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QVC exits France to refocus on other markets

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Staff Writer | Tuesday March 12, 2019 4:50AM ET
QVC
Europe   QVC will be able to better allocate its annual investment in France

Qurate Retail Group, which includes the QVC brand, announced today that it will cease operations of its television network and digital platforms in France, effective March 13, 2019 at 2 p.m. local time.


As a result of this decision, QVC will be able to better allocate its annual investment in France into other markets to drive sustainable organic growth.

Further, many corporate functions within QVC are shared across the European markets, and the company believes that this action will allow the teams to better focus on other existing markets.

In the fourth quarter of 2018, Qurate Retail which includes QVC, recognized charges of approximately $13 million, of which $9 million was for severance and was excluded from Adjusted OIBDA, and $4 million was for inventory obsolescence and affected Adjusted OIBDA.

The company expects to incur additional costs in 2019.

One hundred and fifty-four team members at QVC France will be impacted by the closure.

Consistent with business practices and social policy in France, QVC France has completed the applicable consultation and regulatory approval processes, and appropriate steps are being taken to provide assistance and resources for the team members' transition.

QVC customers in France will still be able to shop with QVC through its QVC UK and QVC Germany commerce platforms.

Outside of the US and France, QVC serves approximately 4.6 million customers in Germany and Austria, Italy, Japan, and the United Kingdom and Ireland.

QVC also serves customers through a joint venture in China.

 

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