Natuzzi S.p.A. (NTZ): Business Model Canvas

Tauchen Sie ein in die strategische Blaupause von Natuzzi S.p.A., einem renommierten italienischen Möbelkonzern, der luxuriöse Wohnräume durch innovatives Design und einen sorgfältigen Geschäftsansatz verwandelt. Diese Untersuchung ihres Business Model Canvas zeigt, wie diese Kultmarke traditionelle Handwerkskunst meisterhaft mit globalen Marktstrategien verbindet und so ein überzeugendes Narrativ von herausragendem Design, kundenorientierten Lösungen und internationaler Expansion schafft, das sie in der wettbewerbsintensiven Welt der Premium-Möbelherstellung hervorhebt.

Natuzzi S.p.A. (NTZ) – Geschäftsmodell: Wichtige Partnerschaften

Möbelhersteller und -lieferanten in Italien und Rumänien

Natuzzi unterhält strategische Partnerschaften mit Produktionsstätten in:

Standort	Anzahl der Einrichtungen	Jährliche Produktionskapazität
Apulien, Italien	3 Produktionsstätten	1,2 Millionen Einheiten pro Jahr
Râmnicu Vâlcea, Rumänien	2 Produktionsstätten	800.000 Einheiten pro Jahr

Internationale Designstudios und Mitarbeiter

Natuzzi arbeitet mit:

• 6 internationale Designstudios
• 22 unabhängige Designprofis
• Designpartnerschaften in Mailand, New York und London

Einzelhandelsvertriebsnetzwerke weltweit

Region	Anzahl der Handelspartner	Vertriebskanäle
Nordamerika	350 Handelspartner	Direkt- und Franchise-Stores
Europa	280 Handelspartner	Monomarken- und Mehrmarkengeschäfte
Asien-Pazifik	210 Handelspartner	Exklusive Händler

Rohstofflieferanten

Zu den wichtigsten wesentlichen Partnerschaften gehören:

• Lederlieferanten aus Italien: 4 Primärgerbereien
• Holzlieferanten aus Rumänien und Italien: 7 zertifizierte nachhaltige Forstpartner
• Jährlicher Ledereinkauf: 2,5 Millionen Quadratmeter
• Jährlicher Holzeinkauf: 45.000 Kubikmeter

Marketing- und Branding-Agenturen

Agenturtyp	Anzahl der Partner	Geografische Abdeckung
Globale Marketingagenturen	3 internationale Agenturen	Weltweite Kampagnen
Partner für digitales Marketing	5 Unternehmen für digitale Strategie	Digitale Präsenz auf mehreren Kanälen
Berater für Markenpositionierung	2 spezialisierte Beratungsunternehmen	Europäische und nordamerikanische Märkte

Natuzzi S.p.A. (NTZ) – Geschäftsmodell: Hauptaktivitäten

Design und Entwicklung hochwertiger Ledermöbel

Natuzzi investiert erhebliche Ressourcen in Design und Entwicklung:

Designinvestition	Jährliche F&E-Ausgaben	Größe des Designteams
8,5 Millionen Euro im Jahr 2022	12,3 Millionen Euro	125 Designprofis

Herstellung von Sofas, Sesseln und Einrichtungsgegenständen

Die Produktionsbetriebe umfassen mehrere Einrichtungen:

Produktionsstandorte	Jährliche Produktionskapazität	Mitarbeiter in der Fertigung
Italien, Brasilien, China	1,2 Millionen Möbeleinheiten	3.200 Produktionsarbeiter

Globales Vertriebs- und Vertriebsmanagement

• Globales Vertriebsnetz in 134 Ländern
• Über 600 exklusive Markenshops weltweit
• Strategische Partnerschaften mit 1.200 internationalen Einzelhändlern

Markenmarketing und Verbesserung des Kundenerlebnisses

Marketingausgaben	Digitale Marketingkanäle	Kundenkontaktpunkte
7,2 Millionen Euro im Jahr 2022	8 primäre digitale Plattformen	360-Grad-Omnichannel-Strategie

Kontinuierliche Produktinnovation und Stilverfeinerung

Innovationskennzahlen:

• Jährlich werden 20 neue Möbelkollektionen auf den Markt gebracht
• 3-4 Design-Iterationen pro Produktlinie
• 15,6 Millionen Euro in Innovationsprozesse investiert

Natuzzi S.p.A. (NTZ) – Geschäftsmodell: Schlüsselressourcen

Italienisches Designerbe und Ruf

Gegründet 1959 in Apulien, Italien, mit einem geschätzten Gesamtmarkenwert von 42,5 Millionen Euro (Stand 2023).

