It is located in Marin County, California.
QVC Parent to Buy HSN in $2.6B Deal
Liberty Interactive is acquiring the 62 percent of HSN Inc. that it doesn’t already own.
Englewood, Colo.--QVC parent company Liberty Interactive Corp. announced Thursday that it is buying out rival home shopping network HSN Inc. in a deal valued at $2.6 billion.
Liberty Interactive already owns 38.2 percent of HSNi. Under the terms of the agreement, it will acquire the remaining 61.8 percent stake, making HSN a wholly owned subsidiary.
The long-talked-about merger brings together two rivals in the home shopping arena that sell a combined $800 million-plus in jewelry and watches annually, according to National Jeweler’s latest State of the Majors report.
And it comes at a time when the home shopping networks, like many brick-and-mortar retailers, are struggling to compete with online players like Amazon.
“There’s so much change going on in retailing, and by combining forces our ability to serve the customers at that much higher a level, to create new digital platforms, new interactive television platforms (improves),” QVC Inc. President and CEO Mike George said on MSNBC Thursday. “Now we join forces, and we compete that much more strongly in the broader retail marketplace.”
The QVC-HSN merger is an all-stock transaction; HSNi shareholders will receive 1.65 shares of QVC Group common stock for each share of HSNi stock that they own.
Also later this year, Liberty Interactive will spin off QVC and flash-sale site Zulily, which it acquired in 2015, to form the QVC Group Inc. HSNi will become part of the group. HSNi includes HSN (the Home Shopping Network) and Cornerstone, which is comprised of home and lifestyle brands Ballard Designs, Frontgate, Garnet Hill, Grandin Road and Improvements.
Even after the merger is complete, HSNi will remain headquartered in St. Petersburg, Florida, but be headed by George, who works out of QVC’s headquarters in West Chester, Pennsylvania. HSN has been without a CEO since Mindy Grossman left the company in late May.
Both QVC and HSN were on National Jeweler’s 2016 list of $100 Million Supersellers. QVC ranked No. 11 with an estimated $626 million in watch and jewelry sales in 2015, while HSN Inc. was at No. 26 with an estimated $214 million in sales.
According to a presentation the companies made to shareholders on Thursday, jewelry currently accounts for a nearly equal percentage of the product offerings
The Latest
Concerns about rising prices, politics, and global conflicts continue to dampen consumer outlook.
May’s birthstone is beloved for its rich green hue and its versatility.
Meet Ben Claus—grand prize winner of For the Love of Jewelers 2023 Fall Design Challenge.
Jacqui Larsson joins Opsydia with nearly two decades of experience in the industry.
Last month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
The “Tiffany Céleste” collection reimagines designer Jean Schlumberger’s interpretations of the universe.
With Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
It’s the second year for the event, slated to take place in October in Toronto.
Supplier Spotlight Sponsored by GIA
Sales will be paused while the relocation takes place over the next few months.
“SIS x MISA Denim and Diamonds” is a collaboration between the designer and celebrity stylist Misa Hylton.
The retailer is moving to a newly designed space in the same shopping center.
Gifts that are unique and thoughtful are top of mind this year, according to the annual survey.
The necklace is featured in the brand’s “Rebel Heart” campaign starring Adam Levine and Behati Prinsloo.
The two organizations will host a joint event, “Converge,” in September 2025.
Big changes appear to be on the horizon for the diamond miner and its parent company, Anglo American.
Padis succeeds Lisa Bridge, marking the first time the organization has had two women board presidents in a row.
Jesse Cole, founder of Fans First Entertainment, shared the “five Es” of building a fan base during his AGS Conclave keynote.
The Royal Oak Perpetual Calendar "John Mayer" was celebrated at a star-studded party in LA last week.
The announcement came as the company reported a 23 percent drop in production in Q1.
The three-time Pro Bowler continues to partner with the retailer, donating to a Detroit nonprofit and giving watches to fans.
A double-digit drop in the number of in-store crimes was offset by a jump in off-premises attacks, JSA’s 2023 crime report shows.
Inspired by the Roman goddess of love, the designer looked to the sea for her new collection.
The luxury titan posted declining sales, weighed down by Gucci’s poor performance.
The selected nine organizations have outlined their plans for the funds.
The mining company’s Diavik Diamond Mine lost four employees in a plane crash in January.