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Here are 1-2 brief analogies to describe QVC (QVCGA):

• Amazon for television shopping
• TikTok Shop for traditional television

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• Beauty & Wellness: Offers a diverse range of cosmetics, skincare, fragrances, and personal care items.
• Fashion & Accessories: Provides apparel, footwear, handbags, and various fashion accessories.
• Jewelry: Sells an extensive collection of fine and fashion jewelry, including watches.
• Home Goods & Electronics: Features home decor, kitchenware, small appliances, and consumer electronics.
• Food & Culinary: Includes gourmet foods, specialty snacks, and cooking essentials.

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David Rawlinson II, President and Chief Executive Officer

David Rawlinson II became President and CEO of QVC Group, Inc., on October 1, 2021. In this position, he leads six retail brands: QVC®, HSN®, Ballard Designs®, Frontgate®, Garnet Hill®, and Grandin Road®. Before joining QVC Group, Rawlinson served as CEO of NielsenIQ, where he guided the company through a transition to new ownership. Prior to that, he was President of Grainger Global Online, a division of W.W. Grainger, Inc., which experienced double-digit growth annually under his leadership. Rawlinson also held executive roles with ITT Exelis and served as a White House Fellow, holding appointed positions under Presidents George W. Bush and Barack Obama, including Senior Advisor for Economic Policy with the White House National Economic Council. He serves on the boards of directors for QVC Group, Inc., Discover Financial Services, NielsenIQ, and the National Retail Federation, and previously served on the board of MonotaRO Co. Ltd.

Bill Wafford, Chief Administrative Officer & Chief Financial Officer

Bill Wafford was named Chief Administrative Officer and Chief Financial Officer of QVC Group in April 2024, after joining as CFO in March 2023. He is responsible for the company's Transformation office and global financial activities, including Tax, Controllership, Internal Audit, Financial Communications, Financial Planning, and Treasury. Wafford brings over 25 years of experience in corporate finance, management consulting, and executive leadership within retail, consumer goods, and digital commerce. Prior to QVC Group, he served as CFO at Everlane, JCPenney (from 2019 to 2021), and The Vitamin Shoppe. He was also a partner in the advisory practice group at KPMG and held various executive roles with Walgreens Boots Alliance and Target. Wafford is also a board member and chairman of the audit committee for Jushi Holdings Inc.

Gregory B. Maffei, Executive Chairman

Gregory B. Maffei serves as the Executive Chairman of QVC Group, Inc. He also holds chairman positions at Live Nation Entertainment, SiriusXM, and Tripadvisor, and is a Director of Charter Communications and Zillow. Before joining Liberty in 2005, Maffei was Co-President of Oracle, Chairman and CEO of 360networks, and CFO of Microsoft. He has also served as a Director for companies such as Barnes & Noble, Citrix, DIRECTV, Electronic Arts, and Starbucks, and was Chairman of Expedia and Starz.

Mike Fitzharris, President, QVC US Brand & Chief Operating Officer, QVC Group

Mike Fitzharris is the President of the QVC US Brand and Chief Operating Officer of QVC Group.

Eve DelSoldo, Executive VP & General Counsel

Eve DelSoldo was named General Counsel for QVC Group in August 2023. In this role, she oversees the company's Legal shared services department, which includes advertising compliance, transactional matters, regulatory compliance, intellectual property, litigation, labor & employment, international legal affairs, government affairs, and privacy, ethics & compliance teams.

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1. Declining Business Performance and Shifting Consumer Habits: QVC's core business has been experiencing a steady decline in revenue and a shrinking customer base for several years. This is largely due to secular headwinds and digital disruption, as consumers increasingly shift from traditional TV viewership to streaming and e-commerce platforms. The company has struggled to offset the collapse in traditional TV viewership with its digital initiatives.
2. Precarious Debt Situation and Weakening Financial Health: The company's financial health is rated as poor, with a high level of leverage and deteriorating free cash flow. QVC has accumulated approximately $4.8 billion in net debt, with leverage ratios approaching covenant thresholds. A critical risk is the refinancing of a $2.9 billion credit facility that matures in October 2026, which is reclassifying as current liabilities by October 2025. Some analyses indicate a potential risk of bankruptcy.
3. Exposure to Consumer Spending Trends and Economic Cycles: As a company in the retail sector, QVC is highly susceptible to broader consumer spending trends and economic cycles. Factors such as inflation, labor costs, and geopolitical uncertainties further exacerbate the challenges posed by its declining core business and financial instability.

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The rapid rise and expansion of social commerce platforms, particularly TikTok Shop, which offers live video shopping experiences directly competing with QVC's core business model. These platforms leverage influencer marketing, user-generated content, and sophisticated algorithms to engage digitally native audiences, providing a highly interactive and personalized shopping environment that directly challenges QVC's traditional broadcast and digital retail approach. This shift attracts consumer attention and purchasing power, especially from younger demographics, away from legacy video commerce channels.