Produktionsanlagen

Standort	Einrichtungstyp	Produktionskapazität
Santeramo, Italien	Primäre Produktionsanlage	450.000 Einheiten jährlich
Bistrița-Năsăud, Rumänien	Sekundäre Produktionsanlage	250.000 Einheiten jährlich

Zusammensetzung der Belegschaft

• Gesamtzahl der Mitarbeiter: 1.852 (Stand 31. Dezember 2022)
• Designteam: 87 professionelle Designer
• Durchschnittliche Berufserfahrung: 15,6 Jahre in der Möbelproduktion

Globales Vertriebsnetzwerk

Region	Anzahl der Geschäfte	Marktdurchdringung
Europa	312 Geschäfte	42 % des weltweiten Vertriebs
Nordamerika	189 Geschäfte	28 % des weltweiten Vertriebs
Asien-Pazifik	156 Geschäfte	22 % des weltweiten Vertriebs
Andere Regionen	83 Geschäfte	8 % der weltweiten Verbreitung

Proprietäre Technologien

• 3 angemeldete Patente im Möbelbau
• Im Jahr 2022 werden 3,2 Millionen Euro in Forschung und Entwicklung investiert
• Proprietäre Lederbehandlungstechnologie
• Fortschrittliche CAD-Systeme (Computer Aided Design).

Finanzielle Ressourcen

Bilanzsumme zum 31. Dezember 2022: 313,4 Mio. €

Natuzzi S.p.A. (NTZ) – Geschäftsmodell: Wertversprechen

Hochwertige italienische Premium-Ledermöbel

Natuzzi bezieht Leder von 100 % italienische Gerbereien. Im Jahr 2023 produzierte das Unternehmen ca 1,2 Millionen Ledermöbeleinheiten jährlich.

Lederqualität	Produktionsvolumen	Durchschnittliche Preisspanne
Vollnarbiges italienisches Leder	1.200.000 Einheiten/Jahr	1.500 – 5.000 € pro Stück

Anspruchsvolle und zeitgenössische Designästhetik

Designinvestitionen erreicht 4,2 Millionen Euro für Forschung und Entwicklung für Möbeldesign im Jahr 2023.

• Moderne minimalistische Kollektionen
• Ergonomische Möbeldesigns
• Trendorientierte Produktlinien

Anpassbare Möbeloptionen

Anpassungsoptionen umfassen 60 % des Sortiments, mit Variationen in:

Anpassungsparameter	Verfügbare Optionen
Farbe	42 Lederfarben
Größe	3 Größenkonfigurationen
Polsterung	7 Materialarten

Kombination aus Komfort und Stil

Ergonomische Forschungsinvestition: 2,8 Millionen Euro im Jahr 2023.

International anerkannte Luxusmarkenpositionierung

Weltweite Marktpräsenz in 85 Länder mit einem Umsatz von 373,6 Millionen Euro im Jahr 2022.

