Zulily

Zulily's 2015 acquisition by QVC for $2.4 billion at $21.75/share marked a 60% decline from its 2014 IPO first-day close of $37.70. The children's and mom-focused flash sale site had grown rapidly but couldn't sustain economics. Customer acquisition costs exceeded lifetime value. After the QVC acquisition, Zulily continued declining. In 2021, Qurate attempted to sell Zulily; in 2023, the business was essentially shut down. Zulily demonstrated that even successful exits can precede complete collapse.