Vaibhav Global Ltd (VGL) Company Overview
Listed in 1996-97 on Indian stock exchanges, Vaibhav Global Ltd (VGL) is an end-to-end electronic deep discount retailer of fashion jewelry, gemstones, and lifestyle products, operating in the US, UK, Germany, and Canada.
Shopping Experience
Today's customers seek convenience, and VGL meets this demand through its proprietary 24/7 TV shopping channels (Shop LC in the US and Germany, and Shop TJC in the UK), as well as through various digital mediums including websites, mobile apps, OTT platforms, social media, and third-party marketplaces. VGL reaches almost 124 million households across the US, UK, and Germany. As digitization progresses and online retail continues to grow, VGL's portfolio and omni-channel strategy will evolve accordingly.
Financials And Workforce
VGL reported a group turnover of approximately Rs. 3,041 Crore (FY 2023-2024) and employs over 3800 people globally. The company's head office and main manufacturing facility are in Jaipur, India, employing around 3000 people, including contract workers.
Acquisitions
- Mindful Souls B.V.: In FY23-24, VGL acquired Mindful Souls B.V., a Netherlands-based e-commerce company specializing in subscription-based online sales of fashion jewelry, gemstones, and lifestyle products. This acquisition is expected to leverage VGL's sourcing and manufacturing strengths while enhancing digital business capabilities.
- Ideal World: VGL, through its subsidiary Shop TJC Ltd (UK), acquired the assets of Ideal World, a well-known teleshopping and digital retail brand in the UK. This acquisition includes IP rights, broadcasting rights, studio equipment, and other intangible assets.
Environmental And Social Responsibility
VGL is committed to sustainable business practices and renewable energy initiatives. The company's SEZ unit in India received the Excellence Award for IGBC Performance Challenge 2021 for Green Built Environment, reflecting its dedication to environmental sustainability. VGL's Your Purchase Feeds... initiative has provided 87 million meals to school children in India, the US, and the UK. The company encourages employees to donate at least two hours each month to charitable causes, tracked through its performance system. VGL is also a Great Place to Work (GPTW) certified organization.
Shop LC Overview
Shop LC, a VGL subsidiary, was established in Austin, TX in 2007 and now broadcasts live to 75 million homes in the US. The growing e-commerce presence is supported by the website Shop LC. Shop LC ships approximately 25,000 products daily to US customers and employs around 550 people in various operational roles. The US is VGL's largest market, contributing 68% to consolidated revenue.
TJC Overview
TJC, another VGL subsidiary, was established in London, UK in 2006 and broadcasts live to 25 million homes in the UK. The company's e-commerce presence is supported by the website TJC. TJC ships approximately 12,000 products daily to UK customers and employs around 220 people in London, with extended teams in India.
Shop LC Germany Overview
Launched in 2021 from Dusseldorf, Germany, Shop LC Germany TV & e-commerce is a new market with significant growth potential. The business currently reaches 27 million households and is expanding. The e-commerce site can be accessed at Shop LC Germany.
Our Purpose
Delivering joy.
Our Vision
Be the Value Leader in Electronic Retailing of Jewelry and Lifestyle Products.
Our Mission
To deliver one million meals per day to children in need by FY40 through our one-for-one meal program: your purchase feeds...
Our Core Values
- Teamwork
- Honesty
- Commitment
- Passion
- Positive Attitude
Job Profile
As the Head of Product Innovation, you will be a strategic leader within our organization, responsible for driving product development and innovation to deliver market-leading solutions that align with our business objectives. You will oversee the product innovation lifecycle, from identifying trends and generating ideas to commercializing successful products. This role requires a visionary thinker with a hands-on approach, creative problem-solving skills, and the ability to lead cross-functional teams to bring new ideas to life. Your contributions will directly impact the company's growth and position in the market.
Key Responsibilities
- Identify Market Opportunities:
- Monitor market trends, customer needs, and the competitive landscape to identify new product opportunities.
- Develop insights on emerging industry trends and consumer behaviors to guide product innovation efforts.
- Conduct Research and Analysis:
- Lead comprehensive market research and customer insight analysis to inform product development strategies.
- Utilize competitive intelligence to identify gaps in the market and areas for innovation.
- Generate Product Ideas:
- Develop new product concepts, features, and enhancements based on research findings, customer feedback, and technology advancements.
- Evaluate the feasibility, profitability, and market potential of proposed ideas.
- Cross-Functional Collaboration:
- Collaborate with buyers, merchandisers, design, manufacturing, and other teams to translate product ideas into viable concepts.
- Develop and execute actionable plans for product development in coordination with stakeholders.
- Oversee Product Development:
- Manage the end-to-end product development process, from ideation through to commercialization.
- Define product requirements, specifications, and key performance indicators (KPIs) and ensure adherence to timelines, budgets, and quality standards.
- Patent Filing and Management:
- Partner with legal teams to identify and file patents for innovative product concepts.
- Work closely with patent attorneys to ensure IP compliance and protect our intellectual property.
- Project Management:
- Drive product development projects, coordinating tasks across teams, monitoring progress, and addressing any issues.
- Maintain detailed project documentation and provide regular updates to stakeholders.
- Risk Assessment:
- Identify and assess potential risks and challenges associated with product development initiatives.
- Develop mitigation strategies and contingency plans to ensure successful project delivery.
- Performance Tracking and Analysis:
- Track product performance post-launch, collecting and analyzing relevant data to inform continuous improvement.
- Use insights to guide future product development strategies and enhance product performance.
- Stakeholder Communication:
- Regularly communicate development updates, project milestones, and outcomes to senior management, marketing, and sales teams.
- Present product proposals and business cases to secure support from key stakeholders.
- Promote an Innovation Culture:
- Foster a culture of creativity and innovation, promoting knowledge-sharing and collaboration across departments.
- Identify and implement best practices for product innovation within the organization.
Qualifications
- Education: Bachelor's degree in business, Engineering, or a related field (Master's degree preferred).
- Experience: Extensive experience in product management, development, or innovation roles, with a demonstrated track record of successful product launches.
- Expertise:
- Strong understanding of market research methodologies, competitive analysis, and product development.
- Experience with prototyping, testing, and working closely with engineers and designers.
- Familiarity with patent filing processes and IP management.
- Knowledge of sustainable and ethical practices within the industry is a plus.
Skills
- Exceptional analytical, problem-solving, and strategic thinking skills.
- Proficient in project management, including planning, resource allocation, and risk management.
- Strong communication and presentation skills to engage and align diverse stakeholders.
- Proven ability to lead and motivate cross-functional teams in a collaborative, innovative environment.
- Industry Knowledge: Up-to-date knowledge of emerging technologies, industry trends, and consumer behaviors.
- Results-oriented with strong business acumen and an understanding of the financial implications of product development.
