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Multiplatform, interactive video, and digital commerce company, iMedia Brands (IMBI), has signed five-year exclusivity pacts with two of its biggest vendors, Invicta Watch Company of America (IWCA) and FamJams Trading (Famjams).
iMedia CEO Tim Peterman said, “These five-year exclusivity agreements provide our ShopHQ customers with the important stability of continuing to enjoy innovative products from brands they love.” (See iMedia Brands stock chart on TipRanks)
Peterman added, “These agreements also provide our shareholders with the stability of continuing to enjoy the financial performance of three innovative brands that collectively generate over 20% of ShopHQ’s annual revenues today.”
IWCA has granted iMedia exclusivity over its Invicta, Technomarine, S. Coifman, and Glycine brand names and any similar goods via video-retail programming in the North and South American regions.
Famjams has granted similar exclusivity over the Medic Therapeutics and Safety Vital brand names and similar products in North America, South America, Europe, and Asia. This exclusivity includes sales via television networks, websites, mobile, social applications, and the brick-and-mortar format.
Last month, Lake Street analyst Mark Argento reiterated a Buy rating on the stock and increased the price target to $19 (149% upside potential) from $15.
On the back of an improvement in active customer growth, Argento says the company may be “onto something much bigger and more sustainable.”
Based on 3 unanimous Buys, consensus on the Street is a Strong Buy. The average iMedia Brands analyst price target of $20.33 implies 167% upside potential. Shares are up 62% so far this year.