Evine Live has found a way to keep the cameras rolling; the financially troubled multimedia shopping network has secured a $6 million investment from Invicta Watch Group—part of a strategic investment and exclusivity commitment plan by the Hollywood, Florida-based Swiss watch company.
Tim Peterman, who formerly served as Evine’s COO and CFO but left the company last June, is returning to assume the CEO position. He first joined Eden Prairie-based Evine in 2015 before leaving to serve as COO and CFO of Chicago-based ecommerce company Amerimark Interactive.
Peterman succeeds Bob Rosenblatt, who has vacated the top leadership role but will remain on the Evine Live board. Invicta Watch Group CEO Eyal Lalo will join Rosenblatt on the board, as the board’s vice chairman.
“Fostering an entrepreneurial, fast-moving culture in which leaders and employees work to produce amazing results will be an important strategic priority for us,” says Lalo. “Tim and I look forward to playing a more active role in Evine’s future."
The Invicta investment expands upon an existing relationship between the watchmaker and Evine Live—which reaches more than 87 million television homes with its 24-hour digital shopping programs.
Invicta has advertised on Evine for more than 20 years, and holds multiple performance records, including highest sales per hour and largest customer following. Invicta was the first vendor to reach over $1 billion in sales through the network.
As Invicta’s Lalo joins the board, two other members are departing—Thomas Beers and Mark Holdsworth. Their resignations went into effect Thursday, though no reason was disclosed.
The latest leadership shakeup comes just five months after Anne Martin-Vachon abruptly ended a brief tenure as Evine Live’s president. Martin-Vachon did not publicly state a reason for leaving after only four months on the job, but it followed a troubling quarter.
The company’s third quarter 2018 results revealed a 12.3 percent decline year-over-year in net sales. Stocks then tumbled in late November, as Forbes reported, and in January, Nasdaq told Evine it had 180 days to turn its trading results around or it would be delisted, as stocks had been selling under $1 for 30 days.
The company’s year-end financial report, released late March, didn’t offer much in the way of signs that Evine could achieve the turn-around. Instead, it showed revenues have declined by nearly $100 million from 2015 through 2018.
But Rosenblatt and Evine chairman Landel Hobbs believe the deal with Invicta Watch Group and Peterman’s return will help the company make necessary improvements.
“Tim’s strong experience and relationships in interactive media and e-commerce will help us continue to chart a compelling growth strategy,” Hobbs says. “And the deep expertise that Eyal brings to the Board will further enhance our strategies and execution.”
Peterman, too, is optimistic about the road ahead for Evine.
“I look forward to working with Bob and his team during a collaborative transition,” says Peterman. “Our vision for the company remains fundamentally unchanged… We have a great company today, and I believe we have a very bright future.”