Photo: CVSL executives ring the closing bell at the New York Stock Exchange to celebrate the company’s uplisting to the NYSE MKT in August 2015.
Direct selling conglomerate CVSL is entering the new year with a new name, the company announced Wednesday.
In a preview of its fourth quarter earnings, Texas-based CVSL said it will begin operating under the name JRJR Networks, in what is presumably an allusion to Chairman John P. Rochon and Vice Chairman John Rochon Jr., who together own more than 50 percent of CVSL voting stock. When the paperwork is in order, the company’s common stock will trade under the symbol JRJR on the NYSE MKT.
“We inherited the CVSL name when we acquired the company three years ago,” the junior Rochon said in a statement. “We have always intended to change our name at the appropriate time, to give us a unique identity. Now that we have grown to encompass 10 companies, doing business across the globe as a ‘network of networks,’ the time has come to assert our new identity.”
CVSL’s stable of direct-to-consumer brands includes basket and home decor seller The Longaberger Company; award-winning spice maker Your Inspiration At Home; and Tomboy Tools, a purveyor of tools designed for women, among others. Last year CVSL expanded its international business with the acquisitions of Kleeneze and Betterware, both longstanding U.K.-based businesses. Under the CVSL umbrella, each company retains its unique identity while benefiting from efficiencies in operational areas.
Though management has not said when it will disclose 2015 earnings, CVSL estimates that fourth-quarter pro forma revenue will be in the range of $49 million to $50 million, up from $37.0 million in the third quarter. The results will reflect the addition of Betterware, which the company acquired in October 2015.