Posts Tagged ‘Tim Peterman’

Evine Drops Jane Fonda and LA Studio

July 15, 2019

Evine has had some disappointing news in the past few weeks, as first reported by the Minneapolis Star Tribune.

First, the No. 3 home shopping network has dropped its plans to feature a fitness clothing line frpm Jane Fonda. The actress remains a controversial figure because of her activities as “Hanoi Jane” during the Vietnam War, but we thought it was a gutsy move on Evine’s part to add her to its foster.

But Evine has a new honcho, and in an interview with the network’s hometown paper he said the deal with Fonda was dead.

http://www.startribune.com/eden-prairie-based-evine-nixes-deal-with-jane-fonda/512499362/

The new CEO, Tim Peterman, also said Evine decided to pulled the plug on the pact with Fonda after he closed down the network’s relatively new operation in Los Angeles. We were aware Evine had laid off a lot of staff in May, but don’t recall the channel saying it was getting out of LA.

We thought that LA studio/office was a brilliant move, one that would make it easier for the Minnesota shopping channel to attract vendors and talent and set it apart from QVC and HSN.

Home shopping veteran Steve Bryant has already blogged about these actions by Peterman being bonehead moves, and we could not agree more. At least Evine was trying to break out of the home shopping pack, but no so much anymore.

Evine continues to do on-location broadcasts, with one coming from Tucson, recently, for example. We enjoy those.

But why were the models in Arizona glad in cleavage-baring, tiny tops? We know it’s hot out there, but seriously? It raised our eyebrows more than a bit.

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Evine Sales Dive 16% in 1Q, Cans 11 Top Execs As Part of Blood Bath, Back To ShopHQ

May 30, 2019

We bet Evine is glad its first quarter is over. But the execs who got pink slips we’re sure are not happy. Oh, and the name is also going back to ShopHQ. And there’s going to be Shop Bulldog channel for men, and a new Spanish-language one, too.

It’s a lot to digest.

First of all, the No. 3 home shopping network saw its sales nosedive 16% in the first quarter, to $131.5 million versus the prior year. It also suffered a net loss of $21 million, compared to net loss of $3 million in the prior year.

New CEO Tim Peterman, who rejoined the company earlier this month, wasted no time wielding the ax. In one of the worst corporate-speak euphemisms we’ve ever heard, he called the network’s mass layoffs “a cost optimization event” that will eliminate $15 million in annual overhead costs.

“This event included a 20% reduction in non-variable workforce and the permanent elimination of the following 11 senior executive roles: EVP, Product Sourcing & Business Development; EVP, Managing Director of Brand Development; EVP, Chief Human Resources Officer; SVP, Chief Merchandising Officer; SVP, Chief Accounting Officer; VP, Site Merchandising & Customer Analytics; VP, Customer Operations; VP, GMM Home; VP, Planning; VP, Marketing; and VP, GMM Beauty,” Peterman said in a statement.

As for the name change, here we go again.

“In the second quarter, we are planning to change the name of the Evine network back to ShopHQ, which was the name of the network in 2014,” Peterman said. “ShopHQ is easier to recognize for existing television retailing customers, who spend over $9 billion annually with television retailers in U.S. We believe this more intuitive and recognizable name will allow us to better promote to our network and build our customer file again. Our conclusion from the review of the customer impact data related to the change to Evine in 2015, was that it was not positive.”

Peterman made no excuses for the network’s performance, since he wasn’t responsible for it.

“I am excited to rejoin Evine as its new CEO,” Peteman said. “Although we have only been working as a team again for less than a month, we have already identified the primary causes for Evine’s dramatic financial declines these last few quarters and begun to implement focused remediation actions.”

“In terms of our first quarter, 2019 performance, there is no other way to say it – our performance was poor.”

No sh-t.

“In fact, our performance over the past three quarters has significantly missed expectations, and we must perform better for our shareholders and employees,” Peterman said. “Our plan to reverse our recent negative financial trend is clear, exciting and already in motion.”

This has included hiring Jean Sabatier for the new post of executive vice president, chief commerce officer.

“This is an important change expected to re-establish operating fundamentals in pricing, merchandising, programming and planning,” Peterman said. “Jean rejoins the company after having served as SVP, Sales & Product Planning and Programming from 2008 to March 2017. Most recently, Jean has served as a planning and programming consultant in both Germany and Italy to HSE24, an omnichannel retailer.Prior to joining Evine in 2008, Jean spent 11 years at QVC.”

Peterman added, “We are optimizing the current merchandising mix to drive better customer engagement and immediately improve our merchandising margin and shipping margin. We expect this changed mix will lower our variable costs as a percentage of revenue. This is a cornerstone remediation effort that we anticipate will create an increase of 5% to 7% in the airtime mix of our strongest categories of jewelry, beauty, wellness and watches, and a corresponding decrease of 5% to 7% in the airtime mix of our lowest performing categories of home and fashion.”