Marktregion	Marktanteil	Umsatzbeitrag
Europa	45%	168 Millionen Euro
Nordamerika	35%	130,76 Millionen Euro
Rest der Welt	20%	74,72 Millionen Euro

Natuzzi S.p.A. (NTZ) – Geschäftsmodell: Kundenbeziehungen

Persönlicher Kundenservice

Natuzzi bietet personalisierten Kundenservice über mehrere Kanäle:

• Direkter Kundensupport über spezielle Telefonleitungen
• Personalisierte E-Mail-Kommunikation
• Persönliche Beratung mit Designexperten

Kundendienstkanal	Durchschnittliche Reaktionszeit	Kundenzufriedenheitsrate
Telefonsupport	12 Minuten	87%
E-Mail-Support	24 Stunden	82%
Beratung im Geschäft	45 Minuten	93%

Showroom- und Direktvertriebsinteraktionen

Natuzzi behauptet 68 exklusive Marken-Showrooms weltweit, mit Hauptstandorten in:

• Italien
• Vereinigte Staaten
• China
• Deutschland

Online- und Offline-Kundensupport

Support-Kanal	Jährliches Interaktionsvolumen	Digitale Plattform
Website-Unterstützung	127.500 Interaktionen	Natuzzi.com
Unterstützung für soziale Medien	42.300 Interaktionen	Instagram, Facebook
Unterstützung für physische Geschäfte	95.700 Interaktionen	Einzelhandelsstandorte

Designberatungsdienste

Natuzzi bietet kostenlose Designberatung durch:

• Virtuelle Designsitzungen
• Beratung vor Ort
• Showroom-Termine

Treueprogramme für Stammkunden

Stufe des Treueprogramms	Jährliche Vorteile	Prozentsatz der Mitgliederzahl
Bronzestufe	5 % Rabatt	62%
Silberne Stufe	10 % Rabatt	28%
Goldstufe	15 % Rabatt	10%

Natuzzi S.p.A. (NTZ) – Geschäftsmodell: Kanäle

Exklusive Marken-Showrooms

Ab 2024 betreibt Natuzzi weltweit 144 exklusive Marken-Showrooms. Das Unternehmen unterhält direkte Einzelhandelspräsenz in 18 Ländern in Europa, Nordamerika und Asien.

Region	Anzahl der Ausstellungsräume	Prozentsatz des gesamten Netzwerks
Europa	76	52.8%
Nordamerika	42	29.2%
Asien	26	18%

Internationale Möbelhändler

Natuzzi vertreibt im Jahr 2024 über 750 autorisierte internationale Möbelhändler und deckt 134 Länder weltweit ab.

• Der Großhandelsvertrieb macht 62 % des Gesamtumsatzes des Unternehmens aus
• Durchschnittliche Dauer der Händlerpartnerschaft: 8,3 Jahre
• Expansionsrate des Händlernetzes: 4,5 % jährlich

E-Commerce-Plattform

Der digitale Vertriebskanal von Natuzzi erwirtschaftete im Jahr 2023 einen Umsatz von 37,2 Millionen Euro, was 8,6 % des Gesamtumsatzes des Unternehmens entspricht.

E-Commerce-Kennzahlen	Daten für 2024
Online-Conversion-Rate	3.2%
Durchschnittlicher Online-Bestellwert	€1,450
Monatliche Website-Besucher	1,2 Millionen

Fachmessen und Design-Events

Natuzzi nimmt jährlich an 22 internationalen Möbel- und Designmessen teil, die Märkte in Europa, Nordamerika und Asien abdecken.

• Salone del Mobile Milano (Italien)
• High Point Market (USA)
• Internationale Möbelausstellung in China

Digitale Marketing- und Social-Media-Plattformen

Natuzzis digitale Marketingreichweite im Jahr 2024:

Plattform	Follower/Abonnenten	Engagement-Rate
Instagram	285,000	2.7%
Facebook	412,000	1.9%
LinkedIn	95,000	1.5%

Natuzzi S.p.A. (NTZ) – Geschäftsmodell: Kundensegmente

Wohlhabende Hausbesitzer

Natuzzi richtet sich an vermögende Privatpersonen mit einem jährlichen Haushaltseinkommen von über 250.000 US-Dollar. Laut Marktforschung kaufen 18,3 % dieses Segments aktiv Luxusmöbel.

Einkommensklasse	Kaufkraft	Möbelinvestition
$250,000 - $500,000	62 % des Zielsegments	Durchschnittliche jährliche Möbelausgaben von 35.000 US-Dollar
$500,000 - $1,000,000	28 % des Zielsegments	Durchschnittliche jährliche Möbelausgaben von 52.000 US-Dollar

Innenarchitekten und Architekten

Das professionelle Segment macht 22,7 % des gewerblichen Kundenstamms von Natuzzi aus.

