Vaibhav Global Limited (VGL) was established in 1989 by Mr. Sunil Agrawal. Headquartered in Jaipur, Rajasthan – India, VGL was incorporated as 'Vaibhav Gems Limited' in 1989. The Company went public in 1996-97 and is listed on BSE and NSE in India.
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 2005. 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 (www.shoplc.com) and UK (www.tjc.co.uk). Recently VGL has started operations in Germany (www.shoplc.de). Further, the Company has presence in Canada through Shop LC and Japan through marketplace.
Over the years, VGL has resorted to incremental innovations to enhance customer experience. Some offerings that are unique to VGL:
VGL’s greatest innovation in its business model is to hone its deep-discounting model. This provides a USP that other teleshopping retailers cannot match due to lack of vertically integrated manufacturing. VGL is not only able to source better leading to low manufacturing cost but also sell its products at competitive prices.
VGL’s USP lies in being a vertically integrated retailer. Its deep sourcing capabilities (30+ countries; especially from India, China, Thailand and Indonesia) and from its erstwhile B2B business (STS Gems) implies it able to be a low cost manufacturer (which fits well with its deep discounting model).
VGL has leveraged its supply chain and omni-channel presence across well-integrated platforms. Investments are being made in customer interface, CRM, e-commerce platforms, and cutting-edge technologies such as AI, predictive modelling and skilled manpower to improve decision-making and enhance business value. VGL is focused on improving its website/app integration with new offerings. Web growth coupled with significant build-up of software intangibles shows that VGL is more focused now on building cross-category omni-channel experience.
The Company is committed to ‘Delivering Joy’ to all the stakeholders.
VGL has an employee strength of 3,900+ spread over various geographies. VGL believes in a culture of trust, transparency and respect along with career pathing of each employee to promote right talent for right job. The company deploys meaningful practices that focus on talent acquisition, engagement and retention through employee ownership, performance incentive and reward programs to enhance the engagement, morale, capability and competitiveness of its workforce. This has led for all units of VGL (India, US, US & China) to receive the much-coveted Great Places To Work ® certification.
VGL believes in corporate responsibility for society and environment. The company enhances sustainable CSR impacts with a focus on education, healthcare and poverty alleviation through various organizations across. Through our global flagship CSR initiative, “Your Purchase Feeds” whereby every sale has a philanthropic fallout in a transparent manner, VGL has provided nearly 59+ million meals to school children across India, US and UK.
The Company is committed to the interplay of reduction, replacement, renewable, recycling and restoration with the objective to moderate its carbon footprint and has taken several environment conservation initiatives related to renewable sources of energy, rainwater harvesting, waste management, tree plantation, miyawaki forests etc. employees, suppliers, customers, and service provider are also encouraged towards Zero Carbon footprint. Recently VGL’s manufacturing units in Jaipur have gone 100% solar power.
At VGL, good governance is the foundation on which the growth-oriented business model has been built. Accountability, robust processes and transparency are integral to our value system. The impact of best practices adopted by the management are reflected in the success and growth of our company as well as the numerous external recognitions we have received for these practices. We operate this business as a custodian of our stakeholders, with a strong sense of trusteeship.
VGL believes innovation is a key pillar to growth. With this vision, VGL has launched various programs like Idea Lab, Spark, Innov8 Focus and Process innovation suggestion scheme to promote both product and process innovation. Idea Lab is an idea portal to invite customers for product ideas that they would like from us to sell on our channels. Innov8 scheme encourage employees to think out of the box and is also rewarding financially to them. SPARK incubator is to encourage and support employees and budding entrepreneurs to start up their business ideas.
Recognition is an important part of the business. VGL believes awards are a way to recognise the hard work and achievements of its employees. VGL constantly endeavours to benchmark its products and services to global standards. VGL’s pursuit of excellence has earned some significant recognitions during the year so far:
For more details, click here: Awards & Recognition
Ever since VGL's inception, it has been led by visionary people who have guided the organization through its tremendous success journey. VGL has benefitted from its vast experience and exemplary business ethic. What makes us so unique? Have a look at VGL’s growth, culture, challenges, and future.