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Trusted Contributor
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Registered: ‎05-08-2012

For those of you interested, I just read that Evine is changing its name back to SHOP HQ - LOL. 

 

http://tcbmag.com/news/articles/2019/may/evine-live-is-out-shophq-returns

Trusted Contributor
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Registered: ‎03-09-2010

I started watching this channel around 2006 and it was then called Shop NBC.

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Registered: ‎07-27-2015

@nycgrl wrote:

For those of you interested, I just read that Evine is changing its name back to SHOP HQ - LOL. 

 

http://tcbmag.com/news/articles/2019/may/evine-live-is-out-shophq-returns


Read an article where they also cut executives and made some other internal changes. I hope that changing the name will come with a better business model. Only time will tell...hope the future changes are good for the company and customers.

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Registered: ‎06-27-2013

Eden Prairie-based Evine Live Inc. home shopping channel has been a troubled company for as long as anyone can remember. The company’s latest financial results – first quarter numbers released on Wednesday – won’t do much to change that perception.

 

The company’s sales for the quarter, which ended May 4, were $131.5 million – a steep 16 percent drop compared to the same period a year ago. Evine also reported a net loss of $21 million for the first quarter, significantly larger than the $3 million net loss in the first quarter of 2018.

 

 

“In terms of our first quarter, 2019 performance, there is no other way to say it – our performance was poor,” said Tim Peterman, Evine’s new CEO, in a statement. Peterman has only been CEO since May 2.

But beyond the numbers, Evine announced a lot of news.

 

  • The company is planning to drop the Evine name in the second quarter and replace with a brand that it previously used: ShopHQ. According to the company’s statement: “ShopHQ is easier to recognize for existing television retailing customers.” The company summarized customer response to the Evine name: “It was not positive.”
  • The company also announced eliminating $15 million in “annual overhead costs” by cutting 20 percent of its fulltime staffers and the “permanent elimination” of 11 senior executive positions.
  • Evine disclosed plans to launch a “Spanish language television shopping brand” called LaVenta in the first quarter of 2020. According to the company’s statement: “LaVenta will be produced in Miami by a standalone Latin management team.”
  • Evine plans to rebrand its existing Evine Too channel to Shop Bulldog, focused on “men’s merchandise and services,” in the fourth quarter of 2019.
  • Evine announced that Michael Porter, previously vice president of finance and investor relations, has become the company’s new CFO effective Tuesday. Porter replaces Diana Purcel, who had been named CFO in April 2018. Purcel had actually replaced Peterman as Evine’s CFO in his previous stint with the company.
  • The company hired Jean Sabatier to a new role: executive vice president and chief commerce officer. Sabatier previously worked for the company from 2008 to 2017. His first day in the new job was Tuesday.

 

The company’s stock last closed above a dollar per share on Nov. 27, 2018, at a price of $1.05 per share. The next day the stock plummeted 37 percent in response to the company’s third quarter 2018 earnings announcement. The stock closed at 45 cents per share on Tuesday and was nominally down slightly in Wednesday trading.

For fiscal year 2018, Evine reported $596.6 million in sales – down 8 percent from the year before – and a net loss of $22.2 million.

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The new chief executive, Tim Peterman, said the "Evine Live name had never resonated with customers."   No kidding - most of use could have told them it wouldn't.  He also said that, among other initiatives, ShopHQ would launch a men's shopping brand called Shop Bulldog. 

 

ShopHQ lost $21 million on the first quarter, compared to a $3 million loss a year ago. Peterman himself is a former CFO of the company and he's already been sharpening his pencils and eliminating senior executive positions.

Honored Contributor
Posts: 9,139
Registered: ‎04-16-2010

Eliminating so many executives is proof that it was definitely top heavy. Biggest expense is Mahogany Row.

 

I have always wondered why the name change to "EVINE"; does anyone know WHY they chose that name?

 

One of the things I hope they don't change is the high end quality that is offered as well as a limited quality of those items. IMHO, it makes them more unique and the vendor doesn't have to put a ton of money into making thousands of them which means a great price for us. 

Super Contributor
Posts: 252
Registered: ‎06-07-2010

If they would just sell more than watches!

Esteemed Contributor
Posts: 6,184
Registered: ‎10-03-2014

The name Evine didn't click with me.  The company needs to go HDTV on Comcast.  

 

IMO, it's production is not as classy as QVC and some of the show hosts are annoying, but it does carry some good brands. 

 

But, with 2018 7% sales down for HSN and only 2018 1.5% increase for QVC, something doesn't look good for home shopping.  All three have online shopping websites, so what's the problem?

 

Many legitimate reasons, shipping, products, etc have been discussed.  Could some of it be Amazon?  

 

 

 

 

Respected Contributor
Posts: 3,663
Registered: ‎03-11-2010

@newjersey wrote:

I started watching this channel around 2006 and it was then called Shop NBC.


 

 

When I first started shopping with this channel it was called Value Vision. That's been a looooong time ago. 😲   

Trusted Contributor
Posts: 1,428
Registered: ‎06-20-2015
@pupwhipped... I remember watching and buying from Value Vision also! I bought great 18K jewelry from Stefano I think during that era..😊