Peterman also cited the $11 million in additional working capital it’s freceived via Invicta Watch Group investment transaction.

“We secured the services of Eyal Lalo, as our new vice chairman, and we expect he will help us reignite our vendor community with passion while also helping us find and launch new vendors to strengthen our product assortment in all of our merchandising categories,” Peterman said. “This is also a cornerstone of our remediation effort. In the last three years, Evine has not launched a single brand that has exceeded $10 million in annual revenues. Eyal is already making a difference for us in this area.”

Here’s the new interactive media game plan:

Using our “service fee” business model:

Expanding Evine’s existing 3PL service offering. In 2017, Evine launched its 3PL services business unit and signed its first customer, G-III Apparel Group, in 2018 with brands such as Karl Lagerfeld Paris, DKNY and G.H. Bass.

This year we expect to add customers and expand our service offering to provide a “one-stop commerce services offering” targeting brands interested in propelling their growth using our unique combination of assets in television, web and 3PL services. We will also seek to add services in the AdTech space monetized with advertising and fees.

Using our “advertising & eCommerce” business model:

Shop Bulldog: In Q4 of 2019, we expect to rebrand our existing Evine Too channel into a new omnichannel, television shopping brand called Shop Bulldog (“SB”) that will sell and advertise men’s merchandise and services, and the aspirational lifestyles associated with its brands and personalities.

Although SB will be produced in Minnesota at the corporate headquarters like our ShopHQ channel, SB will not be associated with ShopHQ from a branding and creative perspective. Our unfair advantage in executing this strategy is our existing strength in watches and male customers in television retailing.

LaVenta: In Q1 of 2020, we expect to launch a new omnichannel, Spanish language, television shopping brand centered on the Latin culture to sell and advertise merchandise, services and personalities, celebrating aspirational lifestyles.
LaVenta will be produced in Miami by a standalone Latin management team. We also have a compelling unfair advantage to build this new offering – the top three shopping categories in the Latin culture are beauty, watches and jewelry – our core strengths.

Evine Now Really Is The Invicta Network

May 7, 2019

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.

Evine Promotes Peterman To COO/CFO

June 9, 2017

Evine has promoted Tim Peterman to chief operating officer/ chief financial officer. He has served as CFO for the network since 2015.

Peterman joined Evine as CFO in 2015.

Prior to Evine, he spent 25 years in operations, interactive media and financial management for public companies such as Scripps Networks Interactive Inc., InteractiveCorp, Synacor and Sinclair Broadcast Group.

Peterman has a Bachelor of Science degree in accounting from the University of Kentucky and is a CPA who began his career at KPMG in Chicago.

“Tim’s contributions over the past two years have helped Evine create a solid foundation for profitable growth in the future,” Evine CEO Bob Rosenblatt said in a canned statement.

“His disciplined approach to strengthening our agendas in content distribution, customer solutions and fulfillment will further enhance our customer experience, and his focus on the balance sheet will pave the way for continued profitability improvement. By naming Tim as our Chief Operating Officer/Chief Financial Officer, we are investing in the future of Evine.”

Evine Live’s First-Quarter Sales Dip 1 Percent, To $158 Million

May 21, 2015

It wasn’t exactly a stellar first quarter for Evine Live.

The No. 3 home shopping network posted fiscal first-quarter earnings Wednesday, reporting that net sales were $158 million, down 1 percent compared with the same period last year.

http://hsprod.investis.com/site/irwizard/vvtv/ir.jsp?page=sec_item_new&ipage=10289530&DSEQ=&SEQ=&SQDESC=

That’s not a good showing compared to Evine Live’s rivals. QVC saw a 3 percent sales gain, to $1.3 billion in the first quarter, while HSN was up 10 percent, to $600.5 million.

Mark Bozek

Mark Bozek

And quite frankly, CEO Mark Bozek had a lot of ‘splaining to do, as Ricky Ricardo used to say in “I Love Lucy.” Bozek doth protest too much, as far as we’re concerned.

This is straight from Evine Live’s press release, from Bozek:

“While we hoped to deliver top line growth of at least 3 percent, several factors including a lower than ideal average selling price in watches, discounting excess textiles inventory on-air and lower shipping revenues worked against us. These factors also contributed to the decrease in our adjusted EBITDA to $2 million.

On the other hand, we’ve launched over a dozen proprietary brands since the beginning of the year, and our new brands are being well received and are driving higher sales per minute than our legacy product.

In addition, our Fashion Day at the end of April was an extraordinary success, and contributed to year-over-year segment growth of 18 percent in the quarter. With time, we expect new, higher margin brands to grow to represent an increasing share of the total, which should lift the top and bottom lines overall. We have a lot of exciting growth initiatives underway and I look forward to sharing more detail about them at our Investor Day on May 28.