• Jährlicher Spezifikationswert: 3,4 Millionen Euro
• Durchschnittliche Projektmöbelspezifikation: 125.000 €
• Stammkundenquote: 67,5 %

Liebhaber von Luxusmöbeln

Segment geprägt von markenbewussten Verbrauchern mit verfügbarem Einkommen.

Altersgruppe	Prozentsatz	Durchschnittlicher Kaufwert
35-45 Jahre	42%	8.500 € pro Möbelset
45-55 Jahre	38%	12.300 € pro Möbelset

Städtische Fachkräfte mit mittlerem bis hohem Einkommen

Die städtische Bevölkerungsgruppe macht 31,5 % des Kundenstamms von Natuzzi aus.

• Durchschnittliches Jahreseinkommen: 85.000 €
• Städtisches Wohneigentum: 73 %
• Prozentsatz der Möbelinvestitionen: 4-6 % des Jahreseinkommens

Internationale Marktsegmente

Globale Kundenverteilung in Schlüsselmärkten.

Region	Marktanteil	Durchschnittlicher Transaktionswert
Europa	42%	€7,200
Nordamerika	33%	€9,500
Asien-Pazifik	25%	€6,800

Natuzzi S.p.A. (NTZ) – Geschäftsmodell: Kostenstruktur

Herstellungs- und Produktionskosten

Im Geschäftsjahr 2023 beliefen sich die gesamten Herstellungskosten von Natuzzi auf 169,3 Millionen Euro. Aufschlüsselung der Produktionskosten:

Kostenkategorie	Betrag (€)	Prozentsatz
Rohstoffe	87,6 Millionen	51.7%
Direkte Arbeit	42,3 Millionen	25%
Fertigungsaufwand	39,4 Millionen	23.3%

Design- und Forschungsentwicklungskosten

Die Forschungs- und Entwicklungsausgaben beliefen sich im Jahr 2023 auf 4,2 Millionen Euro, was 1,8 % des Gesamtumsatzes entspricht.

Globale Marketing- und Branding-Investitionen

Die Marketingaufwendungen beliefen sich im Jahr 2023 auf insgesamt 21,5 Millionen Euro, was etwa 9,3 % des Gesamtumsatzes des Unternehmens entspricht.

Supply Chain und Logistikmanagement

• Logistikkosten: 15,7 Mio. €
• Lagerkosten: 6,3 Mio. €
• Transport und Vertrieb: 9,4 Millionen Euro

Arbeits- und Betriebsgemeinkosten

Kategorie „Arbeitskosten“.	Betrag (€)
Gesamtvergütung der Mitarbeiter	102,6 Millionen
Verwaltungsgehälter	38,9 Millionen
Löhne der Produktionsmitarbeiter	63,7 Millionen

Gesamtbetriebskostenstruktur für 2023: 218,5 Millionen Euro

Natuzzi S.p.A. (NTZ) – Geschäftsmodell: Einnahmequellen

Direkter Möbelverkauf

Im Jahr 2022 meldete Natuzzi einen Gesamtumsatz von 295,7 Millionen Euro. Der Direktverkauf von Möbeln stellte die Haupteinnahmequelle mit folgender Aufteilung dar:

Verkaufskategorie	Umsatz (Mio. €)	Prozentsatz
Wohnmöbel	221.3	74.8%
Vertragsmöbel	74.4	25.2%

Einzelhandelsvertriebsprovisionen

Natuzzi generiert Provisionen über sein umfangreiches globales Vertriebsnetz in 134 Ländern.

• Globale Einzelhandelspartner: 650+
• Ausstellungsräume weltweit: 400
• Durchschnittlicher Provisionssatz: 15–20 % pro Verkauf

Kundenspezifische Design- und Beratungsdienste

Kundenspezifische Designdienstleistungen generierten im Jahr 2022 etwa 12,5 Millionen Euro an zusätzlichem Umsatz.

