Qurate Retail, Inc. (QRTEA): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

QURETA Retail, Inc. (QRTEA) representa un enfoque revolucionario para el comercio minorista moderno, combinando tecnología de vanguardia con experiencias de compra inmersiva que trascienden los límites tradicionales de comercio electrónico. Al integrar a la perfección, las redes de compras de televisión, las plataformas digitales y los medios interactivos, la compañía ha creado un modelo comercial único que transforma cómo los consumidores descubren, se involucran y compran productos en múltiples canales. Desde la transmisión en vivo hasta las interacciones digitales personalizadas, la estrategia innovadora de Qurate se conecta con diversos segmentos de clientes, que ofrece una experiencia de compra basada en entretenimiento que va mucho más allá de los enfoques minoristas convencionales.

Qurate Retail, Inc. (QRTEA) - Modelo de negocios: asociaciones clave

Integración de fusión QVC y HSN

En 2018, QURET Retail Group completó la fusión de QVC y HSN por $ 2.1 mil millones, creando una plataforma minorista integrada con ingresos anuales combinados de aproximadamente $ 14.5 mil millones a partir de 2022.

Detalle de la asociación	Impacto financiero	Año
Fusión QVC-HSN	Valor de transacción de $ 2.1 mil millones	2018
Ingresos anuales combinados	$ 14.5 mil millones	2022

Ecosistema de asociación tecnológica

QURETA Retail mantiene asociaciones de tecnología estratégica con múltiples plataformas de comercio electrónico:

• Integración del mercado de Amazon
• Plataforma de transmisión de Roku
• Canales de compras de Facebook/Instagram

Content Creator e Influencer Partnerships

Tipo de asociación	Alcance estimado	Métricas de compromiso
Influenciadores de las redes sociales	Más de 500,000 seguidores por asociación	Tasa de compromiso promedio de 3.5%

Proveedores de logística y envío

Las asociaciones de logística clave incluyen:

• UPS: Manejo de socios de envío primario del 65% del cumplimiento del pedido
• FedEx: proveedor de envío complementario
• USPS: soporte de entrega de última milla

Relaciones de fabricación de proveedores

Categoría de productos	Número de proveedores	Valor de adquisición anual
Electrónica	87 vendedores	$ 620 millones
Artículos para el hogar	129 vendedores	$ 475 millones
Moda	203 vendedores	$ 350 millones

Qurate Retail, Inc. (QRTEA) - Modelo de negocio: actividades clave

Transmisión minorista multicanal y comercio digital

A partir del tercer trimestre de 2023, QURETA Retail generó $ 1.98 mil millones en ingresos de plataformas minoristas multicanal. El comercio digital representaba el 45.2% de las ventas totales, totalizando aproximadamente $ 894 millones.

Canal	Ingresos ($ M)	Porcentaje
QVC	1,125	56.8%
Hsn	542	27.4%
Plataformas digitales	313	15.8%

Curación y comercialización del producto

En 2023, QURETA Retail seleccionó aproximadamente 15,000 SKU de productos únicos en sus plataformas, con una tasa promedio de actualización de selección de productos del 62% trimestral.

• Margen promedio del producto: 38.5%
• Asociaciones únicas de proveedores: 2,300
• Categorías de productos: 22 segmentos distintos

Experiencias de compras en vivo y venta interactiva

Los segmentos de compras en vivo generaron $ 672 millones en 2023, lo que representa el 33.9% de los ingresos totales.

Métrico	Valor
Duración promedio de espectáculos en vivo	2.3 horas
Eventos mensuales de compras en vivo	1,245
Compromiso promedio del espectador	127,000 por evento

Marketing digital y compromiso del cliente

El gasto de marketing digital en 2023 fue de $ 214 millones, lo que representa el 10.8% de los ingresos totales.

• Seguidores de redes sociales: 4.2 millones
• Lista de marketing por correo electrónico: 8.7 millones de suscriptores
• Tasa de retención de clientes: 62.3%

Gestión de inventario y optimización de la cadena de suministro

El índice de facturación de inventario en 2023 fue de 3.7, con un inventario total valorado en $ 876 millones.

