Vaibhav Global Limited has announced that its wholly owned subsidiary Shop TJC (UK), has finalised an agreement to acquire Mindful Souls BV, an e-commerce company specialising in subscription-based online sales of fashion jewellery, gemstones, and lifestyle products. The transaction is valued at €12 million, and the funding will be sourced from internal accruals.
Established in 2018 in the Netherlands, Mindful Souls primarily caters to the United States, through its website and various online marketplaces. Although more than 90 per cent of its revenue is generated in the US, it also maintains a presence in the UK/EU, Canada, and Australia.
Sunil Agarwal, Managing Director, Vaibhav Global Limited said, “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.”
However, the shares were down by 0.79 per cent to ₹444.20 at 10.25 a.m. on the BSE.