ShopNBC is now ShopHQ
Minneapolis--With its current licensing agreement with NBC Universal set to expire in January, multimedia retailer ShopNBC announced Wednesday that it has rebranded as “ShopHQ.”
The new name and logo were visible beginning Thursday on TV, online, mobile and social media alongside the old ShopNBC logo, with a gradual transition to the new brand and Internet URL to take place over the balance of the fiscal year.
ValueVision Media Inc. has been operating under the ShopNBC brand since June 2001. Its current licensing agreement with NBC Universal expires on Jan. 31, 2014. The agreement costs ShopNBC $4 million a year.
Back in 2010, the multimedia retailer was exploring the possibility of rebranding, abandoning the NBC name and the network’s iconic peacock logo, but those plans never came to fruition.
ValueVision CEO Keith Stewart said that now was the “right time” for the company to branch out and establish its own brand.
The company hired branding and design firm Landor Associates to help to conduct consumer research to come up with a new name and logo, which the it said was created to leverage the core identity of “Shop” and “layers on simplicity, comfort and strength.”
The company’s new tagline is “Your Headquarters For All Things Shop.”
Also on Wednesday, ShopNBC reported its financial results for the first quarter ended May 4. Net sales increased 11 percent, from $136.5 million to $151.4 million. Net income swung from a loss of $8.7 million to a profit of $1.0 million.
Internet sales as a percentage of net sales remained relatively flat at 46 percent. The average price point slipped 2 percent, from $95 to $93.
“We have extended our positive momentum for 2012 with continued improvement in our product diversity, customer growth and customer service metrics,” Stewart said. “Although we are encouraged by this performance, there is still plenty of work ahead of us. Key areas of focus remain executing our merchandise strategy, enhancing the customer experience and improving the efficient of our operations.”