Métrica de la cadena de suministro	Valor
Almacenes	12 centros de distribución
Período de retención de inventario promedio	98 días
Costo logístico	$ 312 millones

Qurate Retail, Inc. (QRTEA) - Modelo de negocio: recursos clave

Infraestructura avanzada de medios e transmisión

A partir del cuarto trimestre de 2023, Qurate Retail opera 4 redes de televisión en múltiples plataformas, incluidos QVC, HSN y otros canales especializados.

Plataforma de medios	Alcance de transmisión	Audiencia anual
Red QVC	86 millones de hogares	Aproximadamente 200 millones de espectadores
Red HSN	95 millones de hogares	Aproximadamente 180 millones de espectadores

Cartera de marca fuerte

La cartera de marca de Qurate Retail incluye:

• QVC
• Hsn
• Zulily
• Marcas de piedra angular

Base de datos de clientes y programas de fidelización

A partir de 2023, QURETA Retail mantiene:

• Más de 22 millones de clientes activos
• Valor de por vida del cliente estimado en $ 1,200 por cliente

Tecnología digital y plataformas de comercio electrónico

Plataforma digital	Visitantes mensuales del sitio web	Descargas de aplicaciones móviles
QVC.com	15.3 millones	8.2 millones
Hsn.com	12.7 millones	6.5 millones
Zulily.com	9.6 millones	5.1 millones

Equipos de gestión y ventas experimentados

QURETA Retail emplea a aproximadamente 7.800 empleados a tiempo completo en sus diversas marcas y plataformas.

Categoría de empleado	Número de empleados	Tenencia promedio
Representantes de ventas	3,200	6.5 años
Marketing digital	1,100	4.3 años
Gestión	450	9.2 años

Qurate Retail, Inc. (QRTEA) - Modelo de negocio: propuestas de valor

Experiencia de compra conveniente en múltiples canales

QURETE Retail opera a través de múltiples plataformas de compras con $ 11.3 mil millones en ingresos totales para 2022, que incluyen:

Canal	Plataforma	Ingresos anuales
Compras de televisión	QVC	$ 6.7 mil millones
Comercio electrónico	Plataformas en línea	$ 4.2 mil millones
Compras móviles	Aplicaciones móviles	$ 412 millones

Selecciones de productos únicas y mercancías exclusivas

Las ofertas exclusivas de productos incluyen:

• 3,500+ marcas únicas
• Más de 18,000 productos de productos
• 25% de mercancía de marca patentada

Recomendaciones personalizadas y experiencias del cliente

Análisis de datos del cliente Personalización de conducción:

• 7.2 millones de clientes activos
• 3.6 millones de compradores repetidos
• Tasa de retención de clientes: 62%

Precios competitivos y opciones de pago flexibles

Detalles de la estrategia de precios:

Método de pago	Porcentaje de transacciones
Tarjeta de crédito	47%
Pagos a plazos	29%
Paypal	14%

Modelo de compras basado en entretenimiento

Métricas de presentación en vivo:

• 1,200+ horas diarias de compras en vivo
• Compromiso promedio del espectador: 37 minutos
• Tasa de conversión: 8.6%

Qurate Retail, Inc. (QRTEA) - Modelo de negocios: relaciones con los clientes

Servicio al cliente personalizado

QURETA Retail opera múltiples canales de servicio al cliente con métricas específicas:

• El equipo de servicio al cliente de QVC maneja aproximadamente 18.5 millones de interacciones con el cliente anualmente
• Tiempo promedio de respuesta al servicio al cliente: 2.3 minutos en plataformas digitales
• Calificación de satisfacción del cliente: 87.6% en todos los canales de servicio

Canal de servicio	Volumen de contacto anual	Tasa de resolución
Soporte telefónico	8.2 millones de contactos	92.4%
Chat en línea	5.7 millones de contactos	89.3%
Soporte por correo electrónico	4.6 millones de contactos	85.6%

Experiencias interactivas de compras en vivo

Rendimiento de la plataforma de compras en vivo:

• Visores concurrentes promedio: 125,000 por evento de compra en vivo
• Tasa de conversión para compras en vivo: 14.3%
• Ingresos totales de compras en vivo: $ 487.6 millones en 2023

