WEST CHESTER, PA — Qurate Retail Group, a part of Qurate Retail, Inc. (Nasdaq: QRTEA, QRTEB, QRTEP), has unveiled a strategic plan to rebrand itself as QVC Group and extend its reach into live social shopping. This shift aims to leverage the established brand equity of its flagship QVC brand and adapt to evolving consumer shopping habits.
David Rawlinson II, President and CEO of Qurate Retail, Inc., outlined the company’s ambitious growth strategy during the annual Investor Meeting in New York. The plan focuses on intensifying efforts in social and streaming platforms to attract rapidly growing audiences. “Our winning edge lies in our differentiated live content production, fit-for-purpose retail model, and holistic content distribution,” Rawlinson stated.
The company’s goal is to generate over $1.5 billion in revenue from streaming and social channels within three years while maintaining double-digit adjusted OIBDA margins. This plan builds on the success of the multiyear Project Athens initiative, which improved profitability despite challenging market conditions. Project Athens is expected to contribute over $500 million to adjusted OIBDA by the end of 2024.
QVC Group’s strategy centers around three main priorities:
- Wherever She Shops: The company plans to deliver live shopping content across all platforms where its audience spends time, including social media sites and streaming services. By leveraging creator partnerships and tailored content, QVC Group aims to capitalize on significant social media growth opportunities.
- Inspiring People and Products: Enhancing production capabilities to create engaging 24/7 live shopping content is a key focus. Content will be customized for various platforms, maintaining the unique voices of QVC and HSN.
- New Ways of Working: Emphasizing transparency, efficiency, and continuous improvement, QVC Group will build on the operational rigor developed through Project Athens to support growth and transformation efforts.
The rebranding to QVC Group, set for completion in early 2025, aims to solidify the company’s position as a leader in shoppable entertainment. “QVC is a globally well known, highly regarded brand with goodwill and trust built over decades,” Rawlinson emphasized, highlighting the brand’s strong foundation for future growth.
The company’s portfolio, including brands like HSN, Garnet Hill, and Frontgate, will remain intact, continuing their legacy of innovation and distinct value propositions in the retail space.
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