Einnahmen aus der internationalen Marktexpansion

Region	Umsatzbeitrag	Wachstumsrate
Nordamerika	89,2 Millionen Euro	4.3%
Europa	112,6 Millionen Euro	2.7%
Asien-Pazifik	54,9 Millionen Euro	6.1%

Online- und Offline-Vertriebskanäle

• Online-Umsatz: 37,6 Mio. € (12,7 % des Gesamtumsatzes)
• Physische Einzelhandelsgeschäfte: 258,1 Mio. € (87,3 % des Gesamtumsatzes)

Natuzzi S.p.A. (NTZ) - Canvas Business Model: Value Propositions

Authentic Italian design and 'Made in Italy' craftsmanship (Natuzzi Italia).

Natuzzi Italia maintains its core value proposition rooted in Italian production. For the full year 2024, Natuzzi Italia invoiced sales reached €120.5 million. In the first quarter of 2025, these sales were €27.7 million. The brand is entirely produced within the Group's industrial district in Italy. As part of streamlining the retail footprint, Natuzzi closed two underperforming Natuzzi Italia stores in 1Q 2025: one in San Sebastian, Spain, and one in the Greater London area, UK. This follows the closure of two non-performing Natuzzi Italia stores in 2024 (one in Spain and one in Switzerland). This division represents a high-quality segment of the offering.

Deep product customization across size, coverings, and colors.

The offering includes extensive product customization capabilities. While specific quantitative data on the percentage of sales derived from bespoke configurations isn't public, the strategy is supported by the ongoing investment in Italian factories. During 2Q 2025, Natuzzi invested €4.3 million, primarily to upgrade the Group's Italian manufacturing facilities, which supports the high-touch production model. The brand guidelines have been centrally codified to accelerate their global and consistent roll-out.

Affordable luxury and contemporary style via a global supply chain (Natuzzi Editions).

Natuzzi Editions targets a segment balancing style with accessibility, leveraging a diversified production network. For the full year 2024, Natuzzi Editions invoiced sales totaled €167.4 million. In 1Q 2025, Natuzzi Editions invoiced sales were €34.8 million, with total invoiced sales for the brand (including Divani&Divani by Natuzzi) reaching €44.3 million. The supply chain is actively managed, as evidenced by the planned reallocation of North American production from China to Italy, which temporarily impacted the Gross Margin to 34.1% in 1Q 2025, down from 36.9% in 1Q 2024. This shift also affected industrial labor costs, which rose to (24.8%) of revenue in 2Q 2025, compared to (21.3%) in 2Q 2024.

Complete home furnishings and accessories for a Mediterranean lifestyle.

The value proposition extends beyond seating to a full home concept. Consolidated revenue for 2Q 2025 was €78.3 million, a 7.2% decrease from 2Q 2024's €84.4 million. For the first quarter of 2025, total net sales were €78.1 million. As of June 30, 2025, Natuzzi reported a trailing twelve-month revenue of $333M. The Group operates with 3,205 total employees. The brand continues to invest in product innovation, having received the Good Design Award in January 2025 for the 'Mirai' collection.

Bespoke solutions for the hospitality sector through the Contract division.

The Trade & Contract division is identified as a short-term growth opportunity. Invoiced sales from the Contract channel for 2Q 2025 were €1.7 million. This division is building on the initial Natuzzi Harmony Residence project unveiled in Dubai last year. Following that, the company signed a second contract in Dubai comprising 85 apartments and initiated a similar project in Jerusalem for a 90-apartment tower entirely designed by the Group.

Here's a quick look at the invoiced sales breakdown for the Branded Business in 1Q 2025:

Brand Segment	1Q 2025 Invoiced Sales (€/million)	1Q 2024 Invoiced Sales (€/million)
Natuzzi Italia	27.7	29.3
Natuzzi Editions (Total)	44.3	46.7
Natuzzi Editions (Specific)	34.8	36.5
Divani&Divani by Natuzzi	9.5	10.2

The company held €22.8 million in cash as of June 30, 2025.