Programas de lealtad y recompensas

Estadísticas del programa de fidelización:

Métrico de programa	Valor
Miembros de lealtad total	7.2 millones
Repita la tasa de compra	63.5%
Gasto anual promedio de miembros	$624

Compromiso de las redes sociales

Rendimiento de la plataforma de redes sociales:

• Total de seguidores de las redes sociales: 4.3 millones
• Tasa de compromiso promedio: 3.7%
• Ventas impulsadas por las redes sociales: $ 156.2 millones en 2023

Plataformas de compras impulsadas por la comunidad

Métricas de plataforma comunitaria:

Característica comunitaria	Participación del usuario	Impacto de conversión
Revisiones de productos	1.9 millones de contribuyentes activos	+22% de tasa de conversión
Recomendaciones de usuario	680,000 participantes activos	+17% de compra de probabilidad

Qurate Retail, Inc. (QRTEA) - Modelo de negocio: canales

Redes de compras de televisión

QVC y HSN (adquiridos en 2017) representan los principales canales de compras de televisión para Qurate Retail, Inc.

Canal	Espectadores anuales	Contribución de ingresos
QVC EE. UU.	8.4 millones	$ 3.2 mil millones
QVC International	5.6 millones	$ 2.1 mil millones
Hsn	3.2 millones	$ 1.5 mil millones

Sitios web de comercio electrónico

QURETA Retail opera múltiples plataformas en línea en diferentes marcas.

• QVC.com: 12.3 millones de visitantes mensuales únicos
• HSN.com: 7.2 millones de visitantes mensuales únicos
• Zulily.com: 6.5 millones de visitantes mensuales únicos

Aplicaciones móviles

Aplicación	Usuarios activos mensuales	Valor de pedido promedio
Aplicación móvil QVC	4.1 millones	$85
Aplicación móvil HSN	2.3 millones	$72
Aplicación móvil Zulily	3.6 millones	$65

Plataformas de redes sociales

• Seguidores de Facebook: 5.2 millones
• Seguidores de Instagram: 3.7 millones
• Seguidores de Twitter: 1.9 millones
• Seguidores de Pinterest: 2.4 millones

Campañas de marketing directo y correo electrónico

QURETA Retail mantiene una sólida estrategia de marketing directo.

Canal de marketing	Tamaño de base de datos	Tasa de conversión
Suscriptores de correo electrónico	22.5 millones	3.6%
Destinatarios de correo directo	15.3 millones	2.9%

Qurate Retail, Inc. (QRTEA) - Modelo de negocio: segmentos de clientes

Consumidores de mediana edad y mayores

A partir del cuarto trimestre de 2023, el grupo demográfico central de Qurate Retail comprende mujeres de 35 a 65 años, lo que representa aproximadamente el 68% de su base de clientes. Gasto anual promedio por cliente en este segmento: $ 487.

Grupo de edad	Porcentaje de la base de clientes	Gasto anual promedio
35-45 años	24%	$412
46-55 años	27%	$521
56-65 años	17%	$563

Entusiastas de las compras en casa

El segmento de compras en el hogar representa el 42% de los ingresos totales, con 3.2 millones de clientes activos en 2023.

• La plataforma QVC genera $ 3.1 mil millones en ingresos anuales
• Valor de pedido promedio: $ 89
• Repita la tasa de compra: 47%

Compradores en línea expertos en digital

Las ventas de canales digitales alcanzaron los $ 2.8 mil millones en 2023, lo que representa el 36% de los ingresos totales de la compañía.

Canal digital	Ganancia	Crecimiento de los usuarios
Aplicación móvil	$ 1.2 mil millones	18% interanual
Sitio web	$ 1.6 mil millones	12% interanual

Compradores conscientes de los valores

Los clientes sensibles a los precios representan el 55% de la base de clientes de Qurate, con un valor de transacción promedio de $ 67.

• Frecuencia de descuento: 42% de los listados de productos
• Descuento promedio: 33%
• Membresía del programa de fidelización: 2.1 millones de clientes

Coleccionistas de productos de nicho y buscadores de artículos especializados

Los segmentos de productos especializados generan $ 987 millones en ingresos anuales, con el 22% de los clientes que se identifican como coleccionistas.

