May 24, 2023 05:00 PM Eastern Daylight Time
ENGLEWOOD, Colo.--(BUSINESS WIRE)--Qurate Retail, Inc. (“Qurate Retail”) (Nasdaq: QRTEA, QRTEB, QRTEP) today announced that Regent (“Regent”), a Los Angeles-based investment firm with proven expertise in the retail and apparel sectors, has acquired Zulily, the online retailer delivering a fun shopping experience helping moms discover exclusive daily deals, brand names and on-trend styles, and everyday value on clothing, footwear, homeware essentials and more. Zulily was a wholly owned subsidiary of Qurate Retail, the largest player in video commerce through its QVC and HSN businesses and the owner of Cornerstone Brands. The divestiture aligns with Qurate Retail’s Project Athens transformation strategy articulated in June 2022 to optimize its brand portfolio.
“Zulily serves an important role for moms by offering a fun shopping experience, with brand names and special finds at incredible prices. We are confident Regent is the right partner for Zulily to continue serving its customers, while benefiting from Regent’s depth of operational and strategic expertise in the retail and apparel sectors,” said David Rawlinson, President & CEO of Qurate Retail. “We are in the midst of a turnaround at Qurate Retail. This divestiture will allow our management team to better focus on our core video commerce assets, QVC and HSN, and the Cornerstone Brands, while preserving liquidity to further strengthen our balance sheet. I would like to thank Terry Boyle and the entire Zulily team for their continued hard work and commitment amidst a challenging retail environment.”