QVC Group appoints new President and Chief Growth Officer

WEST CHESTER, Pa. - QVC Group, Inc. (NASDAQ: QVCGA, QVCGB, QVCGP), a global leader in live social shopping, has named Alex Wellen as the new President & Chief Growth Officer. Wellen, with over two decades of experience in digital media and product innovation, is set to spearhead growth strategies across the company’s various platforms, including U.S. social selling, streaming, and digital domains like qvc.com and hsn.com.

David Rawlinson II, President and CEO of QVC Group, Inc., emphasized the significance of Wellen’s role in driving the company’s ambition to become a preeminent live social shopping entity. Wellen’s track record of fostering growth through live experiences on diverse platforms, including social media, digital, and TV, positions him as a key figure in the company’s future trajectory.

Prior to joining QVC Group, Wellen served as CEO and President of MotorTrend Group and held senior leadership positions at Turner Broadcasting and CNN Worldwide. His appointment takes effect immediately, marking a strategic move by QVC Group to enhance its digital presence and capitalize on the evolving retail and media landscape. While the company’s stock has faced headwinds, InvestingPro analysts project a return to profitability this year, with several additional insights available to subscribers.

Wellen expressed enthusiasm for his new role, highlighting QVC and HSN’s legacy as trailblazers in live shopping and their potential to redefine consumer engagement across social and digital platforms. He praised the brands’ ability to connect with audiences through storytelling and expressed his privilege to join the team during this transformative period.

QVC Group is renowned for its innovative approach to shopping, offering video-driven commerce on an array of devices, including smartphones, tablets, laptops, and TVs. The company’s reach extends to over 200 million homes worldwide through 15 television channels and various digital platforms such as QVC+ and HSN+ streaming services, social media, websites, mobile apps, and print catalogs. InvestingPro’s comprehensive analysis indicates the company maintains a FAIR financial health score despite current market challenges, with detailed insights available in the Pro Research Report, part of the platform’s coverage of over 1,400 US equities.

The information for this article is based on a press release statement from QVC Group.

In other recent news, QVC Group Inc. reported a 6% decline in revenue for the fourth quarter of 2024, despite a 4% increase in full-year operating income before depreciation and amortization (OIBDA). The company also successfully reduced its debt by $442 million over the year. These developments come amidst ongoing challenges in the media sector, such as cord-cutting and shifts in consumer behavior, which have impacted QVC’s traditional business model. The company is focusing on social and streaming platforms, with plans to generate $1.5 billion in revenue from these channels within three years. Additionally, QVC Group aims to maintain double-digit OIBDA margins, with a targeted $100 million improvement by the end of 2025. Despite the revenue decline, QVC International performed well, with a 12% increase in adjusted OIBDA and notable growth in the German and UK markets. The company also announced a consolidation of its operations to enhance efficiency, including the closure of its St. Petersburg, Florida campus.

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