Categoría de productos	Ingresos anuales	Porcentaje de segmento de clientes
Coleccionables de decoración del hogar	$ 312 millones	8%
Vintage de moda	$ 275 millones	7%
Electrónica de edición limitada	$ 400 millones	7%

QURETA Retail, Inc. (QRTEA) - Modelo de negocio: Estructura de costos

Producción de contenido y gastos de transmisión

A partir del cuarto trimestre de 2023, los costos de producción de contenido de Qurate Retail fueron de $ 238.7 millones. La compañía opera múltiples canales de compra de televisión, incluidos QVC y HSN, que requieren importantes inversiones de estudio de estudio, talento e infraestructura de producción.

Categoría de gastos	Costo anual (2023)
Producción de estudio	$ 127.3 millones
Talento en el aire	$ 68.5 millones
Equipo de transmisión	$ 42.9 millones

Tecnología y mantenimiento de la plataforma digital

En 2023, QURETA Retail invirtió $ 186.4 millones en infraestructura tecnológica y mantenimiento de la plataforma digital.

• Desarrollo de la plataforma de comercio electrónico: $ 92.6 millones
• Inversiones de ciberseguridad: $ 34.2 millones
• Infraestructura de computación en la nube: $ 59.6 millones

Costos de marketing y adquisición de clientes

Los gastos de marketing para 2023 totalizaron $ 412.5 millones, lo que representa el 8.3% de los ingresos totales.

Canal de marketing	Gasto
Marketing digital	$ 187.3 millones
Publicidad televisiva	$ 156.9 millones
Campañas de correo directo	$ 68.3 millones

Gestión de inventario y almacenamiento

Los gastos relacionados con el inventario de Qurate Retail en 2023 fueron de $ 743.6 millones.

• Operaciones de almacén: $ 312.5 millones
• Adquisición de inventario: $ 276.8 millones
• Sistemas de tecnología de inventario: $ 154.3 millones

Logística y gastos de envío

Los costos totales de logística y envío para 2023 alcanzaron $ 521.9 millones.

Categoría de envío	Costo anual
Envío de paquetes	$ 287.4 millones
Transporte de almacenamiento	$ 134.6 millones
Envío internacional	$ 99.9 millones

Qurate Retail, Inc. (QRTEA) - Modelo de negocios: flujos de ingresos

Venta de productos a través de la compra de televisión

En el año fiscal 2022, el segmento QVC de Qurate Retail generó $ 8.4 mil millones en ingresos de las plataformas de compras de televisión.

Transacciones de comercio electrónico en línea

Los ingresos por comercio digital para el comercio minorista QURET alcanzaron $ 3.6 mil millones en 2022, lo que representa el 35.7% de los ingresos totales del segmento.

Canal	Ingresos ($ B)	Porcentaje
QVC US en línea	2.1	25.0%
HSN en línea	1.5	17.9%

Compras de aplicaciones móviles

Las transacciones móviles representaron el 22% de los ingresos digitales totales en 2022, generando aproximadamente $ 792 millones.

Servicios de suscripción y membresía

• QVC+ suscriptores de servicio de transmisión: 250,000
• Ingresos de suscripción anuales promedio: $ 59.99 por usuario
• Ingresos de suscripción total: estimado $ 15 millones

Ingresos de publicidad y asociación

Los ingresos por publicidad y asociación de marca de terceros totalizaron $ 124 millones en 2022.

Tipo de asociación	Ingresos ($ M)
Colaboraciones de marca	87
Publicidad digital	37

Qurate Retail, Inc. (QRTEA) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose Qurate Retail, Inc. over other options right now, grounded in their late 2025 operational reality. It's about blending entertainment with commerce, a concept they call vCommerce (video commerce).

Shoppable entertainment with live host-viewer interaction

The value here is the real-time connection. Qurate Retail, Inc. is doubling down on its evolution to a live social shopping company. This interaction is what separates them from static e-commerce. While the company is navigating revenue headwinds, with total revenue decreasing by 6% in Q3 2025 compared to the previous year, the focus remains on this differentiated content delivery. The strategic pivot targets over $1.5 billion run-rate revenue from streaming and social within three years, showing where the interactive entertainment focus is driving investment.

