IMedia Brands Inc (NASDAQ: IMBI) has gained strong upside momentum at the close of the week. The stock opened the day with a gap up, and at the time of writing, it was up by 29.21%. This has seen it recover a significant amount of losses it has incurred, since it started dropping in value back in November 2019.
The rally started pre-market after Thursday’s announcement that, it had entered into a partnership with famous basketball personality, Shaquille O’Neal. The partnership covers a national T.V program called Shaq’s Invicta Collection, and will have a limited edition range of watches designed by Shaquille O’Neal. The collection will be launched in March, and there will be a live broadcast on the company’s ShopHQ.
Commenting on the deal, Shaquille O’Neal stated that, he was excited about expanding his partnership with ShopHQ to incorporate Invicta watches. He further stated that, Invicta watches had been his favorite for long, and that he was happy with the opportunity to design his own collection and have the products available on ShopHQ.
On his part, Invicta Watch Group CEO Eyal Lalo stated that, Shaq has a wide reach to customers due to his style and his positive attitude and approach to life. iMedia Brands CEO, Tim Peterman also commented on the deal stating that Shaquille O’Neal and Invicta were iconic partners and that, the company was happy to offer their products to the company clients.
Shaquille O’Neal was successful on the pitch and has been equally successful off the pitch as a businessman. He is also a philanthropist and gives back to society through several programs including Shaw to School and Shaq a Clause.
About iMedia Brands Inc
IMedia Brands Inc is an interactive online company. It deals in a wide array of products ranging from jewelry to home appliances. It is based in Eden Prairie, Minnesota.