Omni channel e-tailer Vaibhav Global Ltd. on Wednesday, September 27, informed the stock exchanges that its wholly-owned subsidiary Shop TJC (UK) will be acquiring e-commerce company Mindful Souls BV, for €12 million. The company plans to fund this acquisition via internal accruals.
While Vaibhav Global is an omni-channel e-tailer of jewellery, accessories and lifestyle products, Mindful Souls BV is an e-commerce company that deals with subscription-based online sales of fashion jewlery, lifestyle products and gemstones.
Vaibhav Global's managing director Sunil Agarwal said Mindful Souls' native digital abilities will allow his company to strengthen its digital businesses. "The proposed acquisition will create synergies through our deep sourcing and manufacturing abilities," he said.
Mindful Souls was incorporated in the Netherlands in 2018. It mainly serves the United States, where it gets 90 percent of its revenue from, through marketplaces and its proprietary e-commerce websites. It also has a presence in Canada, UK, Australia and Europe. It achieved an annual turnover of €18 million in 2022 with a profit before tax margin of 10 percent.
On the other hand, Vaibhav Global's products are accessible to 141 million households, via its TV home shopping networks and websites in the US, UK and Germany, it added.
Shares of the omni-channel e-tailer have gained nearly 47 percent this year, so far and last closed at Rs 451.50 apiece on Monday.
(Edited by : Hormaz Fatakia)
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