Curated product discovery and exclusive finds

The offering is a curated selection across its six leading retail brands: QVC, HSN, Ballard Designs, Frontgate, Garnet Hill, and Grandin Road. This curation is supported by operational rigor, like the multiyear Project Athens initiative, which was expected to deliver over $500 million in adjusted OIBDA run-rate impact through the end of 2024. The company emphasizes fine-tuned brand and merchandising expertise as a core distinction.

Here's a look at how the main segments performed in Q3 2025:

Segment	Revenue Change (YoY)	Q3 2025 Revenue (Approximate)
QxH (QVC U.S. and HSN)	Decreased 7%	$1,416 million
QVC International	Decreased 1% (in US Dollars)	Not explicitly stated for Q3 2025
Cornerstone Brands	Decreased 8%	Not explicitly stated for Q3 2025

Multi-platform access: TV, web, mobile, and social

You get access through a vast, interconnected ecosystem. The retailer reaches more than 200 million homes worldwide via 15 television channels. This includes availability on cable/satellite TV, free over-the-air TV, and digital livestreaming TV. Millions more connect via the QVC+ and HSN+ streaming experience, websites, and mobile apps. Investment reflects this digital push; advertising expenses surged by 8.3% in Q2 2025 due to increased spending on social and streaming platforms. The digital growth is showing results, with social and streaming revenue showing over 30% growth in Q2 2025 compared to the prior year.

The multi-channel reach is extensive:

• 15 television channels globally.
• Availability on cable, satellite, and free over-the-air TV.
• Streaming platforms like QVC+ and HSN+.
• Websites, mobile apps, and social pages.

Trusted brand legacy built over decades of vCommerce

The foundation is trust built over decades in video commerce. This legacy is so central that the company is rebranding from Qurate Retail Group to QVC Group in Q1 2025 to double-down on the equity of its flagship brand. This trust is recognized externally; Qurate Retail Group was named to Newsweek's America's Most Responsible Companies 2025 list, ranking 28 out of 77 in the retail & consumer goods industry. The company is focused on maintaining this standing, having reduced Scope 1 and 2 emissions by 36% from a 2018 baseline.

Qurate Retail, Inc. (QRTEA) - Canvas Business Model: Customer Relationships

You're looking at how Qurate Retail, Inc., now strategically pivoting to operate as QVC Group as of Q1 2025, manages the connection with its customer base in a shifting media landscape. The focus is heavily on translating its television heritage into digital, live, and social engagement.

High-touch, live interaction with hosts and guests

The core of the customer relationship strategy centers on live content, which Qurate Retail, Inc. views as its winning edge. The company is actively expanding this into a live social shopping model, targeting over $1.5 billion in run-rate revenue from streaming and social platforms within three years from its late 2024 announcement. This commitment to live interaction is quantified by the general trend that 1 in 5 social media users utilize live streaming capabilities. The company's Project Athens initiative, which concluded its run-rate impact projection at over $500 million in Adjusted OIBDA through the end of 2024, was explicitly designed to lean into engaged and loyal customers and compelling live shopping content.

Community building via social media engagement

The push toward social media is a direct response to where customers are spending time. For context on the audience Qurate Retail, Inc. is trying to reach, there are an estimated 5.42 billion total social media users worldwide in 2025. The company is intensifying efforts to reach fast-growing audiences on platforms like TikTok and Facebook. General retail engagement statistics show that 88% of Gen Z return to social platforms post-purchase to share experiences or connect with the brand. Furthermore, 94% of Gen Z and 85% of Millennials follow at least one brand on social media. The company's Q2 2025 advertising expenses surged by 8.3%, driven by increased spending on these social and streaming platforms, reflecting this relationship-building investment.

Dedicated customer service and flexible returns process

Maintaining high-touch service is crucial, especially as the company manages operational streamlining. In Q2 2025, Qurate Retail, Inc. recorded restructuring costs of $57 million across its segments, which includes efforts to streamline operations that support the customer experience. While Q3 2025 results noted some favorable returns, the overall retail environment shows the high cost of service failure; replacing just one agent costs an estimated $10,000 industry-wide. The focus on efficiency is clear: a 5% increase in customer retention is cheaper than acquisition. For context on service technology, 88% of contact centers use AI-powered solutions, but only 25% have successfully integrated automation into daily operations as of 2025.