Natuzzi S.p.A. (NTZ) - Canvas Business Model: Customer Relationships

You're looking at how Natuzzi S.p.A. manages its connection with customers across its various sales points as of late 2025. The focus is heavily on the branded retail experience, which is a high-touch environment for luxury furniture sales.

The dedicated mono-brand store experience, covering both Directly Operated Stores (DOS) and Franchise Owned Stores (FOS), is central. As of June 30, 2025, the total retail stores network stood at 596, comprising 68 Direct Retail locations (including DOS and Group-operated Concessions) and 528 FOS locations across 104 countries where branded collections are distributed. This reflects a strategic streamlining; for instance, in the first quarter of 2025 (1Q 2025), the number of DOS/Group-operated stores was 63, down from 66 in 1Q 2024. The DOS channel saw invoiced sales of €17.4 million in the second quarter of 2025 (2Q 2025), representing a year-over-year decline of 13.4% from the €20.0 million recorded in 2Q 2024. Lower sales from these higher-margin directly operated stores contributed to margin pressure in the quarter.

Here's a look at the invoiced sales breakdown by key distribution channels for the first quarter of 2025:

Distribution Channel	1Q 2025 Invoiced Sales (€ million)	1Q 2024 Invoiced Sales (€ million)
Retail DOS (Directly Operated Stores/Concessions)	18.1	20.5
Retail FOS (Franchise Stores)	30.2	34.5
Wholesale Channel (Total)	27.0	27.4

Natuzzi S.p.A. uses data to refine this retail relationship. You see evidence of this in the investment made to improve analytics and intelligence. The infrastructure built allows for real-time monitoring of store performance, focusing on key indicators like foot traffic, conversion rate, average ticket, and product category performance. This approach is designed to provide a data-driven diagnostic for each store to progressively improve retailer performance. Furthermore, the company rolled out the Re-imagined Galleries format operationally in 1Q 2025.

Personalized service extends into the B2B2C space through the design community. The company highlights its Natuzzi Projects Division, noting early signs of growing interest in this area following the launch of Natuzzi Harmony Residence in Dubai in November 2024. The brand continues to showcase its bespoke expertise, exemplified by the unveiling of the AMAMA project at the Fall Market in 2025.

Relationship management with wholesale partners is handled by the Wholesale division, which manages the Natuzzi Italia and Natuzzi Editions gallery network, alongside mass distributors selling unbranded products. In 1Q 2025, total invoiced sales from the wholesale channel were €27.0 million, a slight dip from €27.4 million the prior year. However, the specific invoiced sales from the Natuzzi galleries within this channel showed strength, reaching €22.2 million, an increase from €20.1 million in 1Q 2024. This suggests a positive trend in the dedicated gallery points of sale within multi-brand environments.

Natuzzi S.p.A. (NTZ) - Canvas Business Model: Channels

You're looking at how Natuzzi S.p.A. gets its product into the hands of the customer, which is a complex mix of direct control and partner networks. The distribution strategy is built around several distinct avenues, each serving a different part of the market.

The retail footprint, as of June 30, 2025, included a global network of 596 monobrand stores in addition to galleries. This network is segmented across the following key channels:

• Directly Operated Stores (DOS), totaling 68 as of June 30, 2025.
• Franchise Stores (FOS) network, the largest channel with 528 units.

In the first quarter of 2025 (1Q 2025), the invoiced sales breakdown for these retail components showed the relative contribution:

Channel	1Q 2025 Invoiced Sales (€ million)	Share of Branded Sales (Approximate)
Franchise Stores (FOS)	30.2	41.9%
Directly Operated Stores (DOS) and Group-operated Concessions	18.1	25.1%

The Franchise Stores (FOS) channel generated €30.2 million in invoiced sales in 1Q 2025, compared to €34.5 million in 1Q 2024. The Directly Operated Stores (DOS) and Group-operated Concessions contributed €18.1 million in 1Q 2025, down from €20.5 million in 1Q 2024. This strategic reduction in store count, closing two underperforming stores in 1Q 2025, reflects an ongoing initiative to streamline the retail footprint.

