QVC Group (QVCGA) 27th Annual ICR Conference 2025 summary

Business overview and recent performance

• Operates a $10 billion top-line, high-volume retail business across the U.S., Japan, Italy, U.K., and Germany, with a focus on video-based shopping and e-commerce.

• Core demographic is women over 50, with brands including QVC, HSN, and several home and lifestyle brands.

• Achieved 200 million transactions and over 60 billion minutes of content viewed last year, blending entertainment and retail.

• 70%-80% of revenue is generated downstream of the video business, with $6 billion in e-commerce sales.

Project Athens and transformation

• Project Athens, launched in 2022 and concluded in November, targeted restoring profitability and cash flow.

• Realized $500 million in incremental profitability and $400 million in incremental free cash flow.

• Sold Zulily and executed a sale-leaseback to improve the balance sheet and reduce debt.

• Positioned for growth mode in 2025 and 2026 after transformation.

Strategic pivot and rebranding

• Announced a rebrand to "QVC Group" to focus on the main brand and simplify identity.

• Declared a shift to become a live social shopping company, leveraging celebrity relationships and content production.

• Plans to capitalize on the rapid growth of social shopping, especially as seen in Asia, and believes the U.S. market is now ready.

• Emphasizes end-to-end customer experience, including merchandising, distribution, and customer service, as a competitive advantage in social shopping.