<PAGE>
                                                                    EXHIBIT 10.1

                              EMPLOYMENT AGREEMENT

         THIS AGREEMENT made as of the 31st day of July 2000, by and between
ValueVision International, Inc., a Minnesota corporation (hereinafter referred
to as "Employer"), and Roy Seinfeld (hereinafter referred to as "Employee").

                                   WITNESSETH:

         WHEREAS, Employer desires to obtain the services of Employee and
Employee desires to be employed by Employer as an employee on the terms and
conditions set forth below;

         NOW, THEREFORE, in consideration of the premises and mutual promises
contained in this Agreement, the parties hereto agree as follows:

1.       Employment. Employer agrees to employ Employee and Employee agrees to
         be employed by Employer on the terms and conditions set forth in this
         Agreement.

2.       Term. The term of Employee's employment hereunder shall commence on the
         date hereof and shall continue on a full-time basis until September 10,
         2002 (the "Term"), provided that Employee shall not commence working or
         receive any compensation until September 11, 2000. The "Employment
         Period" for purposes of this Agreement shall be the period beginning on
         the date hereof and ending at the time Employee shall cease to act as
         an employee of Employer.

3.       Duties. Employee shall serve as Senior Vice President - Programming
         Sales of Employer reporting to the Chairman and shall perform the
         duties as assigned by Employer, from time to time, and shall
         faithfully, and to the best of his ability, perform such reasonable
         duties and services of an active, executive, administrative and
         managerial nature as shall be specified and designated, from time to
         time, by Employer. Employee agrees to devote his full time and skills
         to such employment while he is so employed, subject to a vacation
         allowance of not less than four (4) weeks during each year of the Term
         except for two (2) weeks during calendar year 2000, or such additional
         vacation allowance as may be granted in the sole discretion of
         Employer. Employer's Chairman shall provide Employee with a performance
         review at least annually.

4.       Compensation. Employee's compensation for the services performed under
         this Agreement shall be as follows:

         a)       Base Salary. Employee shall receive a base salary of at least
                  Three Hundred Thousand and No/100 Dollars ($300,000.00) per
                  year for the Term of this Agreement ("Base Salary").

                                       1
<PAGE>


         b)       Bonus Salary. Employee shall receive bonus salary ("Bonus
                  Salary") within 90 days after the end of each of Employee's
                  contract year during the Term of this Agreement of up to
                  $200,000 based criteria to be agreed upon annually by Employee
                  and the Chairman, unless, prior to the date of payment,
                  Employee's employment shall be terminated pursuant to Sections
                  6.c. or 6.d. hereof. The first $50,000 of the Bonus Salary
                  shall be guaranteed for first full year of the contract. In
                  addition, Employee shall be entitled to a signing bonus of
                  $50,000 once he has commenced working for Employer.

         c)       Automobile Allowance. Employer shall pay Employee a monthly
                  automobile allowance of $500.00 per month ("Auto Allowance").

         d)       Moving Expenses. Employer shall pay for the normal household
                  moving expenses associated with Employee's move to Minneapolis
                  from New York ("Moving Expenses") in accordance with
                  Employer's relocation expense policy previously provided to
                  Employee.

5.       Other Benefits During the Employment Period.

         a)       Employee shall receive all other benefits made available to
                  officers of Employer, from time to time, at its discretion
                  ("Benefits"). It is understood and agreed that Employer may
                  terminate such Benefits or change any benefit programs at its
                  sole discretion, as they are not contractual for the term
                  hereof.

         b)       Employer shall reimburse Employee for all reasonable and
                  necessary out-of-pocket business expenses incurred during the
                  regular performance of services for Employer, including, but
                  not limited to, entertainment and related expenses so long as
                  Employer has received proper documentation of such expenses
                  from Employee.

         c)       Employer shall furnish Employee with such working facilities
                  and other services as are suitable to Employee's position with
                  Employer and adequate to the performance of his duties under
                  this Agreement.

