QVC Parent to Buy zulily

Deal will unite two complementary retail brands
August 17, 2015David Gill

QVCENGLEWOOD, Colo.-Liberty Interactive Corp., parent company of QVC, has reached an agreement to acquire zulily, the flash-sale website.

The purchase price is $18.75 a share, and a Liberty Interactive statement said the deal values zulily at $2.4 billion. After the deal is closed, which is expected to happen in this year’s fourth quarter, QVC and zulily will operate as separate brands, with zulily remaining based in Seattle. The site’s current management team, led by Darrell Cavens as president and CEO, will remain in place.

In connection with the transaction, QVC President and CEO Mike George has been appointed to the executive committee of Liberty Interactive’s board of directors. Cavens will report to George.

Home décor is among the products zulily offers each day. The Liberty Interactive statement said the deal “will bring two highly complementary businesses under common ownership and further strengthen QVC’s leadership position in experiential, discovery driven shopping.”

“In zulily, we see a like-minded brand that shares our passion for discovering great products, for delivering honest value, and for building long term relationships with customers,” George said. “Our teams are committed to learning from and inspiring each other, and leveraging our platforms in new ways to accelerate growth, serve our customers better, and realize the full potential of both of these extraordinary brands.”

David GillDavid Gill | Senior Editor
dgill@hfnmag.com

David Gill covers home textiles, small electrics housewares, personal-care products, cleaning products, mattresses, consumer electronics and major appliances. He also reports on retailers and writes about the business and financial side of both vendors and retailers. He has more than 30 years of experience in business journalism, and has worked for other publications and websites that cover consumer products from both the manufacturer and retailer sides. His outside interests include sports (he is a big fan of the New York teams and of British soccer), cooking, movies and theater. He occasionally enjoys a good cigar as well.

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