ENGLEWOOD, Colo. – On Dec. 29, QVC’s parent company, Liberty Interactive Corp., officially added its biggest rival – HSN – to its portfolio of online and catalog retail companies.
The deal – first announced in July – creates the third-largest e-commerce company in the U.S., behind only Amazon and Walmart. QVC and HSN together are projected to generate $14 billion in annual revenue.
St. Petersburg, Fla.-based HSN, no longer a publicly traded stock, also owns several retail brands, including Ballard Designs, Frontgate, Garnet Hill, Grandin Road and Improvements, organized under its Cornerstone division.
HSN Inc. will keeps its Florida headquarters, but Mike George, QVC's president and CEO, will oversee HSN. Mike Fitzharris, formerly chairman of QVC Japan, will be HSN's president and report to George. HSN board member Fiona Dias will join Liberty’s board.
In addition to QVC, Liberty also owns online retailer zulily through its QVC Group tracking-stock group. HSN Inc. (also known as HSNi) will be added to QVC Group.
Liberty currently includes QVC Group and a separate tracking-stock group, Liberty Ventures Group, which includes online party-invitation platform Evite as well as investments in FTD, Lending Tree, ILG, and Charter Communications.
Greg Maffei, Liberty Interactive’s president and CEO, says the deal will “enhance QVC’s position as the leading global video e-commerce retailer and provide meaningful synergies.”