6.       Termination of Employment.

         a)       Death. In the event of Employee's death, this Agreement shall
                  terminate and Employee shall cease to receive Base Salary,
                  Bonus Salary, Auto Allowance, and Benefits as of the date on
                  which his death occurs, except that Employee shall receive
                  Bonus Salary prorated for the number of months to date of
                  death.

         b)       Disability. If Employee becomes disabled such that Employee
                  cannot perform the essential functions of his job, and the
                  disability shall have continued for a period of more than one
                  hundred twenty (120) consecutive days, then Employer may, in
                  its sole discretion, terminate this Agreement and Employee
                  shall then cease to receive Base Salary, Bonus Salary, Auto
                  Allowance, and all


                                        2
<PAGE>


                  other Benefits, on the date this Agreement is so terminated,
                  except that Employee shall receive Bonus Salary prorated for
                  the number of months to date of disability; provided however,
                  Employee shall then be entitled to such disability, medical,
                  life insurance, and other benefits as may be provided
                  generally for disabled employees of Employer when payments and
                  benefits hereunder ceases.

         c)       Voluntary Termination. In the event that Employee voluntarily
                  terminates his employment, he shall cease to receive Base
                  Salary, Bonus Salary, Auto Allowance, and all other Benefits
                  as of the date of such termination. In addition, Employee
                  shall repay Employer on a pro-rata basis (calculated based on
                  the remaining months in the Term), the Moving Expenses.

         d)       Termination With Cause. Employer shall be entitled to
                  terminate this Agreement and Employee's employment hereunder
                  for Cause (as herein defined), and in the event that Employer
                  elects to do so, Employee shall cease to receive Base Salary,
                  Bonus Salary, Auto Allowance, and Benefits as of the date of
                  such termination specified by Employer. In addition, Employee
                  shall repay Employer on a pro-rata basis (calculated based on
                  the remaining months in the Term), the Moving Expenses. For
                  purposes of this Agreement, "Cause" shall mean: (i) a material
                  act or act of fraud which results in or is intended to result
                  in Employee's personal enrichment at the direct expense of
                  Employer, including without limitation, theft or embezzlement
                  from Employer, (ii) public conduct by Employee substantially
                  detrimental to the reputation of Employer, (iii) material
                  violation by Employee of any Employer policy, regulation or
                  practice; (iv) conviction of a felony; or (v) habitual
                  intoxication, drug use or chemical substance use by any
                  intoxicating or chemical substance. Notwithstanding the
                  forgoing, Employee shall not be deemed to have been terminated
                  for Cause unless and until Employee has received thirty (30)
                  days' prior written notice (a "Dismissal Notice) of such
                  termination. In the event Employee does not dispute such
                  determination within thirty (30) days after receipt of the
                  Dismissal Notice, Employee shall not have the remedies
                  provided pursuant to Section 6.g. of this Agreement. In
                  addition, Employee shall repay Employer on a pro-rata basis
                  (calculated based on the remaining months in the Term), the
                  Moving Expenses.

         e)       By Employee for Employer Cause. Employee may terminate this
                  Agreement upon thirty (30) days written notice to Employer
                  (the "Employee Notice") upon the occurrences without
                  Employee's express written consent, of any one or more of the
                  following events, provided, however, that Employee shall not
                  have the right to terminate this Agreement if Employer is able
                  to cure such event within thirty (30) days (ten (10) days with
                  regard to Subsection (ii) hereof) following delivery of such
                  notice:


                                       3
<PAGE>

                           (i) Employer substantially diminishes Employee's
                  duties such that they are no longer of an executive nature as
                  contemplated by Section 3 hereof or

                           (ii) Employer materially breaches its obligations to
                  pay Employee as provided for herein and such failure to pay is
                  not a result of a good faith dispute between Employer and
                  Employee.

