Shop TJC (UK), a wholly-owned subsidiary of India-listed Vaibhav Global Ltd, has inked a definitive agreement to acquire the e-commerce company Mindful Souls BV for €12 million or Rs 105 crore. The company plans to fund the acquisition from internal accruals.
Vaibhav Global is an e-tailer of jewellery, accessories and lifestyle products, accessible to 141 million households via its TV home shopping networks and websites in the US, UK and Germany.
Sunil Agarwal, managing director (MD) at Vaibhav Global, said that the proposed acquisition of Mindful Souls will create synergies through its deep sourcing and manufacturing abilities and the latter’s native digital abilities, allowing it to strengthen its digital businesses.
On the other hand, Mindful Souls, incorporated in 2018 in the Netherlands, caters to the markets in the United States, Canada, Australia and the UK/EU market through its website and various online marketplaces. It specialises in subscription-based online sales of fashion jewellery, gemstones, and lifestyle products.
Shares of Vaibhav Global rose during the early trading hours after the announcement of the acquisition news to an intraday high of Rs 461.85, up 3.22% from the last closing price on the National Stock Exchange (NSE). However, the scrip ended the session 2.13% lower at Rs 437.85.