Video: 3 lessons from QVC's approach to e-commerce
Liberty Interactive, owner of QVC, HSN, and other retail brands such as Zulily, will rename itself Qurate Retail Group. Mike George, CEO of QVC, will become CEO of Qurate.
Greg Maffei, currently CEO of Liberty Interactive, will become chairman of Qurate.
The name change will occur once Liberty Interactive spins off GCI Liberty.
Qurate will aim to further meld video commerce with mobile and e-commerce. Qurate's eight brands include QVC, HSN, Zulily, Ballard Designs, Frontgate, Garnet Hill, Grandin Road, and Improvements. Qurate's mission will be to provide a "third way to shop" beyond physical retail and e-commerce.
According to Qurate, it'll be No. 1 in video commerce with 370 million homes worldwide via its sites, apps, and television networks. The company will be No. 3 in e-commerce in North America and No. 3 in mobile commerce in the US.
The brands within Qurate will maintain their own distinct logos and experiences. The aim will be to curate unique products and provide consumer experiences behind mere transactions.
Qurate will have 23 million customers, 27,000 employees, and annual pro forma revenue of $14 billion.
On the innovation front, the company said it will form a new ventures team focused on "developing inventive retail concepts and looking beyond the organization's current business for additional growth opportunities."
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The aim with the AR experiment is to create an immersive dual-screen experience that brings shoppers closer to the network and the brands that sell within it.
The combined company will generate $7.5 billion in online sales and $4.7 billion in mobile sales, putting them behind only Amazon and Walmart.