         f)       Other. If Employer terminates this Agreement for any reason
                  other than as set forth in Sections 6.a, 6.b., 6.c or 6.d.
                  above, or if Employee terminates this Agreement pursuant to
                  Section 6.e. above, Employer shall immediately pay Employee in
                  a lump sum payment, an amount equal the greater of (i) one
                  year's Base Salary, Auto Allowance, and Bonus Salary, or (ii)
                  all Base Salary, Bonus Salary and Auto Allowance which would
                  otherwise be payable until the end of the Term, (collectively,
                  the "Severance Payment"). In addition, Employer shall continue
                  to provide Employee with Benefits until the end of the Term.
                  For purposes of calculating Bonus Salary payable pursuant to
                  this Section 6.f ,Employee shall receive Bonus Salary equal to
                  the last Bonus Salary actually paid the Employee, prorated for
                  the number of months to be covered by the Severance Payment
                  (if terminated before the end of the first fiscal year of
                  Employer, the Bonus Salary shall equal the Bonus Salary
                  objective stated in 4.b, prorated as aforesaid).

         g)       Arbitration. In the event that Employee disputes a
                  determination that Cause exists for terminating his employment
                  pursuant to Section 6.d. of this Agreement, or Employer
                  disputes the determination that cause exists for Employee's
                  termination of his employment pursuant to Section 6.e of this
                  Agreement, either such disputing party may, in accordance with
                  the Rules of the American Arbitration Association ("AAA"), and
                  within 30 days of receiving a Dismissal Notice or Employee
                  Notice, as applicable, file a petition with the AAA for
                  arbitration of the dispute, the costs thereof (including legal
                  fees and expenses) to be shared equally by the Employer and
                  Employee unless an order of the AAA provides otherwise. Such
                  proceeding shall also determine all other items then in
                  dispute between the parties relating to this Agreement, and
                  the parties covenant and agree that the decision of the AAA
                  shall be final and binding and hereby waive their rights to
                  appeal thereof.

7.       Confidential Information. Employee acknowledges that the confidential
         information and data obtained by him during the course of his
         performance under this Agreement concerning the business or affairs of
         Employer, or any entity related thereto are the property of Employer
         and will be confidential to Employer. Such confidential information may
         include, but is not limited to, specifications, designs, and processes,
         product formulae, manufacturing, distributing, marketing or selling
         processes, systems, procedures, plans, know-how, services or material,
         trade secrets, devices (whether or not patented or patentable),
         customer or supplier lists, price lists, financial

                                       4
<PAGE>

         information including, without limitation, costs of materials,
         manufacturing processes and distribution costs, business plans,
         prospects or opportunities, and software and development or research
         work, but does not include Employee's general business or direct
         marketing knowledge (the "Confidential Information"). All the
         Confidential Information shall remain the property of Employer and
         Employee agrees that he will not disclose to any unauthorized persons
         or use for his own account or for the benefit of any third party any of
         the Confidential Information without Employer's written consent.
         Employee agrees to deliver to Employer at the termination of his
         employment, all memoranda, notes, plans, records, reports; video and
         audio tapes and any and all other documentation (and copies thereof)
         relating to the business of Employer, or any entity related thereto;
         which he may then possess or have under his direct or indirect control.
         Notwithstanding any provision herein to the contrary, the Confidential
         Information shall specifically exclude information which is publicly
         available to Employee and others by proper means, readily ascertainable
         from public sources known to Employee at the time the information was
         disclosed or which is rightfully obtained from a third party,
         information required to be disclosed by law provided Employee provides
         notice to Employer to seek a protective order, or information disclosed
         by Employee to his attorney regarding litigation with Employer.

8.       Inventions and Patents. Employee agrees that all inventions,
         innovations or improvements in the method of conducting Employer's
         business or otherwise related to Employer's business (including new
         contributions, improvements, ideas and discoveries, whether patentable
         or not) conceived or made by him during the Employment Period belong to
         Employer. Employee will promptly disclose such inventions, innovations
         and improvements to Employer and perform all actions reasonably
         requested by Employer to establish and confirm such ownership.

