Regent, a Los Angeles-based investment firm with expertise in the retail and apparel sectors, has acquired Zulily, from Qurate Retail, the companies announced in a joint statement.
Zulily was a wholly owned Qurate Retail subsidiary and the company noted that the divestiture aligns with its Project Athens transformation strategy to optimize the brand portfolio.
Regent is a global investment firm that owns and operates several international consumer brands including Club Monaco, DIM Paris, La Senza, Escada and DiamondBack.
“Zulily serves an important role for moms by offering a fun shopping experience, with brand names and special finds at incredible prices,” said David Rawlinson, Qurate Retail president and CEO. “We are confident Regent is the right partner for Zulily to continue serving its customers while benefiting from Regent’s depth of operational and strategic expertise in the retail and apparel sectors. We are in the midst of a turnaround at Qurate Retail. This divestiture will allow our management team to better focus on our core video commerce assets, QVC and HSN, and the Cornerstone Brands while preserving liquidity to further strengthen our balance sheet.”
Michael Reinstein, Regent chairman, added. “We are excited to partner with the Zulily team to help the company return to its entrepreneurial roots as an independent business. Zulily has been a trailblazer in using technology to create a compelling online customer experience. Their revolutionary logistics and fulfillment network has also set a new industry standard, and we are excited to leverage its immense potential to grow the Zulily business in new markets.”
