Global jewellery e-retailer Vaibhav Global has said it aims to achieve a 35 per cent growth in its total sales during the current fiscal year.
The 34-year-old Jaipur-based listed company sells fashion jewellery and lifestyle products in the US, the UK and Canada via its own TV shopping and e-commerce platforms. It currently has access to 96 million households in US and the UK.
"Last year, we had a consolidated sales of Rs 893 crore. We see 35 per cent growth this fiscal," Vaibhav Global Limited (VGL) Chairman Sunil Agrawal told PTI.
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The expected sales growth is likely to come for two reasons -- rupee devaluation and expanding reach of jewellery products in US and UK markets -- he said.
In the first half of the current fiscal, the company's consolidated sales rose by 36 per cent to Rs 568.17 crore from Rs 417.59 crore in the year-ago, as per a BSE filing.
Agrawal said that sales are robust in the US and UK despite weak economic situation because the company's focus is on delivering a deep value proposition to the customer, through lowest price guarantee.
"Our business model is recession-proof and not impacted by economy. Average price of our product is USD 20 and this is not big money for people. Our business had grow in all months even during the recession in 2008," he mentioned.
VGL sells products between USD 5 and 2,000. "Our maximum sales are in the price range of USD 10, 20 and 30," he said.
Observing that this business model is difficult to replicate, Agrawal said it needs strong manufacturing ability to source the product and understanding of the market. "People will try this model, as we become more and more successful."
VGL company manufactures precious and semi- precious fashion jewellery and accessories in India. Initially, VGL was supplying to the US-based TV home-shopping retailer QVC.
It was only seven years back that it started selling its products via its own TV shopping networks -- Liquidation Channel in USA and Canada, The Jewellery Channel in UK, and e-commerce platforms.