Personalized marketing based on purchase history

Personalization is key to driving repeat business, a historical strength for the business. For the year ended December 31, 2023, 96% of QVC's worldwide shipped sales came from repeat and reactivated customers. The company's Q1 2025 WIN strategy specifically mentions aiming to enhance customer engagement. General consumer data for 2025 indicates that 78% of consumers said personalization made them more likely to repurchase from brands they have already shopped with. Furthermore, 44% of consumers explicitly want personalized rewards based on their previous purchase history. The digital focus is also evident: for the year ended December 31, 2023, 88% of new QxH customers made their first purchase through digital platforms.

Metric Category	Data Point	Value / Percentage	Source Period / Context
Live Commerce Goal	Target run-rate revenue from streaming and social	$1.5 billion+	Within three years (post-late 2024 strategy announcement)
Social Engagement (Gen Z)	Percentage returning to social platforms post-purchase	88%	General Retail Trend (2025)
Customer Retention	Percentage of QVC worldwide shipped sales from repeat/reactivated customers	96%	Year ended December 31, 2023
Personalization Impact	Consumers more likely to repurchase due to personalization	78%	General Consumer Data (2025)
Operational Cost	Estimated cost to replace one customer service agent	$10,000	General Industry Data (2025)
Digital First Purchase	New QxH customers making first purchase digitally	88%	Year ended December 31, 2023

• Advertising expenses surged by 8.3% in Q2 2025 due to social and streaming platform spending.
• Qurate Retail, Inc. reported restructuring costs of $57 million in Q1 2025.
• QVC International saw revenue decrease by 1% in Q3 2025 in US dollars.
• Qurate Retail's total revenue decreased by 6% year-over-year in Q3 2025.
• For the year ended December 31, 2023, QVC attracted approximately 2.7 million new customers.

Qurate Retail, Inc. (QRTEA) - Canvas Business Model: Channels

You're looking at how Qurate Retail, Inc.-which officially became QVC Group, Inc. in February 2025-gets its products in front of shoppers across its various touchpoints. It's not just about the TV anymore; it's a multi-screen, live-commerce push. Honestly, the channel strategy reflects a company leaning hard into its video heritage while trying to capture the next wave of digital spending.

The core of the distribution remains the legacy television presence, but the investment is clearly shifting. For instance, advertising expenses surged by 8.3% in the second quarter of 2025, partly due to increased spending on those newer social and streaming platforms. Here's a quick look at the scale across these channels based on the latest available figures:

Channel Type	Metric	Latest Reported Figure
Linear TV	Number of Channels	15
Linear TV	Homes Reached (Worldwide)	Over 200 million homes
Streaming/Social (Goal)	Target Run-Rate Revenue (Streaming & Social)	$1.5 billion+ within three years (from Nov 2024 goal)
E-commerce (QxH Segment)	Net Revenue (Q3 2025, three months ended Sept 30)	$1,416 million
E-commerce (Total Consolidated)	Revenue (Q2 2025, three months ended June 30)	$2.23 billion

The linear television component is still massive, reaching over 200 million homes worldwide through its 15 television channels, which you can find on cable, satellite, over-the-air, and digital livestreaming TV like FAST services. This is the foundation they are building the 'vCommerce' (video commerce) strategy upon.

The proprietary streaming apps, QVC+ and HSN+, are central to the growth strategy, alongside developing propositions for non-owned platforms like YouTube TV, Roku, and Netflix. The combined goal for revenue generated from streaming and social channels is set at $1.5 billion+ run-rate within three years, a key part of the new strategy announced in late 2024.

E-commerce websites and mobile applications remain a critical delivery mechanism. For the QxH segment (QVC U.S. and HSN), net revenue for the three months ending September 30, 2025, was $1,416 million. Overall, the consolidated revenue for the second quarter of 2025 was $2.23 billion.

Social commerce channels are getting intensified focus, including leveraging platforms like TikTok Shop, where they saw significant follower growth. This area is bundled into that $1.5 billion+ revenue target with streaming.