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QVC (symbol: QVCGA), a subsidiary of Qurate Retail Group, operates a multiplatform retail business primarily through televised shopping programs, e-commerce websites, and mobile applications. Its main products encompass a wide range of consumer goods, including fashion, beauty, home items, electronics, and jewelry. The addressable markets for QVC's main products and services can be identified within the broader e-commerce and live commerce sectors.

Global Addressable Markets

• E-commerce Market: The global e-commerce market, which represents a significant portion of QVC's online sales channels, was estimated at USD 26.8 trillion in 2024. This market is projected to reach USD 214.5 trillion by 2033, exhibiting a compound annual growth rate (CAGR) of 25.83% from 2025 to 2033. Another estimate valued the global e-commerce market at USD 25.93 trillion in 2023, with projections to grow to USD 83.26 trillion by 2030 at a CAGR of 18.9% from 2024 to 2030.
• Live Commerce Market: This market segment closely aligns with QVC's video-driven commerce model, including its televised shopping programs. The global live commerce market size was estimated at USD 128.42 billion in 2024 and is projected to reach USD 2,469.06 billion by 2033, growing at a CAGR of 39.9% from 2025 to 2033.

U.S. Addressable Markets

• E-commerce Market: The United States e-commerce market represents a substantial regional opportunity for QVC. It reached approximately USD 1.11 trillion in 2024 and is projected to grow to USD 4.37 trillion by 2034, with a CAGR of 14.70% between 2025 and 2034.
• Live Commerce Market: The U.S. live shopping market is experiencing rapid growth. Livestream sales in the U.S. reached an estimated $50 billion in 2023 and are projected to hit $55 billion by 2026. Furthermore, U.S. livestream sales could touch up to US$680 billion by 2030, growing at a CAGR of 47% annually.

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QVC Group (NASDAQ: QVCGA) is focusing on several key initiatives to drive future revenue growth over the next 2-3 years, primarily centered around its "win-growth" transformation strategy. These drivers aim to counteract current declines in traditional sales channels by expanding into new, more dynamic areas.

Here are 3-5 expected drivers of future revenue growth:

1. Expansion of Social and Streaming Platforms: QVC is heavily investing in and expanding its presence on social and streaming platforms to reach new audiences and drive sales. Revenue attributed to social and streaming platforms is already seeing significant growth, helping to moderate overall revenue declines. For instance, in Q3 2025, revenue from social and streaming platforms grew 30% over the previous year, and in Q2 2025, it was approaching double-digits as a percentage of QxH total revenue. The company has signed a strategic agreement with TikTok for a 24/7 live shopping experience and launched QVC and HSN on Philo, a live TV streaming service.
2. New Customer Acquisition through Digital Channels: The focus on social and streaming is directly leading to the acquisition of new customers. QVC reported over 100,000 new customers through TikTok Shop alone in Q2 2025. This indicates that the strategy is effective in bringing in new buyers, which is crucial for future revenue expansion.
3. Diversification of Sourcing: To mitigate the impact of tariffs and stabilize its supply chain, QVC is actively diversifying its sourcing beyond China to other countries. While this is more of a cost and risk mitigation strategy, a more stable and diverse supply chain can indirectly support revenue growth by ensuring product availability and potentially improving product margins.
4. Strategic Investments in Technology and Operational Efficiency: QVC is making strategic investments in technology upgrades, including fulfillment and order management systems. The company is also streamlining operations, such as executing a global reorganization and transitioning technology support to managed services. These improvements in operational efficiency and technology infrastructure are intended to lower the cost structure and fund expansion onto new platforms, thereby supporting future revenue growth by enabling more efficient and broader reach.

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Share Repurchases

• The board authorized $500 million for Series A or Series B common stock repurchases in May 2019, followed by another $500 million authorization in August 2021.
• No repurchases of Series A or Series B common stock were made in 2024 or in the three months ended September 30, 2025.
• QVC Group has been restricted from repurchasing common shares since Q2 2022, due to its consolidated net debt/adjusted OIBDA exceeding the 3.5x covenant threshold.

Share Issuance

• A special dividend of 0.03 of a share of newly-created preferred stock per common share was distributed to shareholders in September 2020.
• In 2024, 229,022 shares of QVCGA were exchanged for an equivalent number of QVCGB shares related to a performance-based RSU award for the Executive Chairman.

Outbound Investments

• QVC Group divested Zulily on May 24, 2023, resulting in a recognized loss of $64 million.

Capital Expenditures

• Capital expenditures were $199 million in 2024 and $230 million in 2023.
• Expected capital expenditures for 2025 are anticipated to be $230 million.
• Primary focus of capital expenditures includes increasing throughput after the Rocky Mount fulfillment center fire and investing in new capabilities and operational efficiencies, particularly for social and streaming platforms.