NEW YORK, United States — Joseph Segel, the founder of home shopping television channel QVC, died on Saturday at the age of 88, the company's parent said on Sunday.

Qurate Retail Group called Segel the "quintessential entrepreneur" in a statement announcing his death.

"Joe Segel was a remarkable leader, entrepreneur, marketer, teacher, and friend," Mike George, the company's chief executive and president, said.

Born in Philadelphia, Segel founded QVC, which stands for Quality Value Convenience, in 1986 as an alternate to the Home Shopping Network (HSN). Qurate acquired HSN in late 2017 for $2.1 billion, seeking to better compete against online giant Amazon and other e-commerce sites.

Segel retired as QVC chairman in 1983 and served as an adviser until 2013.

In addition to QVC, Segel launched numerous other businesses, including the Franklin Mint, which produced coins and other collectibles and is currently owned by Sequential Brands Group in New York City.

By Joseph Ax; editor: Sandra Maler.