After its divorce from GCI Liberty Inc., Liberty Interactive Corp. is taking a new name: Qurate Retail Group.
Liberty will change its name after it splits with telecommunications company GSI Liberty, which is expected March 9, Liberty announced this week.
The following retail brands will operate under Qurate Retail Group: QVC, HSN, Zulily, Ballard Designs, Frontgate, Garnet Hill, Grandin Road and Improvements. Liberty acquired flash-sale women’s and children’s apparel retailer Zulily in 2015 for $2.4 billion, and it acquired online retailer and TV shopping network HSN in 2017 for $2.1 billion.
QVC Inc. CEO Mike George will become president and CEO of Qurate Retail Group. Liberty Interactive CEO Greg Maffei will become chairman.
Combined, Qurate will have 23 million customers and 27,000 employees in the U.S., the U.K., Germany, Japan, Italy, France, Poland and China.
Zulily co-founder Darrell Cavens will lead a new arm within Qurate called the New Ventures Team, which will be “focused on developing inventive retail concepts and looking beyond the organization’s current business for additional growth opportunities,” the retailer says.
Liberty also reported its 2017 fourth quarter earnings ended Dec. 31 this week. QVC generated $1.49 billion in e-commerce revenue, a 12.0% increase from $1.33 billion Q4 2016. E-commerce sales represent 52.9% of QVC’s total revenue in Q4 2017, up from 50.1%. Total Q4 revenue, including TV sales, increased 6.0% to reach $2.82 billion up from $2.66 billion.
For the year, QVC generated $4.37 billion in e-commerce sales, a 7.9% increase from $4.05 billion in 2016. E-commerce represented 49.8% of revenue in 2017 compared with 46.6% in 2016. Total QVC sales, including TV sales, increased 1.0% in 2017 to $8.77 billion, up from $8.68 billion in 2016.
HSN reported $343 million in e-commerce revenue in Q4 2017, a 6.5% decrease from $367 million in Q4 2016. Total HSN sales for the quarter, which includes TV sales, decreased 7.6% to $712 million from $771 million.
For the year, HSN’s e-commerce revenue decreased 1.8% to $1.10 billion in 2017 from $1.12 billion in 2016. E-commerce sales were 46.9% of revenue in 2017 compared with 45.1% in 2016. Overall, HSN sales, which includes TV sales, decreased 5.6% year over year to $2.34 billion from $2.48 billion.
QVC Group is No. 7 in the Internet Retailer 2017 Top 1000.