QVC which entered into a definitive agreement to acquire zulily, Inc. for a consideration of around $2.4 billion in August, is now close to completing the transaction. This would see zulily join the QVC Group at a cost to QVC of circa US $2.4 billion.
zulily was founded in 2010 and has become a destination brand for millions of millennial customers and was one of the few retailers ever to achieve sales of US $1 billion net sales in five years. The brand serves young mothers with apparel for themselves and their children, home decor lines, accessories, toys and gifts. Together the QVC and zulily platforms represent annual revenues of more than $10 billion and 230 million units shipped globally to 19 million customers in 85 countries.
Following the close of the transaction, QVC and zulily will operate under a new management structure that enables each company to remain focused on its respective business, yet facilitates close collaboration to drive benefits across the combined organisation. zulily’s president and CEO, Darrell Cavens, will continue to lead the business, and the rest of zulily’s senior management team will remain in place.
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