.