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The Conference Board’s Consumer confidence index fell from a reading of 61.4 in September to 38 in October, the lowest level since the index was established more than 40 years ago. (The previous all-time low was a December 1974 level of 43.2.) The Financial Times (UK) Oct. 29, 2008
Tags: Consumer Confidence Index, The Conference BoardOperating income before depreciation and amortization declined 14 percent to $312 million. In a conference call, QVC ceo Mike George attributed the declines to the credit crunch, which has reduced the rate of customer purchases and led to more missed payments on QVC-issued credit cards. Liberty Interactive Group’s tracking stock fell 23 percent (to $4.90) on the news. Bloomberg.com Oct. 30, 2008
Tags: 3rd Quarter, credit crunch, Liberty Media-Interactive Group, QVCDespite the significant headwinds facing retail and media stocks, investment banking firm Janco Partners, Inc., recommends shares in HSN, Inc. It’s 2009 target price for the stock is $7.00. StreetInsider.com Oct. 24, 2008
Tags: HSN, JThat may not accurately reflect the downcast mood of affluent households since Unity Marketing has only been measuring its Luxury Consumption Index for five years. The index, based on a survey of 1,1616 consumers with an average, annual income of $210,700, found 56 percent of them spending less on luxury now compared to a year ago, and 54 percent planning to spend less over the next twelve months. JCK Online Oct. 23, 2008
Tags: Luxury consumer index, Unity MarketingYesterday, a judge approved a preliminary class-action settlment that will give cash refunds or store credits to thousands of JTV customers who purchased chemically-altered gemstones that were marketed as “all natural.” As part of the settlement, Jewelry Television admits no wrongdoing, but commits to training employees to help ensure future marketing complies with all rules and regulations. The settlement is expected to cost the retailer several million dollars. WBIR, Channel 10 (TN) JCK Online International Diamond Exchange (Israel) Oct. 23, 2008
Tags: chemical-altered gemstones, class-action lawsuit, Jewelry Television, JTVThanks to the credit crunch and consumers’ growing reluctance to take on additional debt, the depression-era, retail innovation of layaway is making at least a mini comeback. Kmart is even highlighting the service in its Holiday advertising campaign. The Wall Street Journal Oct. 22, 2008 Paid subscription may be required.
Tags: layawayThe onetime associate of Yves Saint Laurent) will sell an eponymous line of modestly-priced accessories and fashions. In comments to W magazine, de la Falaise estimated that one percent of HSN’s audience knew something about her. Blackbook Oct. 21, 2008
Tags: HSN, Loulou de la FalaisePianist Jim Brickman will perform selections from his latest seasonal CD The Hymns and Carols of Christmas, on QVC, this Friday, October 24th at 7pm ET. The QVC offer includes a five-song bonus disc. Brickman Music Press Release on Marketwatch.com Oct. 22, 2008
Tags: Jim Brickman, QVCDue to the current financial crisis, organizers of the fifth Antwerp Diamond Conference have decided to postpone the event. AWDC currently is considering alternative dates. JCK Online Oct. 21, 2008
Tags: Antwerp Diamond ConferenceDoug Howe, a former vice president of merchandising at QVC Inc., returned to the network yesterday as executive vice president of design, development and global sourcing, reporting to Claire Watts, QVC’s president of U.S. commerce. Next year, he will become executive vice president and chief merchandising officer. Internet Retailer Oct. 20, 2008
Tags: Doug Howe, QVC