Vijay Kedia's & Ashish Kacholia's portfolio stock: This jewellery company enters into an agreement worth EURO 1,20,00,000 to acquire Mindful Souls BV!
The stock is up by 45 per cent in just 3 months and over 50 per cent in 6 months.
VGL Group announced that its wholly-owned subsidiary Shop TJC (UK) has entered into a definitive agreement to acquire Mindful Souls BV, an e-commerce company dealing in subscription-based online sales of fashion jewellery, gemstone, and lifestyle products. The purchase consideration of the transaction is Euro 1,20,00,000 and the same will be funded through internal accruals.
Incorporated in 2018 in the Netherlands, it is mainly serving the United States- one of the largest e-commerce markets, through proprietary e-commerce websites, and marketplaces. While more than 90 per cent of revenue is derived from US, it also has a presence in the UK/EU, Canada, and Australia. It primarily sells subscription boxes comprising fashion jewellery, gemstones, and lifestyle products. The company’s performance over the period has been robust having achieved an annual turnover of Euro 18 million with a healthy PBT margin of 10 per cent in 2022.
Mr Sunil Agarwal, Managing Director of 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.”
Earlier, Shop TJC Ltd (UK), a wholly owned subsidiary of Vaibhav Global Limited, today announced that it has successfully executed an Asset Sale Agreement to acquire assets of Ideal World Ltd.
Ideal World, through its proprietary TV shopping channel, is into teleshopping and digital retail of lifestyle products. Having a legacy of over 20 years, Ideal World is one of the major teleshopping brands in the UK.
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. The company has a market cap of over Rs 7,200 crore and has been maintaining a healthy dividend payout of 55.2 per cent.
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In June 2023, the company’s 1.95 per cent stake is owned by Vijay Kedia and a 1.21 per cent stake is owned by Ashish Kacholia. (Both Vijay Kedia & Ashish Kacholia are renowned investors of the Indian stock market).
On Wednesday, shares of Vaibhav Global Limited plunged 1.97 per cent to Rs 438.95 per share with an intraday high of Rs 461 per share and an intraday low of Rs 430.40 per share.
The stock is up by 45 per cent in just 3 months and over 50 per cent in 6 months. Investors should keep an eye on this mid-cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.
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