Natuzzi S.p.A. (NTZ): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el plan estratégico de Natuzzi S.P.A., una famosa potencia de muebles italianos que transforma los espacios de vida de lujo a través de un diseño innovador y un enfoque comercial meticuloso. Esta exploración de su lienzo de modelo de negocio revela cómo esta marca icónica combina magistralmente la artesanía tradicional con las estrategias del mercado global, creando una narración convincente de excelencia en el diseño, soluciones centradas en el cliente y expansión internacional que los distingue en el mundo competitivo de la fabricación de muebles premium.

Natuzzi S.P.A. (NTZ) - Modelo de negocio: asociaciones clave

Fabricantes y proveedores de muebles en Italia y Rumania

Natuzzi mantiene asociaciones estratégicas con instalaciones de fabricación en:

Ubicación	Número de instalaciones	Capacidad de producción anual
Puglia, Italia	3 plantas de fabricación	1,2 millones de unidades por año
Râmnicu vâlcea, Rumania	2 instalaciones de fabricación	800,000 unidades por año

Estudios y colaboradores de diseño internacional

Natuzzi colabora con:

• 6 estudios internacionales de diseño
• 22 profesionales de diseño independientes
• Asociaciones de diseño en Milán, Nueva York y Londres

Redes de distribución minorista en todo el mundo

Región	Número de socios minoristas	Canales de distribución
América del norte	350 socios minoristas	Tiendas directas y de franquicia
Europa	280 socios minoristas	Tiendas mono-marca y múltiples marcas
Asia-Pacífico	210 socios minoristas	Concesionarios exclusivos

Proveedores de materia prima

Las asociaciones de material clave incluyen:

• Proveedores de cuero de Italia: 4 curtidurías primarias
• Proveedores de madera de Rumania e Italia: 7 socios forestales sostenibles certificados
• Adquisición anual de cuero: 2.5 millones de metros cuadrados
• Adquisición de madera anual: 45,000 metros cúbicos

Agencias de marketing y marca

Tipo de agencia	Número de socios	Cobertura geográfica
Agencias de marketing global	3 agencias internacionales	Campañas mundiales
Socios de marketing digital	5 empresas de estrategia digital	Presencia digital multicanal
Consultores de posicionamiento de marca	2 consultorías especializadas	Mercados europeos y norteamericanos

Natuzzi S.P.A. (NTZ) - Modelo de negocio: actividades clave

Diseño y desarrollo de muebles de cuero premium

Natuzzi dedica recursos significativos para el diseño y el desarrollo:

Inversión de diseño	Gastos anuales de I + D	Tamaño del equipo de diseño
8,5 millones de euros en 2022	12.3 millones de euros	125 profesionales de diseño

Fabricación de sofás, sillones y muebles para el hogar

Las operaciones de fabricación abarcan múltiples instalaciones:

Lugar de producción	Capacidad de producción anual	Empleados de fabricación
Italia, Brasil, China	1,2 millones de unidades de muebles	3.200 trabajadores manufactureros

Gestión global de ventas y distribución

• Red de distribución global en 134 países
• Más de 600 tiendas de marca exclusivas en todo el mundo
• Asociaciones estratégicas con 1.200 minoristas internacionales

Mejora de marketing de marca y experiencia del cliente

Gasto de marketing	Canales de marketing digital	Puntos de contacto del cliente
€ 7.2 millones en 2022	8 plataformas digitales primarias	Estrategia omnicanal de 360 ​​grados

Innovación de productos continuos y refinamiento de estilo

Métricas de innovación:

• 20 nuevas colecciones de muebles lanzadas anualmente
• 3-4 iteraciones de diseño por línea de productos
• € 15.6 millones invertidos en procesos de innovación

Natuzzi S.P.A. (NTZ) - Modelo de negocio: recursos clave

Patrimonio de diseño italiano y reputación

Establecido en 1959 en Puglia, Italia, con un valor de marca total estimado en € 42.5 millones a partir de 2023.

Instalaciones de fabricación

Ubicación	Tipo de instalación	Capacidad de producción
Santeramo, Italia	Planta de fabricación primaria	450,000 unidades anualmente
Bistrița-năsăud, Rumania	Instalación de fabricación secundaria	250,000 unidades anualmente

Composición de la fuerza laboral

• Total de empleados: 1.852 (al 31 de diciembre de 2022)
• Equipo de diseño: 87 diseñadores profesionales
• Experiencia promedio de la fuerza laboral: 15.6 años en producción de muebles

Red de distribución global

Región	Número de tiendas	Penetración del mercado
Europa	312 tiendas	42% de la distribución global
América del norte	189 tiendas	28% de la distribución global
Asia-Pacífico	156 tiendas	22% de la distribución global
Otras regiones	83 tiendas	8% de la distribución global

Tecnologías patentadas

• 3 patentes registradas en fabricación de muebles
• € 3.2 millones invertidos en I + D en 2022
• Tecnología de tratamiento de cuero patentado
• Sistemas avanzados de diseño asistido por computadora (CAD)

Recursos financieros

Activos totales al 31 de diciembre de 2022: 313,4 millones de euros

Natuzzi S.P.A. (NTZ) - Modelo de negocio: propuestas de valor

Muebles de cuero italiano de alta calidad

NATUZZI FUENTES DE CUERO DE Tonnerías 100% italianas. A partir de 2023, la compañía produjo aproximadamente 1.2 millones de unidades de muebles de cuero anualmente.

