Information contained on this page is provided by an independent third-party content provider. Frankly and this Site make no warranties or representations in connection therewith. If you are affiliated with this page and would like it removed please contact firstname.lastname@example.org
SOURCE QVC, Inc.
Combined Global Group to Be No. 3 Multi-Category eCommerce Retailer and Mobile Retailer
WEST CHESTER, Pa., Oct. 12, 2017 /PRNewswire/ -- Today, QVC, Inc. President and CEO Mike George announced plans for a new organizational structure and senior executive team for the QVC Group, to be effective once Liberty Interactive Corporation ("Liberty Interactive") (Nasdaq: QVCA, QVCB, LVNTA, LVNTB) completes its previously announced acquisition of HSN, Inc. (HSNi) (Nasdaq: HSNi), which is expected later this year.
"Our new group will bring together QVC, HSN, zulily and the Cornerstone brands to create a premier global retailer with extraordinary reach and unlimited potential," George said. "Together, we will define a new generation of shopping that combines commerce, content, and multi-platform engagement to change the way She shops – all the while retaining the uniqueness of our well-known brands and continuing to build on our distinctive legacies."
"The new QVC Group will generate $14 billion in annual revenue(1) and will serve 23 million customers(2) worldwide. And while we can't be defined by a single platform, we are notably the #3 multi-category e-commerce retailer in North America and the #3 multi-category mobile retailer in the US."
The combined group will broadcast 17 networks into more than 360 million homes in nine countries, attract 2 billion annual visits to our global websites, handle over 180 million customer contacts annually, and ship over 320 million packages annually.
To deliver value to its team members, customers, communities, vendor partners and shareholders, the new structure and leadership team will enable the QVC Group to develop highly engaging, curated, and discovery-based shopping experiences and extend those experiences across all the digital and media platforms relevant to today's and tomorrow's consumer. Additionally, we will launch a New Ventures division, which will be led by zulily cofounder and CEO Darrell Cavens, to imagine and develop new forms of discovery-based shopping.
The combined group will consist of five business units and eight global functions:
"These are strong, seasoned executives, drawn from across our businesses, with deep expertise in their respective disciplines and in retail," George said.
"I'd like to acknowledge and thank Bill Brand, Rod Little, and Judy Schmeling, who comprise the Office of the Chief Executive at HSNi, who will be stepping down post the transaction closing. They have steered the company well through the changes of the last several months and have been a trusted sounding board to me and our other leaders as we plan for the future. Each has made extraordinary contributions to HSNi, building the company into one of the premier lifestyle retailers. I'm grateful for all their support and look forward to working with them in the coming months to ensure a smooth transition."
Until the transaction closes, all leaders at HSNi, QVC, and zulily will continue in their current roles, and QVC and HSNi will continue to operate as separate companies.
LTM as of Q1-17
Represents total customers across consolidated QVC, zulily, HSNi. Includes some amount of QVC US and HSN customer overlap
QVC's joint venture in China is not included in QVC consolidated or QVC International results
QVC combines the best of retail, media and social to create the most engaging shopping experience, one that exceeds the expectations of everyone we touch by delivering the joy of discovery through the power of relationships. Every day, in nine countries and counting, QVC engages millions of shoppers in a journey of discovery through an ever-changing collection of familiar brands and fresh new products, from home and fashion to beauty, electronics and jewelry. Along the way, we connect with shoppers via live dialog, engaging stories, interesting personalities and award-winning customer service. Based in West Chester, Pa. and founded in 1986, QVC has more than 17,000 employees and has retail operations in the U.S., Japan, Germany, United Kingdom, Italy, France, and through a joint venture in China. Worldwide, QVC engages shoppers via 15 broadcast networks reaching more than 360 million homes, seven websites, and 195 social pages. Visit corporate.qvc.com to learn more.
QVC is a wholly owned subsidiary of Liberty Interactive Corporation and is attributed to the QVC Group tracking stock (NASDAQ: QVCA, QVCB). Liberty Interactive's QVC Group also includes zulily, a digital retailer obsessed with bringing customers special finds every day at incredible prices. zulily has been a wholly-owned subsidiary of Liberty Interactive Corporation since October 2015. zulily features an ever-changing, always delightful collection of clothing, home décor, toys, gifts and more––for the whole family. Unique products from up-and-coming brands are featured alongside favorites from top brands, giving customers something new to discover each morning. Launched in 2010, zulily is headquartered in Seattle. Among mass merchants, the combined QVC Group (including QVC and zulily) is the #3 mobile retailer in the U.S., the #8 mobile retailer globally, and the #3 ecommerce player in North America, according to Internet Retailer. QVC, Q, and the Q Ribbon Logo are registered service marks of ER Marks, Inc. For more information on Liberty Interactive Corporation, visit www.libertyinteractive.com.
This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about the proposed acquisition (the "HSNi acquisition") of HSNi by Liberty Interactive, including those about timing and expected benefits of the HSNi acquisition and organizational structure and senior executive team changes, and other matters that are not historical facts. These forward-looking statements involve many risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements, including, without limitation, the satisfaction of conditions to the HSNi acquisition. These forward-looking statements speak only as of the date of this press release, and QVC and Liberty Interactive each expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in QVC's or Liberty Interactive's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. Please refer to the publicly filed documents of QVC and Liberty Interactive, including the most recent Forms 10-K and 10-Q, for additional information about QVC and Liberty Interactive and about the risks and uncertainties related to QVC's and Liberty Interactive's businesses which may affect the statements made in this press release.
Nothing in this press release shall constitute a solicitation to buy or an offer to sell shares of HSNi common stock or any of Liberty Interactive's tracking stocks. Liberty Interactive stockholders, HSNi stockholders and other investors are urged to read the registration statement and the proxy statement/prospectus regarding the HSNi acquisition (a preliminary filing of which has been made with the SEC) and any other relevant documents filed with the SEC, as well as any amendments or supplements to those documents, because they contain important information about the HSNi acquisition. Copies of these SEC filings are available free of charge at the SEC's website (http://www.sec.gov). Copies of the filings together with the materials incorporated by reference therein are also available, without charge, by directing a request to Liberty Interactive Corporation, 12300 Liberty Boulevard, Englewood, Colorado 80112, Attention: Investor Relations, Telephone: (720) 875-5420. HSNi investors can access additional information on HSNi's website at http://www.hsni.com or by contacting HSNi's Investor Relations Department at HSN, Inc., 1 HSN Drive, St. Petersburg, Florida 33729, Attention Investor Relations, Telephone: (727) 872-1000, email: email@example.com.
©2017 PR Newswire. All Rights Reserved.