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Delivering Joy Learning

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Delivering Joy Learning Vaibhav Global Limited 32nd ANNUAL REPORT 2020-21 DELIVERING JOY LEARNING. INNOVATION. OUTSTANDING EXECUTION. CONTENTS 12 34 54 Viewpoint/ Value ESG Awards and 2 Who We Are Performance Review 28 Creation Approach 43 Accolades Statutory Reports Learning, Innovation and Chairman’s Statement 12 Value Creation Model 28 Environment 34 Notice 54 Outstanding Execution 2 Managing Director’s Q&A 14 Social: People 36 Board’s Report 62 Corporate Identity 4 Management Year in Review by the CFO 16 Social: Communities 39 Corporate Growing Footprint 6 Discussion Governance Report 78 Our Performance 18 Governance 40 Platforms 8 Business Market Review 20 44 and Analysis Responsibility Report 92 Value Proposition 10 COVID-19 Response 26 Financial Statements Standalone 100 Consolidated 150 Forward Looking Statement This document contains statements about expected future events and financial and operating results of Vaibhav Global Limited, which are forward-looking. By their nature, forward-looking statements require the Company to make assumptions and are subject to inherent risks and uncertainties. There is significant risk that the assumptions, predictions and other forward-looking statements will not prove to be accurate. Readers are cautioned not to place undue reliance on forward- looking statements as a number of factors could cause assumptions, actual future results and events to differ materially from those expressed in the forward-looking statements. Accordingly, this document is subject to the disclaimer and qualified in its entirety by the assumptions, qualifications and risk factors referred to in the management’s discussion and analysis of the Vaibhav Global Limited Annual Report FY21. Who We Are Corporate Overview Statutory Reports Financial Statements Learning, Innovation How did we make and Outstanding this happen? Simply by believing in the power of our business. In a world where social distancing was becoming a norm, technology was the Execution enabler that brought people closer. In this light, we leveraged the power of technology to reach more people, be it via our proprietary What remains television, web, and mobile platforms, or our presence on marketplaces and social media. unchanged in a We followed this up by combining our 15 years of experience in e-tailing with the expertise of year that everything our team. This enabled us to expand to newer geographies, leverage innovation to make changed? our product mix more exciting, and has made our platform more accessible, adaptable and Fundamentals. In life as in business, a affordable. We doubled down on our belief in technology strong sense of basics, a clear idea, an agile by enhancing our investments. We created a approach, and the ability to execute ensure more supple supply chain, and strengthened lasting and sustainable success. These factors our digital ecosystem to include newer act as enablers for the Company to withstand avenues such as influencer marketing to occasional hurdles. make our products reach our target audience. Going forward, this will be crucial in At Vaibhav Global Limited or VGL, we believe expanding our customer base and will create this to be our mantra. We never take success a more immersive experience in distance for granted and instead keep working shopping, a trend likely to strengthen in the towards a higher purpose. We are constantly immediate future. reinventing our execution model to add newer ways of reaching our customers and broadening our reach. Lastly, we focus on Through it all, we remain committed keeping our execution agile and swift, to make to creating lasting value for our sure that we have the required suppleness to stakeholders, and commit to working navigate challenges, modify offerings, and be with the passion of a start-up, with an available to offer customers what they want. aim to make quality products available to people around the world. In a nutshell, what we have believed in all these years, got validated in FY21. Arguably one of the toughest years in global business, especially for discretionary spends, it saw us report our best numbers ever, increasing our retail revenues by 31% and free cash flows by over 50%. 2 Vaibhav Global Limited | 32nd Annual Report 2020-21 3 Who We Are Corporate Overview Statutory Reports Financial Statements CORPORATE IDENTITY Vaibhav Global FY21 Highlights Limited at a Glance Financial Social Established in 1980, Vaibhav Global Limited (VGL) is a ₹2,540 cr ₹272 cr 51 mn vertically integrated electronic retailer of fashion jewellery, Revenue Profit After Tax Meals provided since 28% y-o-y growth 43% y-o-y growth the inception of the one home, beauty, lifestyle, and essential products, offering a for one programme, deep-discount proposition to customers in the US and the rebranded as Your UK, and with prudent plans to expand to other geographies. ₹388 cr ₹268 cr Purchase Feeds EBITDA Free cash flow Our operating model is built on a stable and optimised 40% y-o-y growth 52% y-o-y growth cost structure and consistently improving revenues. This provides us with a strong operating leverage and enables competitive moat, robust margins, and high free cash flows. Operational Governance Through our two proprietary TV sales platforms – Shop LC in the US and Shop TJC in the UK, we reach nearly 104 million households. These channels together account for nearly 2/3rds of our revenue. 