Finally, the Cornerstone brands-Ballard Designs, Frontgate, Garnet Hill, and Grandin Road-still utilize print catalogs to reach customers. While the search results confirm the use of print catalogs to reach millions of customers, a specific circulation or revenue number tied only to the Cornerstone brands' print materials for 2025 wasn't explicitly detailed in the provided snippets.

• Linear TV reaches over 200 million homes via 15 channels.
• The company is actively developing streaming commerce on QVC+ and HSN+.
• Social media spending drove an 8.3% surge in advertising expenses in Q2 2025.
• The company is now officially trading as QVC Group, Inc. (QVCGA) as of February 2025.
• Cornerstone Brands' transformation strategy is being led by the newly appointed President, Tom Bazzone, as of November 12, 2025.

Finance: draft Q3 2025 cash flow projection incorporating Q3 revenue of $2.213 billion by next Tuesday.

Qurate Retail, Inc. (QRTEA) - Canvas Business Model: Customer Segments

You're looking at the customer base for Qurate Retail, Inc. as of late 2025, which is a mix of deeply established, loyal shoppers and newer, digitally-engaged consumers. The company, now operating as QVC Group, serves distinct groups across its QVC/HSN (QxH), Cornerstone Brands, and International operations.

Core loyal, older vCommerce shoppers

This segment represents the foundation of the QVC and HSN business, characterized by long-term engagement with video commerce (vCommerce). While the most recent specific demographic data points to 2023, it shows the established profile. For the twelve months ended December 31, 2023, QxH had approximately 8.1 million customers. Within that group, approximately 36% of QxH customers were women aged between 35 and 64 based on internal data for that period. Older data suggested the average age of the core customer was in the low 60's.

New, younger, digitally-native social commerce users

Qurate Retail, Inc. is actively pivoting to capture younger audiences through its Growth Strategy, focusing on live social shopping. The company is making significant progress here; for Q2 2025, the social and streaming business was reported as nearing double-digit contributions as a percentage of total QxH revenue. The stated goal, announced in late 2024, is to achieve over $1.5 billion run-rate revenue from streaming and social within three years. New customers in the core base were noted as being slightly younger, in the 53 - 57 age range in a prior analysis.

Home and lifestyle enthusiasts (Cornerstone brands)

This segment is served by the Cornerstone Brands portfolio, which includes Ballard Designs, Frontgate, Garnet Hill, and Grandin Road. These brands cater to customers with a focus on home and lifestyle products. The financial performance for this group in mid-2025 reflected market softness in the home sector. Cornerstone revenue decreased by 8% in the second quarter of 2025 compared to the prior year period.

International markets (QVC International saw Q2 2025 revenue increase)

QVC International remains a distinct customer segment, showing resilience in the mid-2025 reporting period despite broader revenue declines elsewhere. For the three months ended June 30, 2025, QVC International reported a revenue increase of $17 million. This translated to a 3% increase in US Dollar revenue for QVC International in Q2 2025. In the same quarter, QVC International had net revenue of $593 million. For the full twelve months ending December 31, 2023, this segment accounted for approximately 4.0 million of the total consolidated customers.

Here's a quick look at the segment revenue performance for the three months ended June 30, 2025:

Segment	Revenue Change (US Dollars)	Revenue (USD Millions) Q2 2025
QVC International	+3% Increase	$593
QxH (QVC/HSN)	-11% Decrease	$1,391
Cornerstone	-8% Decrease	Data not explicitly isolated for Q2 2025 in millions

The consolidated revenue for Qurate Retail, Inc. for the three months ended June 30, 2025, was $2.23 billion.

Qurate Retail, Inc. (QRTEA) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive Qurate Retail, Inc.'s operations as of late 2025. The cost structure is heavily weighted toward getting product to the customer and broadcasting the sales pitch.

High cost of goods sold (COGS) for inventory remains a primary drain. For the three months ended June 30, 2025, the consolidated Cost of Goods Sold was approximately $1.422 billion against consolidated net revenue of $2.236 billion for the quarter, translating to a COGS as a percentage of net revenue of about 63.59%. This high ratio is inherent to a business selling physical goods across multiple brands.

