QVC Inc. is teaming up with China National Radio in a joint venture to jointly operate a multimedia retailing business in China through the CNR Mall TV shopping channel and its e-commerce Web site.
The closing of the transaction is still awaiting approval from regulators in China, which is expected in the coming months. The joint venture, called CNR Home Shopping Co. Ltd., is structured with QVC holding a 49 percent stake, and will be based in Beijing.
The Chinese TV shopping channel and Web site, up since June 2010, will continue to be wholly owned by CNR. The channel is on air in 71 cities across 13 provinces in China, with a reach of 35 million homes and 500,000 members. QVC will provide brand and merchandise development, logistics, delivery, call center and other services to CNR Mall.
Mike George, QVC’s president and chief executive officer, said, “QVC has long recognized the great potential of having a retail presence in China. We are pleased to be able to enter this dynamic market with a strong partner. QVC’s track record of success in the United States, United Kingdom, Germany, Japan and Italy proves that our business model can thrive across many borders.”
According to QVC, the joint venture team will be led by a global group of executives from QVC and senior leaders from CNR Mall.
Paul Capelli, vice president for corporate communications at QVC, said, “QVC’s announcement today about our China joint venture will be truly transformational to our business. With the second largest economy in the world and a growing consumer class, there is extraordinary potential for QVC to grow our global operations and engage customers in China.”
QVC is a wholly owned subsidiary of Liberty Interactive Corp. and offers beauty, fashion and jewelry products to 195 million homes worldwide.
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