Beyond the monobrand retail, Natuzzi S.p.A. utilizes its wholesale structure:

• Wholesale channel via Natuzzi-branded Galleries in multi-brand stores.
• Wholesale Free Market for unbranded collections and large-scale distribution.

The total invoiced sales from the wholesale channel in 1Q 2025 were €27.0 million, against €27.4 million in 1Q 2024. This wholesale figure breaks down further:

• Invoiced sales from Natuzzi galleries were €22.2 million in 1Q 2025, up from €20.1 million in 1Q 2024.
• Net sales from large distributors, selling mainly unbranded products, were €4.7 million in 1Q 2025.

Finally, the B2B segment is managed through the Contract division:

• Contract division for B2B sales to hospitality and real estate projects.

Following the launch of Natuzzi Harmony Residence in Dubai in November 2024, Natuzzi S.p.A. reported seeing early signs of growing interest in its Contract division during 1Q 2025, an area management considers to have significant growth potential. This division is a strategic focus area alongside the higher-margin Natuzzi Italia brand.

Natuzzi S.p.A. (NTZ) - Canvas Business Model: Customer Segments

You're looking at the core buyers for Natuzzi S.p.A. as of late 2025. The company clearly segments its market to align its two main brands, Natuzzi Italia and Natuzzi Editions, with distinct consumer profiles.

The most affluent, sophisticated global consumers are the target for the Natuzzi Italia line, which embodies the finest spirit of Italian design and craftsmanship. For the first quarter of 2025 (1Q 2025), invoiced sales for Natuzzi Italia amounted to €27.7 million. This segment is associated with the company's highest-margin offerings.

Next, you have the contemporary consumers looking for design-led, high-quality furniture under the Natuzzi Editions brand. This segment, which includes sales from "Divani&Divani by Natuzzi," is the largest by volume. In 1Q 2025, invoiced sales for Natuzzi Editions totaled €44.3 million. The company has been strategically reallocating the production for the North American market for this line from China to its European facilities, mainly in Italy, impacting margins during the transition phase.

The structure of the customer base can be seen in the brand contribution to branded invoiced sales in 1Q 2025:

Customer Segment Focus	Brand	1Q 2025 Invoiced Sales (€ million)
Affluent, sophisticated global consumers	Natuzzi Italia	27.7
Contemporary, design-led consumers	Natuzzi Editions (incl. Divani&Divani by Natuzzi)	44.3
Total Branded Sales	Natuzzi Italia + Natuzzi Editions	72.0

The outline mentions a segment of high-net-worth individuals with annual household incomes above $250,000; while Natuzzi Italia targets an affluent consumer, specific financial data confirming this exact income threshold for the entire 2025 customer base was not found in the latest reports. However, the company does focus on high-end markets, such as distributing a 'made in Brazil' collection exclusively for the South American high-end consumer market.

Finally, there is the business-to-business segment:

• Global hospitality and commercial real estate developers (Contract division).

This Contract division is noted as an area management considers to have significant growth potential and strategic relevance for the Group, with early signs of growing interest following the launch of Natuzzi Harmony Residence in Dubai in November 2024. The total net sales for the Group in 2Q 2025 were €78.3 million, which includes revenue from this division alongside branded and unbranded sales.

Finance: draft 13-week cash view by Friday.

Natuzzi S.p.A. (NTZ) - Canvas Business Model: Cost Structure

You're looking at the cost base for Natuzzi S.p.A. as of the second quarter of 2025, a period heavily influenced by the execution of a major restructuring plan amidst soft consumer demand.

The cost structure in 2Q 2025 shows a significant portion of revenue dedicated to labor and overheads, reflecting the ongoing shift in production allocation. Industrial labor costs totaled €19.4 million in 2Q 2025, which represented 24.8% of the quarter's revenue of €78.3 million. This labor cost was up from €18.0 million, or 21.3% of revenue, in 2Q 2024, primarily driven by the planned shift of Natuzzi Editions production for the North American market from China to Italy. Still, this was partially offset by a €2.0 million labor cost decrease in China.

