QVC Enters China With Stake in New Home Shopping Co. Channel
Parent company Liberty Interactive will buy 49% of China National Radio's existing commerce channel.
QVC is set to get a foothold in the world's fastest growing major economy.
Liberty Interactive Corp. will acquire a 49% stake in China National Radio's TV shopping channel and develop it into the Home Shopping Co., the Wall Street Journal reports. The channel already reaches 35 million households, and Liberty hopes to expand that to the 195 million Chinese homes that have digital cable.
By comparison, QVC's TV channel reaches 100 million homes in the United States; their website sells products, as well. In 2011, domestic e-commerce sales went up 26% for QVC to $2.6 billion, while overall sales for the worldwide network hit $8.26 billion, a 6% bump.
International sales are already a big part of QVC's business; combined, Japanese and German QVC sales reached $1 billion last year.
Celebrity lines have become a big part of the network's success, as the Kardashians and Nicole Richie, amongst others, tout clothing on television and red carpet appearances.