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Akshay Rajawat    

Surat, India

I am CA student and along side perusing the CFA (U.S.). I have a 6 month experience in Equity Research where i have done my internship programme in the same. I am keen to write an articles on Equity.

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Contributor since: 2022








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Vaibhav Global Limited

Vaibhav Global Limited (VGL), through its distinctive business model, has created a niche for itself in the global retail space, especially in the jewellery, accessories and lifestyle product segments of two of the largest economies of the world - the US and UK.

About the company

Incorporated in 1989, VGL is involved in e-retailing of fashion jewellery, fashion accessories and lifestyle products like luxury watches, hair accessories, beauty and home décor products sourced from across the globe. VGL has seven direct subsidiaries and five step-down subsidiaries, through which it operates three 24-hour TV channels (Shop LC in the US, TJC in the UK, Shop GmbH in Germany) and e-commerce websites (, and that complement the company’s TV-based operations. Around 70% of its consolidated revenues in FY2022 was derived from sale of gemstone-studded jewellery, which is primarily manufactured at VGL’s 100% export-oriented unit (EOU) at Sitapura, Jaipur. The balance came from the sale of lifestyle and beauty products. The company generated 63% of sales from TV platforms in FY2022, and the balance 37% from web platforms. 

VGL at a glance:

In 2005, in addition to reaching the patrons via intermediaries like Wal-Mart, Sears, Macy’s, among others (B2B business), VGL set up its first retail store at holiday destination in Alaska. By the end of 2007 it had 19 retail outlets at other holiday destinations (including Alaska, Mexico and Caribbean). VGL operated in USA and UK only with brick-and-mortar model till 2006. To expand further in retail, investments were made in consumer retailing through proprietary teleshopping channels and internet in 2007. Post the brunt of Global Financial Crisis in 2009, VGL pivoted from high street retail to deep-discounted teleshopping thereafter offering low price jewellery at almost half the price of competitors in the same segment. VGL was renamed as 'Vaibhav Global Limited' in 2013.

VGL’s journey started with being a conventional gemstone exporter and then moving to become a studded jewellery export to various brands abroad (B2B business). Today VGL group is a vertically integrated fashion retailer, with multi-channel presence across well-integrated platforms, comprising 24x7proprietary TV home-shopping channels, e-commerce websites, mobile apps, smart TV, OTT platforms, social media platforms, influence marketing, third-party marketplaces, and other digital means.

VGL is respected for a superior customer value proposition delivered through deep value, low-cost manufacturing and quality products. As a deep value retailer, VGL has consistently delighted its customers by offering them products of choice at irresistible prices. VGL’s customer-centric approach has ensured that we are able to keep a resolute focus on customer needs as much as their aspirations. Hence, there is a constant expansion of the product portfolio in all segments and keep on adding new ones. The sourcing network is being continually upgraded to obtain best products and now spreads over 30+ countries across the globe. Recently a new manufacturing company “Vaibhav Lifestyle Limited” has been set up to venture in apparel segment. VGL has a highly differentiated model catering to the retail sector of two of the world’s largest economies – the US ( and UK ( Recently VGL has started operations in Germany ( Further, the Company has presence in Canada through Shop LC and Japan through marketplace.

VGL's global operating

VGL group has sales operations in USA, UK & Germany along with manufacturing units in India and China. VGL has offices in sourcing countries like Thailand, Bali, China, Hongkong and Japan. VGL’s sourcing network is being continually upgraded to obtain best products at lowest prices and now spreads over 30+ countries across the Globe. VGL also has a presence in Japan and Canada through marketplaces.

VGL has state of the art global supplier network and is expanding its business reach and widening its moat through innovation and product range expansion. VGL is continuously upgrading its technology infrastructure to accommodate greater automation and digitisation that further increase agility.

The Company’s ecommerce websites in the US and in the UK and in Germany complement TV coverage and diversify customer engagement. Apart from electronic retailing through the B2C channels (ShopLC & TJC), we also engage in traditional B2B wholesale distribution through STS JEWELS and sourcing through STS that serve retail chains.

Consistently Growing

Key pillars behind this consistency

Huge Opportunity: Immediate Addressable Market of ~USD 20 bn:

VGL's strength on private label brands


  • Leveraging manufacturing & digital capabilities
  • Number of PL brands: 31
  • Revenue Mix: ~25% of global B2C revenue
  • Margin accretive
  • Brand Laddering (value and mass-premium)

Long-Term Objectives:

  • Focus on ‘IPR’ rights for brand loyalty
  • Future revenue mix: ~35% of global B2C revenue
  • New brand launches regularly
  • Inorganic opportunities (example: Rachel Galley)

VGL's 4R's of customers engagement

Consistent delivery

Business Segment

Geographic revenue trend


  • TJC (UK) upgraded channel position to 22nd from erstwhile 50th position in Jan-22
  • Investment now yielding positive results in terms of new customer acquisition on TV
  • Expect market leading growth in the long run


Germany venture increased TAM (immediate addressable market) by ~20%

➢ Now clocking monthly revenue of Euro 1mn+ at 60%+ gross margins
➢ Omni-channel presence (digital is now 31%)
➢ Covering 27mn HH, dispatching 3k pieces/day
➢ Started ‘Live & Interactive TV’
➢ Positive Customer Orientation: CSAT 96+; NPS 60
➢ German call center now operational in India (cost arbitrage)

Financial Performance Trend

Revenue (In Crore)

Volume & ASP

Profitability trend

Balance Sheet

Cash Flow

VGL's Management

Shareholding Pattern

Investment Rationale

Experienced promoters – The company benefits from the extensive experience of its promoters spanning over three decades in the fashion jewellery and lifestyle products e-retail industry and its established track record over the years. 

End-to-end vertically integrated business model with an established supplier network and high private label sales – VGL has its own manufacturing set-up in Jaipur, Rajasthan, which caters to ~70% of its fashion jewellery requirements. The company sources lifestyle products (like watches, hair accessories, etc.) and the remaining ~30% of the jewellery retailed directly from its established supplier network in over 30 countries, including China, Thailand, and Indonesia, among others. This results in a shorter lead time for the company. Besides, high share of private label products (~90% of total sales) has helped VGL generate healthy gross profit margins of over 60% over the last six fiscals.

Extensive coverage to 127 million households; strong brand presence of VGL-owned channels in the US and the UK as well as attractive value positioning of products – VGL is an online retailer of fashion jewellery and lifestyle accessories on its proprietary TV home shopping channels (three 24x7x365 channels) and e-commerce platforms with live telecasts in the US, the UK and Germany. In FY2022, VGL generated 63% of its sales from its TV platforms, with the balance 37% of sales coming from web platforms. VGL’s TV home shopping platforms provide direct customer access to ~127 million households on a fulltime equivalent basis. The company offers value proposition to its customers by pricing its products at attractive price points, averaging around $30 per piece.

Consistent performance:


I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Business relationship disclosure:

I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Stocx Research Club). I have no business relationship with any company whose stock is mentioned in this article.

Additional disclosure:

Source - Company website, Company investor presentation, ICRA rating research report Disc - Mentioned stock in the article is for knowledge purpose only, as there is no recommendation of Buy/Sell/Hold. Kindly consult your financial advisor for the same.

Disclosure legality:

I am not a SEBI Registered individual/entity and the above research article is only for educational purpose and is never intended as trading/investment advice.


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