38% 27 50% Our web platforms, led by our website, contribute the y-o-y growth in unique Average pieces Independent rest. Our presence in online marketplaces and social customers crossing the purchased per Directors on Board commerce platforms further expand our reach. half million milestone customer (30 pieces Vision in FY20) Set up shop in Germany Be the Value Leader in #65 through Shop LC GmbH, ~98% # Electronic Retailing of Jewellery Rank in Fortune India’s Germany, in March 2021 . Board meeting attendance and Lifestyle Products Next 500 across Directors Mission To deliver one million meals per Best Governed Environment day to children in need by ‘FY31’ Company through our one for one meal Award at ICSI National program : Your Purchase Feeds 1,100 3.23 mw Awards for Excellence in Trees planted in FY21 Solar power capacity Corporate Governance Core Values 0.45 mw commissioned in LEED Platinum May 2021 certification by USGBC Team Work Passion Honesty Positive Attitude Commitment At our SEZ Unit, Jaipur #Expected to be operational by Q2 FY22 4 Vaibhav Global Limited | 32nd Annual Report 2020-21 5 Who We Are Corporate Overview Statutory Reports Financial Statements GROWING FOOTPRINT Retail Markets in State-of-the-art Global Reach Which We Operate Sustainable Manufacturing Units Primary markets Expansion Plans • Foray into Germany and Operations (Shop LC – GmbH) with the formation of Consumer requirements are seldom static creating the need for us to the Company in March astutely cater to evolving consumer needs in advanced retail markets USA UK 2021. Operations are India China (Shop LC) (Shop TJC) expected to commence such as the US and the UK. Our inventory is constantly upgrading, and in Q2 FY22. our teams are proactively identifying the best products and raw materials leveraging our global sourcing network spread across 30+ countries. Markets Where We Majorly The true hallmark of an agile organisation is its ability to be ahead of Operate Through Marketplaces customer requirements, and at VGL, we work hard to sense and cater to emerging customer demands in advance. Canada Japan Germany Global Sourcing Providing a Competitive Edge Countries we source from: 6 1. India 17. U K 2. China 18. Mozambique 17 19 22 3. Thailand 19. Germany 28 4. Indonesia 20. Italy 16 20 5. Tanzania 21. Turkey 21 25 6. Russia 22. Poland 2 12 7. Morocco 23. Singapore 7 29 32 24 8. Myanmar 24. UAE 1 26 30 8 9. Madagascar 25. Japan 13 3 10. Bolivia 26. Bangladesh 27 23 11. Kenya 27. Philippines 14 11 15 4 12. South Korea 28. Czech Republic 10 5 13. Vietnam 29. Nepal 14. Brazil 30. Taiwan 9 18 15. Sri Lanka 31. Australia 31 16. USA 32. Bhutan 6 Vaibhav Global Limited | 32nd Annual Report 2020-21 7 Who We Are Corporate Overview Statutory Reports Financial Statements PLATFORMS Mobile app on App store and Google Play Robust Omni-channel US UK Proprietary • Shop LC • TJC web platform US UK • shoplc.com • tjc.co.uk Presence Marketplaces It is evident that consumer attention is constantly shifting. Thus, as a US UK successful e-tailer we are investing in an omni-channel presence to OTT platforms • Amazon (FBA) • Amazon • Google Marketplace (FBA) further strengthen our proprietary television, web, and mobile platforms. US UK • eBay • eBay • Walmart • Fruugo We are leveraging third-party platforms and social media to create a • Amazon Fire TV • Roku TV • Overstock • Etsy • Android TV • Facebook Live • Zulily • Wayfair superior recall value and offer our customers the convenience to shop • Apple TV • YouTube Live • Wish • Samsung Smart TV • Apple TV what they want, where they want and when they want it, irrespective of • LG smart TV • Roku TV the chosen medium. • Xumo • Vizio • Facebook Live • YouTube Live Social retail of targated product US UK • Instagram • Instagram • Facebook • Facebook Digital experience Proprietary TV • Pinterest platform in the US • YouTube Web US UK • Snapchat • Pimcore • Shop LC • TJC Targeted behavioural • ‘TJC Beauty’ marketing Live TV TV US UK US UK • IBM Unica • IBM Unica • Medallia • Shop LC • TJC livestream on livestream on shoplc.com tjc.co.uk • YouTube • YouTube • Facebook • Facebook UGC and influencer • Amazon Live marketing platform US UK • Pixlee • Pixlee • TVPage • Mavrck 8 Vaibhav Global Limited | 32nd Annual Report 2020-21 9 Who We Are Corporate Overview Statutory Reports Financial Statements VALUE PROPOSITION There's Something in it for Everyone At VGL, we are relentlessly working towards the mission of achieving organisational sustainability by honoring stakeholders' interests and aspirations.
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