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UK Home Shopping Channel Acquires Subscription-based Ecommerce Site
Wednesday, October 18, 2023
Shop TJC, UK-based sister channel of Shop LC, acquires Mindful Souls
AUSTIN, Texas, Oct. 10, 2023 /PRNewswire-PRWeb/ -- VGL Group Inc. is pleased to announce a definitive agreement through its wholly owned subsidiary, Shop TJC (UK), to acquire Mindful Souls BV, an e-commerce entity specializing in subscription-based sales of fashion jewelry, gemstones, and lifestyle products. The purchase, valued at EUR12 million, will be financed through internal accruals.
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.Sunil Agarwal, Managing Director of Vaibhav Global Limited, expressed, "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."
Established in 2018 in the Netherlands, Mindful Souls BV has principally catered to the United States, one of the most substantial e-commerce markets, via its proprietary online platform and various marketplaces. While the U.S. accounts for over 90% of its revenue, the company also has a footprint in the UK/EU, Canada, and Australia. Its primary offering comprises subscription boxes filled with fashion jewelry, gemstones, and lifestyle products. Demonstrating robust performance, the company reported an annual turnover of EUR18 million in 2022, with a sound pre-tax profit margin of approximately 10%.
About Shop LC
Headquartered in Austin, Texas, Shop LC, is a wholly owned subsidiary of Vaibhav Global Ltd. (VGL), a vertically integrated company with global sourcing and manufacturing capabilities. Shop LC is a value-conscious, interactive retailer focused on the fine jewelry, beauty, fashion, home decor and lifestyle product categories. Established in 2007, Shop LC reaches approximately 73 million U.S. households via high-definition programming offered live 24 hours a day, seven days a week, 365 days a year. Additionally, every purchase provides a meal to a hungry child through the Your Purchase Feeds Program. For more information visit http://www.shoplc.com and download the interactive app on iTunes, Google Play or many other streaming devices or televisions.
Media Contact
Darren Bogus, Shop LC, 5129033021, darren.bogus@shoplc.com, https://www.shoplc.com/
Twitter
View original content to download multimedia:https://www.prweb.com/releases/uk-home-shopping-channel-acquires-subscription-based-ecommerce-site-301951694.html
SOURCE Shop LC
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