The company is actively managing its fixed and variable overheads. You see this in the restructuring efforts, which hit the bottom line hard in the first quarter. Restructuring costs totaled $57 million in Q1 2025. This was split across segments, with $36 million recorded at QxH and $21 million at QVC International as the company worked to streamline operations.

Content production and broadcast distribution are bundled within operating expenses, but the push toward digital channels is clearly reflected in marketing spend. Advertising expenses, a key component of content distribution costs, surged 8.3% in Q2 2025 specifically for digital platforms. This reflects the strategic shift to social and streaming, which is a necessary cost to capture audiences moving away from linear TV.

To give you a clearer picture of the scale of these costs in Q2 2025, here's how the major components break down, using the segment COGS data against the total segment revenue base:

Cost Component / Segment	Q2 2025 Absolute Value (Millions USD)	As % of Q2 2025 Segment Revenue
QxH Cost of Goods Sold	$900	64.70%
QVC International Cost of Goods Sold	$381	64.25%
CBI Cost of Goods Sold	$141	55.95%
Total Consolidated COGS (Approximate)	$1,422	63.59%

The broader operating costs show a mixed picture. For the three months ended June 30, 2025, Selling, General and Administrative expenses were $1.68 billion. Honestly, the management goal appears to be keeping the overall Operating Expenses stable as a percentage of net revenue, even while specific buckets shift dramatically, like the digital advertising increase.

Here are the key cost drivers and related financial context for the period:

• Q1 2025 Restructuring Costs: $57 million total.
• Q2 2025 Digital Advertising Spend: Increased by 8.3%.
• Q2 2025 SG&A Expense: $1.68 billion.
• Q2 2025 Consolidated Revenue Base: $2.236 billion.
• Q2 2025 QxH Segment Revenue: $1,391 million.
• Q2 2025 QVC International Segment Revenue: $593 million.

The company is definitely spending to pivot its content strategy, which means marketing and technology costs are key areas to watch within the operating expense line. The fact that SG&A was flat overall in Q2 2025, despite higher marketing costs, suggests they found savings elsewhere, like lower personnel costs. Finance: draft 13-week cash view by Friday.

Qurate Retail, Inc. (QRTEA) - Canvas Business Model: Revenue Streams

The revenue streams for Qurate Retail, Inc. are anchored in product sales across its vCommerce ecosystem, supplemented by ancillary fees and a strategic push into digital commerce channels.

• Product sales via vCommerce: $2.105 billion in Q1 2025 revenue.
• eCommerce revenue within Q1 2025 was $867 million, accounting for 63.4% of the total Q1 2025 revenue.
• Shipping and handling fees: Revenue from shipping was a component of the QxH segment, which saw a 7% revenue decline in Q3 2025 due to lower shipping revenue.
• Future run-rate revenue target of $1.5 billion+ from streaming and social, a goal set in late 2024 to be achieved within three years.
• Revenue from streaming and social was nearing double-digit contribution to total revenue in Q2 2025.

You should note the specific revenue figures from the most recent reported quarters to gauge the current mix:

Metric	Period Ending	Amount
Consolidated Revenue	Q1 2025 (March 31)	$2.105 billion
eCommerce Revenue (as % of Total)	Q1 2025 (March 31)	63.4%
Consolidated Revenue	Q2 2025 (June 30)	$2.23 billion
Social and Streaming Revenue Growth (YoY)	Q2 2025	Over 30%

The shift in focus is clear when looking at the digital channel performance versus the overall top line. For instance, Q2 2025 saw consolidated revenue drop by 7.1% year-over-year to $2.23 billion, but the social and streaming channels delivered growth exceeding 30% compared to Q2 2024. This digital acceleration is key to hitting that $1.5 billion+ target. Also, advertising expenses surged by 8.3% in Q2 2025, directly tied to increased spending on these social and streaming platforms.

Here's a quick look at the segment revenue context for Q1 2025, which feeds into the vCommerce total:

• QxH Revenue (Q1 2025): $1,368 million.
• QVC International Revenue (Q1 2025): $537 million.
• Cornerstone Revenue (Q1 2025): $200 million.

Finance: draft 13-week cash view by Friday.