Penny Burnett

Penny Burnett

This was another productive quarter for our team. After an extensive recruiting process, we completed our executive transition plan during the first quarter when we hired our new Chief Financial Officer, Tim Peterman, and our new Chief Merchandising Officer, Penny Burnett.

Tim and Penny are great additions to our team and I couldn’t be more excited to be working with them. Furthermore, just last week we celebrated the official opening of our expanded distribution facility and call center in Bowling Green, Ky. There is still work to do, but when complete it will allow us to deliver faster shipping times and improved customer service.

It has been just under a year since I took over as CEO of a company that needed a cohesive strategic vision. Our success hinges on our commitment to be nimble and continuously test new product launches, merchandising mix and programming platforms.

While new initiatives take time, the progress we are making is clearly reflected in several encouraging first-quarter records – including total customers, average purchase frequency and units shipped. While the balance of 2015 will continue to be a transition period, the heavy lifting has been done and the benefit of changes we have made should be visible in our bottom line by year end.”

Excuses, excuses.

As Bozek said, fashion was Evine Live’s fastest-growing segment, with sales up 18 percent.

Jewelry posted sales growth of 8 percent, followed by beauty with 7 percent gains.

Watches declined 15 percent on less primetime air time allocation. Less air time? Really?

Total active customers on a trailing 12 month basis were 1.4 million, a 2 percent increase.

There were 2.2 million net shipped units, a 17 percent increase.

Average purchase frequency rose to 4.1 units per customer, a 15 jump.

Mobile remained the fastest-growing platform, with sales of $28 million, a 26 percent gain.

Peterman did some brown-nosing for his new boss, as well.

“I’m a long time student and fan of the home shopping industry, and actually worked with Mark at IAC,” he said.

“It is great to see that the Evine Live platform is catching up with the times and being positioned as a relevant competitor in the digital commerce space. Our peers are posting robust margins and we expect that we should be able to as well. Achieving sustainable, positive earnings per share growth is one of my primary goals. And while posting margin improvement is particularly challenging for smaller retail companies given the recent shipping pressures of higher costs and lower margins, we are committed to working more efficiently as an organization to deliver our overall profitability goals.”

Peterman continued, “We have a solid liquidity position that includes $18 million of cash, including restricted cash, and $30 million of availability on our revolving credit facility as of the end of the first quarter. We are focused on improving our existing distribution footprint with thoughtful changes, including a possible second channel similar to our peers.

“Furthermore, by year end, we expect to improve our inventory life cycle by establishing an outlet center close to our Bowling Green distribution center, which will provide an avenue to move merchandise that no longer meets our minimum performance levels for on-air allocation and avoids the situation we experienced this quarter in discounting excess textiles. As a reminder, given our $298 million Federal NOL position, our ability to generate free cash flow will accelerate once we deliver taxable income.”

The company also offered an outlook for the rest of the year, saying that it expects the cumulative effect of its changes to have an impact by the fourth quarter.

“In the meantime, for the next two quarters sales are anticipated to be relatively flat with prior year results, followed by sales growth in the fourth quarter,” the press release said. “The company expects to turn the corner on generating positive net income on a sustainable quarterly basis in the fourth quarter.

Management Bloodbath Hits Evine Live

March 28, 2015

Evine Live had a bloody week. Formerly known as ShopHQ, the home shopping network has done some spring cleaning, sweeping out many members of the former management team — including the president.

http://finance.yahoo.com/news/evine-live-inc-announces-executive-205500666.html;_ylt=A0LEV790zhZVLxsAiJ4nnIlQ

First, the network appointed Tim Peterman its executive vice president and chief financial officer, replacing Bill McGrath.

Peterman’s resume includes stints at Synacor, E.W. Scripps Co., IAC and Tribune Co. He will report to Mark Bozek, CEO of Evine Live Inc.

Bob Ayd gone

Bob Ayd

“Tim’s extensive experience in finance, retail and media makes him the ideal executive to drive Evine Live’s performance going forward,” Evine Live Chairman Bob Rosenblatt said in a canned statement. “We are confident that his proven ability to execute will be a tremendous asset as we continue to drive efficiencies and gain momentum with our strategy.”

But here is the blockbuster buried in the press release: “The company continues to transition its approach in all areas of the business, Evine Live is consolidating leadership and announced it is eliminating President Bob Ayd’s position.”

Wow!

Another casualty was Teresa Dery, senior vice president and general counsel. Her interim replacement is Chief Strategy Officer Russell Nuce.

And here is Bozek’s “don’t-let-the-door-slap-you-in-the-ass” quote:

“We appreciate the contributions Bob, Bill and Teresa have made to the company and wish them all the best in their future endeavors,” he said. “We believe that our new leadership structure will allow us to be more nimble in all areas of the business and further cement a strong foundation for long term growth and profitability.”