Calidad de cuero	Volumen de producción	Rango de precios promedio
Cuero italiano de grano completo	1,200,000 unidades/año	€ 1,500 - € 5,000 por pieza

Estética de diseño sofisticado y contemporáneo

Las inversiones de diseño alcanzadas € 4.2 millones en I + D Para el diseño de muebles en 2023.

• Colecciones minimalistas modernas
• Diseños de muebles ergonómicos
• Líneas de productos que responden a la tendencia

Opciones de muebles personalizables

Cubierta de opciones de personalización 60% de la gama de productos, con variaciones en:

Parámetro de personalización	Opciones disponibles
Color	42 colores de cuero
Tamaño	3 configuraciones de tamaño
Tapicería	7 tipos de materiales

Combinación de comodidad y estilo

Inversión de investigación ergonómica: € 2.8 millones en 2023.

Posicionamiento de marca de lujo reconocido internacionalmente

Presencia del mercado global en 85 países con ingresos de € 373.6 millones en 2022.

Región de mercado	Cuota de mercado	Contribución de ingresos
Europa	45%	168 millones de euros
América del norte	35%	€ 130.76 millones
Resto del mundo	20%	74.72 millones de euros

Natuzzi S.P.A. (NTZ) - Modelo de negocios: relaciones con los clientes

Servicio al cliente personalizado

Natuzzi ofrece un servicio al cliente personalizado a través de múltiples canales:

• Atención al cliente directa a través de líneas telefónicas dedicadas
• Comunicación de correo electrónico personalizada
• Consulta individual con expertos en diseño

Canal de servicio al cliente	Tiempo de respuesta promedio	Tasa de satisfacción del cliente
Soporte telefónico	12 minutos	87%
Soporte por correo electrónico	24 horas	82%
Consulta en la tienda	45 minutos	93%

Showroom e interacciones directas de ventas

Natuzzi mantiene 68 salas de exhibición de marca exclusivas A nivel mundial, con ubicaciones clave en:

• Italia
• Estados Unidos
• Porcelana
• Alemania

Atención al cliente en línea y fuera de línea

Canal de soporte	Volumen de interacción anual	Plataforma digital
Soporte del sitio web	127,500 interacciones	Natuzzi.com
Apoyo en las redes sociales	42,300 interacciones	Instagram, Facebook
Soporte de la tienda física	95,700 interacciones	Ubicación minorista

Servicios de consulta de diseño

Natuzzi proporciona Consulta de diseño de cortesía a través de:

• Sesiones de diseño virtual
• Consulta en el hogar
• Citas en la sala de exposición

Programas de fidelización para clientes habituales

Nivel de programa de fidelización	Beneficios anuales	Porcentaje de membresía
Nivel de bronce	5% de descuento	62%
Nivel de plata	10% de descuento	28%
Nivel de oro	15% de descuento	10%

Natuzzi S.P.A. (NTZ) - Modelo de negocios: canales

Salas de exposición de marca exclusivas

A partir de 2024, Natuzzi opera 144 salas de exhibición de marca exclusivas a nivel mundial. La compañía mantiene la presencia minorista directa en 18 países en Europa, América del Norte y Asia.

Región	Número de salas de exhibición	Porcentaje de red total
Europa	76	52.8%
América del norte	42	29.2%
Asia	26	18%

Minoristas de muebles internacionales

Natuzzi distribuye a través de 750 minoristas de muebles internacionales autorizados en 2024, que cubren 134 países en todo el mundo.

• La distribución mayorista representa el 62% de los ingresos totales de la compañía
• Duración promedio de asociación minorista: 8.3 años
• Tasa de expansión de la red de minoristas: 4.5% anual

Plataforma de comercio electrónico

El canal de ventas digitales de Natuzzi generó 37,2 millones de euros en ingresos en 2023, lo que representa el 8,6% de las ventas totales de la compañía.

Métricas de comercio electrónico	2024 datos
Tasa de conversión en línea	3.2%
Valor de pedido en línea promedio	€1,450
Visitantes mensuales del sitio web	1.2 millones

Exposiciones comerciales y eventos de diseño

Natuzzi participa en 22 exposiciones internacionales de muebles y diseño anualmente, cubriendo mercados en Europa, América del Norte y Asia.

