VGL MILESTONES

VGL was launched as Vaibhav Enterprises in 1980 and ever since we have been consistently making rapid development towards achieving our objective of becoming a leading player in the field of electronic retailing of discount fashion jewelry and lifestyle accessories.

Some of the important events that have taken place in our journey are listed below.

1980

Launch of Vaibhav Enterprises.

1989

Incorporation of Vaibhav Gems Limited.

1994

VGL takes over Vaibhav Enterprises for forward integration.

1996-97

Public offer of Rs. 709.50 lacs at a premium of Rs. 20/- per share.

1999-00

Set up 100% EOU at EPIP, Sitapura.

2002-03

Issued Bonus shares in 1:1 ratio.

2003-04
  1. Major capacity enhancement through setting up of new state of art jewellery manufacturing unit.
 
  1. Commissioned micro weight gold chain plant.

2004-05
  1. Setting up of Retail Chain stores at major international tourist destinations.
 
  1. Diamond Processing Unit in Adarsh Nagar, Jaipur.

2005-06
  1. Enhanced international presence through acquisition of STS Group of Companies & Setting up of more Retail Chain stores at Alaska, Caribbean Islands, Mexico, St. Kits, St. Thomas, St. Martin.
 
  1. Completion of US$ 70 Million GDR issue successfully.
 
  1. Warburg, one the leading private Equity Investor of the world acquires more than 27% Equity Stake in the company.

2006-07
  1. Received highest Export Award (Coloured Gemstone Category) for the 15th time, 13th time in succession.
 
  1. Started a 24-hour jewellery TV shopping channel in Germany and UK.
 
  1. Launched The Jewelry Channel Inc., VGL’s US retail operations. Shop LC (formerly Liquidation Channel) started operations from April 2007.

2007-08
  1. Received highest Export Award (Coloured Gemstone Category) for the 16th time, 13th time in succession.
 
  1. Nalanda India Fund limited, one of the very reputed private equity fund, has invested USD 25 million in the Company.

2009-10
  1. In 2009, VGL Closed businesses where management did not have visibility of cash generation. Hence, exited German TV retail market; Caribbean/ Alaska B&M Retail markets.

2010-11
  1. Received the Highest export Award in the category of Cut & Polished Colored Stone Gems and Jewellery from the Gems and Jewellery Export Promotion Council (GJEPC).
 
  1. 2010 saw further consolidation and Transformation to B2C model: Radically changed product mix bringing in entirely new, lower price point product ranges to customers. New product mix lowered average price point to USD 41/piece from USD 132 in FY08.
 
  1. Launched many new inexpensive product lines – good customer response. Capacity expansion plan at Jaipur facilities to cater to rising demand from US/ UK B2C retailing.

2011-12
  1. Received the Rajasthan State award on the account of Export Excellence in the year 2008-09 from the Government of Rajasthan.

2012-13
  1. Vaibhav Gems was renamed to Vaibhav Global Ltd.
 
  1. VGL Launched Lifestyle products (scarves, bags, watches, mobile covers etc).
 
  1. Received the "India Gem & Jewellery Awards 2013" in the category of "Silver Jewellery" from the Gems and Jewellery Export Promotion Council.

2013-14
  1. The Company has exited from Corporate Debt Restructuring System on 20th June, 2013 by paying recompense amount on 31st March, 2013.
 
  1. Facility was established in Bandra-Kurla Complex for undertaking Mumbai business operations adding to Andheri SEEPZ office.
 
  1. Redemption of preference shares amounting to ₹440 million.
 
  1. Credit rating for the long term bank facilities have been upgraded by one notch from CARE BB  to CARE BB+ (BB Plus) and for the short term bank facilities from CARE A4 (A Four) to CARE A4+ (A Four Plus).

2014-15
  1. Credit Rating for the short term bank facilities have been upgraded by one notch from CARE A3+ (A Three Plus) to CARE A2 (A Two) which denotes adequate degree of safety. As the entire long term debts have been repaid, hence, the rating for the same has been withdrawn.
 
  1. Received the "India Gem & Jewellery Awards 2014" in the category of "Silver Jewellery" continuously for the second time by The Gem & Jewellery Export Promotion Council, sponsored by the Ministry of Commerce, Government of India. The award was given by the Honorable Chief Minister of Maharashtra on 29th January, 2015.
 
  1. Acquired 64,000 Square Feet land in SEZ II developed by RIICO in July 2014 and obtained  LOP (Letter of Permission) to establish a manufacturing unit in SEZ phase –II.
 
  1. ₹2.40 per Equity Share has been paid as an Interim Dividend after 7 years.
 
  1. Completion of open offer; promoter group along with management acquired ~28% stake.
 
  1. FY14 turns out to be VGL’s golden year with 1.3 mn+ registered users.
 
  1. Expanded integrated US operations in Texas to over 65K sq ft. and also moved UK operations to a new 30K sq ft facility in London.
 
  1. Strengthened board with 4 more Directors.
 
  1. Rs 1.6 billion FCF used to repay debt and redeem preference shares.
 
  1. Launch of " TJC Gold" channel for dealing in high-end items.

2015-16
  1. Recognized as the 3rd  highest Wealth Creator Company on the basis of 3 year CAGR of Market Capitalization, 4th  highest Wealth Creator Company on the basis of 5 year CAGR and 234th  on the basis of Revenue by Fortune India (The next 500). One of our Directors Mr. Rahimullah, received the award on Behalf of the Company on the 17th  of August 2015, in the More... Indian Capital, New Delhi from  Shri  Piyush Goyal , Hon’ble Minister of State with Independent Charge for Power, Coal and New & Renewable Energy in the Government of India. 
 
  1. New categories of Product Line “Lifestyle” will include products of Home Décor, Beauty and Haircare added to the current product mix of Jewelry, Hand Bags and Scarves.
 
  1. New channel “TJC Choice” was launched which gives dual listing on Sky as well as Freesat in UK.
 
  1. Vaibhav Global’s US subsidiary launches new mobile website, set to improve customer experience.

2016-17
  1. ‘Liquidation Channel re-branded to Shop LC in the US’
 
  1. FY15 & FY16 saw massive infrastructural overhaul and upgradation driven mostly by market demand and competitive intensity.
 
  1. Investment went into shifting from proprietary website platform to SAP-Hybris platform for US website and Demandware for UK website.
 
  1. EMI through ‘Budget Pay’ launched first on Shop LC TV channel followed by roll-out on US website. It has now been expanded to our retail channels across both USA and UK.
 
  1. Operations commenced at 1,00,000 sq ft. LEED certified ‘Gold Level’ building in SEZ-II Jaipur. With this, VGL’s production capability has doubled.
 
  1. New warehouse for better logistics and Studio operationalised in the US to better present VGL’s vast lifestyle product offering.
 
  1. FY17 has seen household reach at over 110 million, recent launch of upgraded Mobile APP for ShopLC US and TJC for UK market will further strengthen customer engagement.
 
  1. Re-emergence of free cash flow, having completed all major CapEx.
 
  1. Credit Rating for the Long term / short term bank facilities have been upgraded by one notch from CARE BBB+/A2 (Triple B plus / A Two) to CARE A2+ (A Two) which denotes stable outlook. Other Short term bank facilities have been upgraded to CARE A2+ (A Two Plus) from A2 (A Two) .

2017-18
  1. Vaibhav Global’s US Subsidiary - Shop LC Recognized as Commitment Level Recipient by the Quality Texas Foundation
 
  1. Vaibhav Global climbs to 162nd rank in Fortune India’s Next 500 list