Evine Now Really Is The Invicta Network

We were on vaca in AZ when this blockbuster news broke about Evine. Home shoppers have often joked that Evine is the Invicta Network, but little did they know that it was actually going to happen.

Last week financially struggling Evine announced that a group of investors — including Eyal Lalo, CEO of Invicta Watch Group and Tim Peterman, former Evine COO and CFO — were buying $6 million of the network’s stock.

As part of the deal Invicta, a huge Evine vendor, has committed to invest an additional $25 million in product for the home shopping channel.

Peterman was also named Evine’s CEO.

There were a host of other changes detailed in the press release is below.

As former QVC host Steve Bryant pondered, it looks like Invicta got a real steal on Evine. Steve pointed out that there’s been talk that Amazon is looking to have a home shopping channel, and buying Evine would have given them a great base — distribution deals in place already, etc. And we are sure Jeff Bezos has a couple of million dollars he could have spent to buy Evine — that’s chump change to him.

Now we don’t know if you can expect to see even more Invicta watch segments on Evine, but we have the sneaking suspicion that you will.

Evine Secures Multi-Million Dollar Strategic Investment & Exclusivity Commitment from The Invicta Watch Group; Tim Peterman Returns as CEO
05/02/2019
Eyal Lalo, CEO of The Invicta Watch Group, joins Evine’s Board as Vice Chairman; Bob Rosenblatt remains on the Evine Board.

MINNEAPOLIS, May 02, 2019 (GLOBE NEWSWIRE) — Evine Live Inc. (NASDAQ:EVLV), a multiplatform interactive video and digital commerce company (evine.com), today announced as a part of its ongoing strategic alternatives review, the execution of several agreements with its largest and most tenured vendor, The Invicta Watch Group (“IWG”). Effective immediately, Evine has:

Sold $6 million of common stock at $0.75 per share, which was priced at a 97% premium to Evine’s closing stock price on the day prior to signing the purchase agreement, to investors (“Investors”) that include, among others, Eyal Lalo, CEO of IWG and Tim Peterman. The investors will also receive five-year warrants to purchase an aggregate of 3.5 million shares of common stock with an exercise price of $1.50 per share, a 295% premium to Evine’s closing stock price on the day prior to signing the purchase agreement;
Secured a $5 million increase in its vendor line for IWG’s family of brands, subject to adjustment from time to time;
Secured IWG’s commitment to invest an additional $25 million in product for Evine in 2019;
Secured a 5-year TV retailing exclusivity commitment from IWG;
Appointed Eyal Lalo, CEO of IWG, as Evine’s Vice Chairman, which is a board role designed to work closely with the CEO in the operations of the business;
Appointed Tim Peterman, Evine’s former COO & CFO, as its new CEO;
Appointed Michael Friedman, a long standing IWG partner, to Evine’s board; and
Announced that Bob Rosenblatt, Evine’s former CEO, will remain on Evine’s Board, where he will assist in the transition and continue to contribute to Evine’s strategy as a Board member.

Bob Rosenblatt, former CEO of Evine, said, “It is exciting to have Tim back to lead Evine on its continuing journey to profitability while utilizing his strong experience and relationships in interactive media and eCommerce to help us chart a compelling growth strategy. In addition, Eyal’s financial commitment as an investor and his leadership as Vice Chairman will help us accelerate our brand building opportunities and strengthen our balance sheet. I couldn’t be more excited as a board member and shareholder to have Tim and Eyal helping lead our organization into its next chapter.”

Tim Peterman, CEO of Evine, said, “I look forward to working with Bob and his team during a collaborative transition. We have a great company today, and I believe we have a very bright future. As Bob knows, our vision for the company remains fundamentally unchanged; I look forward to working with the team and the Board on new growth strategies and expect to have further details on such strategies in the near term.”

Eyal Lalo, Vice Chairman of Evine, said, “Fostering an entrepreneurial, fast-moving culture in which leaders and employees work to produce amazing results will be an important strategic priority for us. Tim and I look forward to playing a more active role in Evine’s future.”

In addition to Eyal Lalo and Michael Friedman joining the Board, Thomas Beers and Mark Holdsworth have resigned from the Board, effective today.

Landel Hobbs, Chairman of Evine, added, “Deepening our relationship with IWG adds value for both the company and its shareholders, especially as Evine continues to chart its course in the role of interactive video commerce in the future of retail, entertainment and media. In addition, Tim’s strong experience and relationships in interactive media and eCommerce will help us continue to chart a compelling growth strategy and the deep expertise that Eyal brings to the Board will further enhance our strategies and execution. On behalf of Evine and the Board, I would also like to express my deep gratitude to Bob Rosenblatt for his leadership during the last three years—we have been made stronger through his work and look forward to his continuing contributions as a member of the Board. Similarly, I extend our thanks to Thomas Beers and Mark Holdsworth for their dedicated and valuable service on our Board.”

Evine will grant performance stock units representing 680,000 shares of Evine common stock to Mr. Peterman on May 2, 2019, that were approved by the human resources and compensation committee of its Board as a material inducement to employment. The equity awards were approved in accordance with Nasdaq Listing Rule 5635(c)(4). The performance stock unit grant shall vest one-third upon the one year anniversary of the grant date, one-third when the per-share closing price of Evine’s common stock reaches or exceeds an average trading price of $2 for 20 consecutive trading days and Mr. Peterman has been continuously employed for at least one year from the grant date, and the remaining shares when the per-share closing price of Evine’s common stock reaches or exceeds an average trading price of $4 for 20 consecutive trading days and Mr. Peterman has been continuously employed for at least two years after the grant date, and shall otherwise be subject to the terms and conditions of the applicable award agreement.

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6 Responses to “Evine Now Really Is The Invicta Network”

  1. Betty Says:

    How terrible. Yes more watch shows. I will now only watch a few brands on Evine. Oh well. They come and they go. I don’t think this will last long.

  2. Judy Says:

    In my humble opinion I don’t think Bob Rosenblatt steered Evine in the right direction. Sadly it becomes more unwatchable as time goes by.

  3. Carrie W Says:

    I watch this channel less, and less, and less… Oh well….money saved for me!

  4. Heather Says:

    More Invicta! Oh, goody! Not. Evine had gotten a LITTLE better at giving air time to non-Invicta merchandise, but still, Invicta overload. Now, it will be worse.
    I am seriously going to download their program guide, or copy it, and that way I can watch only the vendors I like, which aren’t too many. I’m glad Nicky Butler is on there, and a few others. Otherwise, I could skip it altogether along with QVC, and HSN.
    I certainly hope this works to keep Evine going, because the viewers will be stuck with some boring shows. Hope it’s worth it!

  5. Queen Celeste Says:

    Interesting! As with others, it will mean watching less, probably a good thing. Sad though.

    By the way, there are some major reductions on fashions in the clearance section. Very broken sizes, but some great bargains to be had before the whole joint is watches and more watches!

  6. Betty Says:

    It started a few weeks ago. Next week there many watch shows 5 days 14 shows out the 7 days. The following week there are 6 days with 33 watch shows out of 7 days.

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