9.       Noncompete and Related Agreements.

         a)       Employee agrees that during the Noncompetition Period (as
                  herein defined), he will not:

                           (i) directly or indirectly own, manage, control,
                  participate in, lend his name to, act as consultant or advisor
                  to or render services alone or in association with any other
                  person, firm, corporation or other business organization for
                  any other person or entity engaged in the television home
                  shopping and infomercial business, any mail order or internet
                  business that directly competes with Employer or any of its
                  affiliates by selling merchandise primarily of the type
                  offered in and using a similar theme as any of Employer's or
                  its affiliates' catalogs or internet sites during the Term of
                  this Agreement or any business which Employer (upon
                  authorization of its board of directors) has invested
                  significant research and development funds or. resources and
                  contemplates entering into during the next twelve (12) months
                  (the "Restricted Business"), anywhere that Employer or any of
                  its affiliates


                                       5
<PAGE>

                  operates during the Term of this Agreement within the
                  continental United States (the "Restricted Area"); (ii) have
                  any interest directly or indirectly in any business engaged in
                  the Restricted Business in the Restricted Area other than
                  Employer (provided that nothing herein will prevent Employee
                  from owning in the aggregate not more than one percent (1%) of
                  the outstanding stock of any class of a corporation engaged in
                  the Restricted Business in the Restricted Area which is
                  publicly traded, so long as Employee has no participation in
                  the management or conduct of business of such corporation),
                  (iii) induce or attempt to induce any employee of Employer or
                  any entity related to Employer to leave his, her or their
                  employ, or in any other way interfere with the relationship
                  between Employer or any entity related to Employer and any
                  other employee of Employer or any entity related to Employer,
                  or (iv) induce or attempt to induce any customer, supplier,
                  franchisee, licensee, other business relation of any member of
                  Employer or any entity related to Employer to cease doing
                  business with Employer or any entity related to Employer, or
                  in any way interfere with the relationship between any
                  customer, franchisee or other business relation and Employer
                  or any entity related to Employer, without the prior written
                  consent of Employer. For purposes of this Agreement,
                  "Noncompetition Period" shall mean the period commencing as of
                  the date of this Agreement and ending on either (i) the date
                  on which Employee ceases to be employed, if no Severance is
                  paid (except in the case of a voluntary departure by
                  Employee), or (ii) the last day of the sixth (6th) month
                  following either the date on which the Employee voluntarily
                  departs or the date on which Employee is terminated during the
                  Term of this Agreement if Severance is paid.

         b)       If, at the time of enforcement of any provisions of Section 9,
                  a court of competent jurisdiction holds that the restrictions
                  stated therein are unreasonable under circumstances then
                  existing, the parties hereto agree that the maximum period,
                  scope or geographical area reasonable under such circumstances
                  will be substituted for the stated period, scope or area.

         c)       Employee agrees that the covenants made in this Section 9
                  shall be construed as an agreement independent of any other
                  provision of this Agreement and shall survive the termination
                  of this Agreement.

         d)       Employee represents and warrants to Employer that he is not
                  subject to any existing noncompetition or confidentiality
                  agreements which would in any way limit him from working in
                  the television home shopping, catalog, infomercial or internet
                  businesses, or from performing his duties hereunder or subject
                  Employer to any liability as a result of his employment
                  hereunder. Employee agrees to indemnify and hold Employer and
                  its affiliates harmless from and against any and all claims,
                  liabilities, losses, costs, damages and expenses (including
                  reasonable attorneys' fees) arising as a result of any
                  noncompete or confidentiality agreements applicable to
                  Employee.


                                       6
<PAGE>


10.      Termination of Existing Agreements. This Agreement supersedes and
         preempts any prior understandings, agreements or representations,
         written or oral, by or between Employee and Employer, which may have
         related to the employment of Employee, Employee's Agreement Not to
         Compete with Employer, or the payment of salary or other compensation
         by Employer to Employee, and upon this Agreement becoming effective,
         all such understandings, agreements and representations shall terminate
         and shall be of no further force or effect.

11.      Specific Performance. Employee and Employer acknowledge that in the
         event of a breach of this Agreement by either party, money damages
         would be inadequate and the nonbreaching party would have no adequate
         remedy at law. Accordingly, in the event of any controversy concerning
         the rights or obligations under this Agreement, such rights or
         obligations shall be enforceable in a court of equity by a decree of
         specific performance. Such remedy; however, shall be cumulative and
         nonexclusive and shall be in addition to any other remedy to which the
         parties may be entitled.