• Salone del Mobile Milano (Italia)
• High Point Market (EE. UU.)
• Expo de muebles internacionales de China

Plataformas de marketing digital y redes sociales

El alcance de marketing digital de Natuzzi en 2024:

Plataforma	Seguidores/suscriptores	Tasa de compromiso
Instagram	285,000	2.7%
Facebook	412,000	1.9%
LinkedIn	95,000	1.5%

Natuzzi S.P.A. (NTZ) - Modelo de negocio: segmentos de clientes

Propietarios de viviendas ricos

Natuzzi se dirige a individuos de alto valor neto con ingresos anuales de hogares por encima de $ 250,000. La investigación de mercado indica que el 18.3% de este segmento compra activamente muebles de lujo.

Soporte de ingresos	Poder adquisitivo	Inversión en muebles
$250,000 - $500,000	62% del segmento objetivo	Promedio de gastos de muebles anuales de $ 35,000
$500,000 - $1,000,000	28% del segmento objetivo	Promedio de gastos de muebles anuales de $ 52,000

Diseñadores de interiores y arquitectos

Segmento profesional que representa el 22.7% de la base de clientes comerciales de Natuzzi.

• Valor de especificación anual: 3,4 millones de euros
• Especificación promedio de muebles del proyecto: € 125,000
• Tasa de cliente repetida: 67.5%

Entusiastas de los muebles de lujo

Segmento caracterizado por consumidores conscientes de la marca con ingresos disponibles.

Grupo de edad	Porcentaje	Valor de compra promedio
35-45 años	42%	8,500 € por juego de muebles
45-55 años	38%	€ 12,300 por juego de muebles

Profesionales urbanos de medios a altos ingresos

Urban demográfica representa el 31.5% de la base de clientes de Natuzzi.

• Ingresos anuales promedio: € 85,000
• Propiedad de la residencia urbana: 73%
• Porcentaje de inversión de muebles: 4-6% de los ingresos anuales

Segmentos del mercado internacional

Distribución global de clientes en mercados clave.

Región	Cuota de mercado	Valor de transacción promedio
Europa	42%	€7,200
América del norte	33%	€9,500
Asia-Pacífico	25%	€6,800

Natuzzi S.P.A. (NTZ) - Modelo de negocio: Estructura de costos

Gastos de fabricación y producción

A partir del año financiero 2023, los costos de fabricación totales de Natuzzi fueron de € 169.3 millones. Desglose de gastos de producción:

Categoría de costos	Cantidad (€)	Porcentaje
Materia prima	87.6 millones	51.7%
Trabajo directo	42.3 millones	25%
Sobrecarga de fabricación	39.4 millones	23.3%

Costos de desarrollo de diseño e investigación

El gasto de investigación y desarrollo en 2023 fue de € 4.2 millones, lo que representa el 1.8% de los ingresos totales.

Inversiones globales de marketing y marca

Los gastos de marketing para 2023 totalizaron € 21.5 millones, que es aproximadamente el 9.3% de los ingresos totales de la compañía.

Gestión de la cadena de suministro y logística

• Costos logísticos: € 15.7 millones
• Gastos de almacenamiento: 6.3 millones de euros
• Transporte y distribución: € 9.4 millones

Labor y gastos generales operativos

Categoría de costos laborales	Cantidad (€)
Compensación total de empleados	102.6 millones
Salarios administrativos	38.9 millones
Salarios de los trabajadores de producción	63.7 millones

Estructura de costos operativos totales para 2023: € 218.5 millones

Natuzzi S.P.A. (NTZ) - Modelo de negocios: flujos de ingresos

Venta de muebles directos

En 2022, Natuzzi reportó ingresos totales de € 295.7 millones. Las ventas de muebles directos comprendieron la fuente de ingresos principal con el siguiente desglose:

Categoría de ventas	Ingresos (millones de euros)	Porcentaje
Muebles residenciales	221.3	74.8%
Contratar muebles	74.4	25.2%

Comisiones de distribución minorista

Natuzzi genera comisiones a través de su extensa red de distribución global en 134 países.

• Socios minoristas globales: más de 650
• Salas de exhibición en todo el mundo: 400
• Tasa de comisión promedio: 15-20% por venta

Servicios de diseño y consulta personalizados

Los servicios de diseño personalizados generaron aproximadamente € 12.5 millones en ingresos adicionales en 2022.

Ingresos de expansión del mercado internacional

Región	Contribución de ingresos	Índice de crecimiento
América del norte	89,2 millones de euros	4.3%
Europa	112.6 millones de euros	2.7%
Asia-Pacífico	54,9 millones de euros	6.1%

Canales de ventas en línea y fuera de línea

• Ventas en línea: 37,6 millones de euros (12.7% de los ingresos totales)
• Tiendas minoristas físicas: € 258.1 millones (87.3% de los ingresos totales)

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.