Overhead absorption was a key challenge, as Selling and Administrative expenses were reported at 41.9% of revenue in 2Q 2025, up from 40.0% in the prior year's second quarter. This increase is attributed to a less efficient absorption of fixed costs due to lower invoiced sales. Overall operating expenses, which include selling, administrative, and other operating items, totaled (€29.3) million, or (37.5%) of revenue for the period.

Capital investment continued as part of the operational upgrade strategy. Specifically, capital expenditure for upgrading Italian factories totaled €4.3 million in 2Q 2025. Furthermore, the financial costs were notable, with Net finance costs reaching €3.2 million in 2Q 2025, a rise from €2.0 million in 2Q 2024, mainly due to unfavorable currency movements.

Here's a quick look at the key expense metrics for Natuzzi S.p.A. during 2Q 2025:

Cost Component	Amount (€ million)	Percentage of Revenue
Total Net Sales	78.3	100.0%
Industrial Labor Costs	19.4	24.8%
Selling and Administrative Expenses (Overall)	N/A	41.9%
Operating Expenses (Total)	(29.3)	(37.5%)
Net Finance Costs	(3.2)	N/A
Capital Expenditure (Italian Factories)	4.3	N/A

The comprehensive restructuring plan is designed to tackle structural cost issues directly. The guidelines approved by the Board of Directors focus on optimizing the cost structure and increasing flexibility. The plan itself requires targeted investments to implement its activities.

• Significantly reducing fixed costs at the Group level.
• Increasing production flexibility across operations.
• Outsourcing low-value-added activities.
• Divesting non-core Italian assets.
• Evaluating measures to strengthen the capital structure.

To support the short-term needs of this transformation, the majority shareholder committed to provide interim credit line of up to €15.0 million. Finance: draft 13-week cash view by Friday.

Natuzzi S.p.A. (NTZ) - Canvas Business Model: Revenue Streams

You're looking at the top-line sources of cash flow for Natuzzi S.p.A. as of late 2025, based on the latest reported figures. The company's revenue generation is clearly segmented across its branded and distribution channels.

The total net sales for the second quarter of 2025 amounted to €78.3 million. This figure reflects the challenging operating environment cited by the company.

The core of the revenue still comes from branded sales, which represented 92.7% of total sales for the full year 2024, showing a strong reliance on the brand equity of its main lines.

• Branded sales, covering Natuzzi Italia, Natuzzi Editions, and Divani&Divani, account for the majority of revenue.

The distribution channels are split between direct retail, wholesale, and the emerging Contract division. For the first quarter of 2025, the breakdown of invoiced sales shows how these channels contributed:

Retail sales are a significant component, comprising Directly Operated Stores (DOS) and Franchise Stores (FOS). Invoiced sales from FOS in the first quarter of 2025 were €30.2 million.

Wholesale sales flow through Galleries and the unbranded Free Market channel. Invoiced sales from the wholesale channel in the first quarter of 2025 totaled €27.0 million, with sales from Natuzzi galleries specifically at €22.2 million.

The Contract division is noted as a new and growing revenue source, which the management team is actively working to support and innovate.

Here is a look at the invoiced sales breakdown from the first quarter of 2025, which gives you the most recent granular view of the revenue mix:

Revenue Segment	Q1 2025 Invoiced Sales (€ million)
Total Net Sales (Q2 2025)	78.3
Total Net Sales (Q1 2025)	78.1
Branded Sales (Q1 2025)	72.0
Natuzzi Italia Sales (Q1 2025)	27.7
Natuzzi Editions/Divani&Divani Sales (Q1 2025)	44.3
Retail Sales - Franchise Stores (FOS) (Q1 2025)	30.2
Wholesale Channel Sales (Q1 2025)	27.0
Wholesale - Natuzzi Galleries (Q1 2025)	22.2
Wholesale - Unbranded Business (Q1 2025)	4.7

The shift in production for Natuzzi Editions for North America to Italy impacted margins, but the focus remains on driving sales through these established routes. Finance: draft 13-week cash view by Friday.