iMedia Leverages ShopHQ to Accelerate Relaunch of Christopher & Banks

Rhea-AI Summary

iMedia Brands (Nasdaq: IMBI) is rapidly progressing in the relaunch of the 65-year-old Christopher & Banks (CBK) brand. Recent milestones include transitioning CBK's digital business to iMedia's proprietary ecommerce platform and introducing new merchandise to over 1.5 million existing customers. The first CBK television show premiered, exceeding performance expectations, and retail locations in Coon Rapids, MN, and Branson, MO have reopened under experienced management. CBK's initiatives are aimed at leveraging its historical strengths while driving future growth.

Positive

• Successful transition of CBK's digital business to proprietary ecommerce platform.
• Introduction of new merchandise to over 1.5 million customers since acquisition.
• First CBK television show premiered and exceeded expectations.
• Reopening of retail stores under experienced management.

Negative

• None.

MINNEAPOLIS, June 24, 2021 (GLOBE NEWSWIRE) -- iMedia Brands, Inc. (“iMedia”) (Nasdaq: IMBI) announces its milestone progress in leveraging ShopHQ to accelerate the relaunch of the iconic 65-year-old Christopher & Banks brand (“CBK”) in the United States.

CBK (christopherandbanks.com) was founded in 1956 and is a brand that specializes in offering women’s value-priced apparel and accessories that cater to women of all sizes, from petite to missy to plus sizes. Its internally designed, modern and comfortable apparel and accessories provide customers with an exclusive experience. For fiscal 2019, CBK reported approximately $349 million in revenue, with approximately $79 million in digital-only revenue and approximately $269 million in brick-and-mortar retail and other revenue. For fiscal 2020, CBK reported approximately $171 million in revenue in the first nine months.

“Less than four months ago iMedia acquired this amazing brand that has over 1.5 million passionate and loyal customers,” said Tim Peterman, iMedia’s CEO. “I’m excited to report that our progress on the integration and relaunch of CBK has been swift and meaningful:

1. On April 2^nd, ShopHQ successfully transitioned the CBK digital business off its legacy third-party ecommerce platform and off its legacy third-party 3PL service and onto ShopHQ’s proprietary ecommerce platform fulfilled by its own 600,000+ sq. ft. fulfillment center in Bowling Green, KY.
   
   
2. On April 14^th, CBK’s merchandising team introduced new merchandise to christopherandbanks.com, which were the first new products offered to the 1.5+ million CBK customers since iMedia took-over operations.
   
   
3. On May 14^th, ShopHQ premiered its first CBK television show, entitled Christopher & Banks. Kim Decker, who has worked at CBK for over 40 years, is the brand’s On-Air Ambassador. CBK’s debut offered over 40 unique and exclusive items and the show performed better than ShopHQ expectations.
   
   
4. On May 22^nd, CBK reopened its retail store located in Coon Rapids, MN, which is being managed by a CBK store manager with seven plus years tenure with CBK. On May 25^th, CBK reopened its Branson, MO retail store, which is being managed by a CBK store manager with eleven plus years tenure with CBK.
   
   
5. On May 27^th, CBK completed its fall 2021 production slate by partnering with both legacy CBK vendors and current ShopHQ vendors to ensure delivery of fresh, exclusively designed, seasonally appropriate products this fall and holiday season. CBK merchandising, led by Desica Harms who has more than 21 years tenure with the CBK brand, worked seamlessly with CBK production led by Amelia Hultman, who has 15+ years of production expertise with the CBK brand. I cannot say enough about how important these two leaders’ efforts and expertise were to CBK accomplishing this critical milestone.
   

“Based on our above achievements,” continued Peterman, “along with our continued customer reactivation progress and our future planned growth initiatives, we are more excited than ever about the CBK opportunity.”

About iMedia Brands, Inc.
iMedia Brands, Inc. (Nasdaq: IMBI) is a leading interactive media company that owns a growing portfolio of lifestyle television networks, consumer brands, online marketplaces and media commerce services that together position the Company as a leading single-source partner to television advertisers and consumer brands seeking to entertain and transact with customers using interactive video.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This release contains statements, estimates, projections, guidance, or outlooks that constitute “forward-looking” statements as defined under U.S. federal securities laws. Generally, the words “believe,” “ensure,” “expect,” “intend,” “estimate,” “anticipate,” “plan,” “project,” “should” and similar expressions identify forward-looking statements, which generally are not historical in nature. These statements may contain information about our prospects, including anticipated growth and benefits of the integration and relaunch of CBK, and involve risks and uncertainties. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may vary materially due to various important factors, including (but not limited to): variability in consumer preferences, shopping behaviors, spending and debt levels; the general economic and credit environment, including COVID-19; interest rates; seasonal variations in consumer purchasing activities; the ability to achieve the most effective product category mixes to maximize sales and margin objectives; competitive pressures on sales and sales promotions; pricing and gross sales margins; the ability to respond to changes in consumer shopping patterns and preferences, and changes in technology and consumer viewing patterns; the Company’s ability to attract new customers and retain existing customers; changes in shipping costs; the Company’s ability to offer new or innovative products and customer acceptance of the same; and the risks identified under Item 1A(Risk Factors) in the Company’s most recently filed Form 10-K and any additional risk factors identified in its periodic reports since the date of such Form 10-K. Investors are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this announcement. the Company’s is under no obligation (and expressly disclaim any such obligation) to update or alter its forward-looking statements whether as a result of new information, future events or otherwise.

Contacts:

Media:
press@imediabrands.com
(800) 938-9707

Investors:
Gateway Investor Relations
Cody Slach
IMBI@gatewayir.com
(949) 574-3860

FAQ

What progress has iMedia Brands made with Christopher & Banks (IMBI)?

iMedia Brands has successfully transitioned CBK's digital business to its ecommerce platform and has introduced new merchandise to over 1.5 million customers, among other initiatives.

What is the significance of the CBK television show for iMedia Brands (IMBI)?

The CBK television show premiered successfully, exceeding expectations, and is part of iMedia's strategy to enhance customer engagement and drive sales.

When did iMedia Brands acquire Christopher & Banks (IMBI)?

iMedia Brands acquired Christopher & Banks less than four months prior to the June 2021 press release.

What revenues did Christopher & Banks report prior to its acquisition by iMedia Brands (IMBI)?

In fiscal 2019, Christopher & Banks reported approximately $349 million in revenue, with a decline to about $171 million in the first nine months of fiscal 2020.

How many customers does Christopher & Banks have after being acquired by iMedia Brands (IMBI)?

Christopher & Banks has over 1.5 million passionate and loyal customers.