12.      Sale, Consolidation or Merger. In the event of a sale of the stock, or
         substantially all of the stock, of Employer, or consolidation or merger
         of Employer with or into another corporation or entity, or the sale of
         substantially all of the operating assets of Employer to another
         corporation, entity or individual, Employer may assign its rights and
         obligations under this Agreement to its successor-in-interest and such
         successor-in-interest shall be deemed to have acquired all rights and
         assumed all obligations of Employer hereunder.

13.      Stock Options. Employee is being granted non-qualified stock options
         for 250,000 shares of ValueVision International, Inc. common stock
         ("Stock Options") with an exercise price of $14.375 per share, subject
         to the provisions thereof and exercisable at the time or times
         established by, and subject to, the stock option agreement representing
         the Stock Options (the "Stock Option Agreement"). The Stock Options
         vest in equal amounts as follows: one-third on the date of grant,
         one-third on the first anniversary of the date of grant, and one-third
         on the second anniversary of the date of grant. All such Stock Options
         shall automatically vest upon a termination of this Agreement prior to
         the end of the Term (unless pursuant to Sections 6.c or 6.d.).

14.      No Offset - No Mitigation. Employee shall not be required to mitigate
         damages under this Agreement by seeking other comparable employment.
         The amount of any payment or benefit provided for in this Agreement,
         including welfare benefits, shall not be reduced by any compensation or
         benefits earned by or provided to Employee as the result of employment
         by another employer.

15.      Waiver. The failure of either party to insist, in any one or more
         instances, upon performance of the terms or conditions of this
         Agreement shall not be construed as a waiver or relinquishment of any
         right granted hereunder or of the future performance of any such term,
         covenant or condition.


                                       7
<PAGE>


16.      Attorney's Fees. In the event of any action for breach of, to enforce
         the provisions of, or otherwise arising out of or in connection with
         this Agreement, the prevailing party in such action, as determined by a
         court of competent jurisdiction in such action, shall be entitled to
         receive its reasonable attorney fees and costs from the other party. If
         a party voluntarily dismisses an action it has brought hereunder, it
         shall pay to the other party its reasonable attorney fees and costs.

17.      Notices. Any notice to be given hereunder shall be deemed sufficient if
         addressed in writing, and delivered by registered or certified mail or
         delivered personally: (i) in the case of Employer, to Employer's
         principal business office; and (ii) in the case of Employee, to his
         address appearing on the records of Employer, or to such other address
         as he may designate in writing to Employer.

18.      Severability. In the event that any provision shall be held to be
         invalid or unenforceable for any reason whatsoever, it is agreed such
         invalidity or unenforceability shall not affect any other provision of
         this Agreement and the remaining covenants, restrictions and provisions
         hereof shall remain in full force and effect and any court of competent
         jurisdiction may so modify the objectionable provisions as to make it
         valid, reasonable and enforceable.

19.      Amendment. This Agreement may be amended only by an agreement in
         writing signed by the parties hereto.

20.      Benefit. This Agreement shall be binding upon and inure to the benefit
         of and shall be enforceable by and against Employee's heirs,
         beneficiaries and legal representatives. It is agreed that the rights
         and obligations of Employee may not be delegated or assigned except as
         specifically set forth in this Agreement.

21.      Governing Law. This Agreement shall be governed by and construed in
         accordance with the laws of Minnesota.

         IN WITNESS WHEREOF, the parties hereto have executed or caused this
Agreement to be executed as of the day, month and year first above written.



EMPLOYER:                             VALUEVISION INTERNATIONAL, INC.


                                      By:  /s/ Gene McCaffery
                                         ----------------------------
                                         Gene McCaffery
                                          Chairman


EMPLOYEE:


                                      By:  /s/ Roy Seinfeld
                                         ----------------------------
                                         Roy Seinfeld


                                       8