Qurate Retail Group, the parent company of West Chester-based QVC, will rebrand as QVC Group as it shifts focus to social media and livestreaming, writes Jeff Blumenthal for the Philadelphia Business Journal.
The company plans on changing its name in the first quarter of 2025 to strengthen the equity of its flagship brand. The move will also mark the transition from Project Athens, the company’s turnaround plan, and into growth mode.
“Live social shopping is a natural evolution for us,” said Qurate Retail CEO David Rawlinson. “We have always been live on television, and our programming has always had this deep human and social component. Our customers are spending dramatically more time on social media, and that is increasingly where they are finding inspiration and shopping.”
The company has a goal of reaching more than $1.5 billion run-rate revenue for its streaming and social segments within three years, while also maintaining stable operating income before depreciation and amortization. The metric measures a company’s core profitability for a specific period.
Qurate reported revenue of $10.92 billion for the past year, which is a 10 percent decrease compared to the previous year.
Read more about Qurate rebranding to QVC Group in the Philadelphia Business Journal.
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