VGL Group has revealed that its wholly-owned subsidiary, Shop TJC (UK), is set to acquire Mindful Souls BV, a company specializing in the subscription-based online sale of fashion jewelry, gemstones, and lifestyle products. The acquisition comes at a cost of €12 million, which will be funded through internal accruals. Shop TJC (UK) is excited about the acquisition and looks forward to expanding its product offerings and enhancing its customer experience.
Mindful Souls BV was founded in 2018 in the Netherlands and is primarily focused on serving the US e-commerce market, one of the largest in the world. The company operates through its proprietary e-commerce website and marketplaces, and while over 90% of its revenue comes from the US, it also has a presence in Canada, Australia, and the UK/EU. Mindful Souls specializes in selling subscription boxes containing fashion jewelry, gemstones, and lifestyle products. The company has performed well in recent years, achieving an annual turnover of €18 million with a healthy profit before tax margin of approximately 10% in 2022.
About Vaibhav Global Limited
Vaibhav Global Limited (VGL) is listed on stock exchanges in India VGL is an omni-channel E-tailer of fashion jewellery, accessories, and lifestyle products in developed markets with direct access to ~141 million households (FTE) through its TV home shopping networks Shop LC in US, Shop TJC in UK and Shop LC in Germany. The Company’s ecommerce websites www.shoplc.com in the US, www.tjc.co.uk in the UK and www.shoplc.de in Germany, complement TV coverage and diversify customer engagement.
Mr. Sunil Agarwal, Managing Director, Vaibhav Global Limited said, “The proposed acquisition will create synergies through our deep sourcing and manufacturing abilities. Mindful Souls’ native digital abilities will allow us to strengthen our digital businesses.”