Vaibhav Global
{{Short description|Retail, wholesale and manufacturing company}}
{{Use dmy dates|date=August 2018}}
{{Use Indian English|date=August 2018}}
{{Infobox company
| name = Vaibhav Global Limited
| logo = File:Logo_of_Vaibhav_Global_Limited.svg
| logo_size =
| logo_alt =
| logo_caption =
| logo_padding =
| image =
| image_size =
| image_alt =
| image_caption =
| former_name = Vaibhav Gems
| type = Public
| traded_as = {{ublist |{{BSE|532156}} |{{NSE|VAIBHAVGBL}}}}
| industry = Fashion, jewelry and lifestyle product manufacturing, electronic retail, e-retail
| fate =
| predecessor =
| successor =
| founded =
| founder =
| defunct =
| location = Jaipur, Rajasthan, India
| num_locations =
| num_locations_year =
| area_served = USA, UK & Germany
| key_people = {{ublist |Sunil Agrawal (Chairman & Managing Director)}}
| products = Rings, Bangles, Bracelets, Earrings, Watches, Handbags, Scarves, Home décor
| brands = ILLIANA, Rhapsody, J Francis, Karis, Elanza, Strada, Genoa
| production =
| production_year =
| revenue = {{increase}} {{INRconvert|1986|c}} (FY 2019-20)
| revenue_year =
| operating_income = {{increase}} {{INRconvert|276|c}} (FY 2019-20)
| income_year =
| net_income = {{increase}} {{INRconvert|190|c}} (FY 2019-20)
| net_income_year =
| assets =
| assets_year =
| equity =
| equity_year =
| num_employees =
| num_employees_year =
| divisions =
| subsid = {{ublist |The Jewellery Channel (TJC), UK|Shop LC, formerly Liquidation Channel, USA|STS Jewels |STS Gems}}
| module =
| footnotes = {{cite web|title=Vaibhav Global|url=http://www.moneycontrol.com/india/stockpricequote/miscellaneous/vaibhavglobal/VG02|website=Money Control|access-date=20 October 2015|ref=6}}
| website = [http://www.vaibhavglobal.com 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.{{Cite web|title = Vaibhav Global: Reports, Company History, Directors Report, Chairman's Speech, Auditors Report of Vaibhav Global - NDTVProfit.com|url = http://profit.ndtv.com/stock/vaibhav-global-ltd_vaibhavgem/reports|website = profit.ndtv.com|access-date = 2015-10-19}}{{cite news|last1=Mudar|first1=Patherya|title=Vaibhav Global: India's successful e-tail model|url=http://www.business-standard.com/article/markets/vaibhav-global-india-s-successful-e-tail-model-115062100962_1.html|access-date=19 October 2015|work=Business Standard|date=21 June 2015|ref=1}}{{cite news|last1=Bang|first1=Nirmal|title=Vaibhav Global ready to shine: Nirmal Bang|url=http://www.moneycontrol.com/news/brokerage-recosfundamental/vaibhav-global-ready-to-shine-nirmal-bang_817344.html|access-date=19 October 2015|work=moneycontrol.com|date=5 February 2013|ref=2}}{{Cite news|title = Indian company Vaibhav Global dresses up middle-class Americans|url = http://www.business-standard.com/article/companies/the-indian-company-that-caters-to-middle-class-americans-115062400756_1.html|access-date = 2015-10-19|newspaper = Business Standard India|date = 24 June 2015}}
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{{cite news|url=http://www.vaibhavglobal.com/sites/default/files/Shop%20LC%20Rebrand.pdf|archive-url=https://web.archive.org/web/20180111165057/http://www.vaibhavglobal.com/sites/default/files/Shop%20LC%20Rebrand.pdf|url-status=dead|archive-date=2018-01-11|title=Press Release - Liquidation Channel rebranded as Shop LC|access-date=2023-08-12}} 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.{{Cite web|title = Vaibhav Global plans to hire 500 employees in FY'15|url = http://articles.economictimes.indiatimes.com/2014-01-12/news/46112946_1_fashion-jewellery-staff-strength-products|website = timesofindia-economictimes|access-date = 2015-10-20}}{{dead link|date=October 2024|bot=medic}}{{cbignore|bot=medic}}
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.{{Cite web |date=2023-09-25 |title=Vaibhav Global acquires Ideal World assets |url=https://www.broadbandtvnews.com/2023/09/25/vaibhav-global-acquires-ideal-world-assets/ |access-date=2023-09-25 |website=Broadband TV News |language=en-GB}}{{Cite news |date=2023-07-06 |title=Ideal World shopping channel goes into administration |language=en-GB |work=BBC News |url=https://www.bbc.com/news/uk-england-cambridgeshire-66123542 |access-date=2023-09-25}}
Awards and recognition
- Vaibhav Global conferred 'Best Governed Company' At 20th edition of ICSI National Awards for Excellence in Corporate Governance [https://www.business-standard.com/article/news-cm/vaibhav-global-conferred-best-governed-company-121011400606_1.html Capital Market - Live News]
- VGL was ranked 234th in Fortune India's Next 500 list of India's largest mid-sized companies by revenue in the year 2013-14.{{Cite journal|title = INDIA's next 500, and why they matter|last = Bhuva|first = Rajiv|date = 30 July 2015|journal = Fortune India }}
- It also ranked 3rd amongst India's top 50 wealth creators
list by Fortune India magazine.{{Cite journal|title = India's top 50 wealth creators|date = July 2015|journal = Fortune India}}
- The company was awarded the Indian Gem and Jewellery Award 2015 for silver jewelry and also for Most Socially Responsible Company.{{Cite web|url=http://www.gjepc.org/news_details.php?id=1764|title=India Gem & Jewellery Awards|website=www.gjepc.org|access-date=2016-03-15}}
See also
{{portal|Companies}}
References
{{Reflist}}
External links
- {{Official website|http://www.vaibhavglobal.com/|VGL official website}}
Category:Online retailers of India
Category:Retail companies of India
Category:Companies listed on the National Stock Exchange of India