HSN Now Standalone as IAC Breakup Done
September 1, 2008-- Home Textiles Today,
Direct-to-consumer retailer HSN on Aug. 22 became an independent, publicly traded company, as parent firm IAC completed its transition to five separate spinoffs.
The new company, trading via symbol HSNi on Nasdaq, includes both the HSN.com and Home Shopping Network TV assets, as well as mail order catalog-based Cornerstone Brands, which includes the nameplates Ballard Design, Frontgate, Garnet Hill, Improvements, Smith & Noble, The Territory Ahead, and Travelsmith.
"HSNi comprises some of the most dynamic brands and experiences in retailing today," said Mindy Grossman, ceo of HSNi. "As an independent company, we'll be able to more fully convey HSNi's points of differentiation, which we believe will result in a more accurate valuation of our company and greater value for our shareholders."
The two former IAC units HSN and Cornerstone had combined 2007 home textiles retail sales of $243 million, which would place them at No.20 in the HTT Top 50 Retailing Giants.
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