The key to success is not necessarily about being ahead of time but then it’s most definitely of not being late either! The Jaipur-based Vaibhav Global (VGL) is one such company which was ahead of its time but has used this period to learn and create a marketplace for itself.
VGL, which clocked a turnover of close to Rs.16 billion in FY18, has delivered a deep value proposition to discount-seeking customers in fashion jewellery and lifestyle products, offering a price point of $18-20 per piece of jewellery. The 100% export-oriented company has expanded its portfolio, focusing on adjacent product categories such as lifestyle accessories, home textiles, kitchenware and cosmetics that target similar market segments.
My philosophy for evaluating a management boils down to three qualities: honesty, hunger and smartness. Over the past two decades, the world has seen the evolution of technology impacting every business and so has been the case with VGL too, which has also changed its business in keeping with the times.
In 2006, VGL ventured into electronic retail in the UK with a live TV shopping channel and an e-commerce platform, The Jewellery Channel. Seeing the success of the model, VGL opened another TV shopping channel and e-commerce platform, Liquidation Channel, in Austin, Texas to address the US market. The vertical model allowed VGL to rapidly capture market share both in the UK and US. The household TV shopping channel reaches 100 million households, 75 million in the US and 25 million in the UK. A majority of VGL’s customers are middle-aged women.
Post the global crisis, which eroded the buying power of its consumers i