PoshTV parent raises $8.9 million

The parent company of a Reno-based television shopping network has raised $8.9 million through the sale of equity and debt to two investors.

Luxury Ventures LLC, whose president and chief executive officer is David Stiles, disclosed the financing in a filing with the Securities and Exchange Commission last week. It said it began raising the money in September and now considers the offering closed.

The company operates PoshTV, a shopping network that showcases designer jewelry, gemstones, accessories, handbags and shoes.

The network was added to the DirectTV channel lineup on Nov. 24 and said it reached 19.3 million viewers in 50 states.

PoshTV operates from the South Meadows production studio which previously was home of GemsTV. That shopping service ceased operation in April, and PoshTV said some on-camera personnel and behind-the-scenes staff of GemsTV joined the new network.