QUERAT RETOUR, Inc. (QRTEA): Business Model Canvas [Jan-2025 Mis à jour]

Qurate Retail, Inc. (QRTEA) représente une approche révolutionnaire de la vente au détail moderne, mélangeant une technologie de pointe avec des expériences d'achat immersives qui transcendent les limites traditionnelles du commerce électronique. En intégrant de manière transparente les réseaux commerciaux télévisés, les plateformes numériques et les médias interactifs, la société a conçu un modèle commercial unique qui transforme la façon dont les consommateurs découvrent, s'engagent et achètent des produits sur plusieurs canaux. De la radiodiffusion en direct aux interactions numériques personnalisées, la stratégie innovante de QUITE se connecte avec divers segments de clients, offrant une expérience d'achat axée sur le divertissement qui va bien au-delà des approches de vente au détail conventionnelles.

QUERAT RETAIL, Inc. (QRTEA) - Modèle d'entreprise: partenariats clés

Intégration de fusion QVC et HSN

En 2018, QUIRY RETOUR GROUP a terminé la fusion de QVC et HSN pour 2,1 milliards de dollars, créant une plate-forme de vente au détail intégrée avec un chiffre d'affaires annuel combiné d'environ 14,5 milliards de dollars en 2022.

Détail du partenariat	Impact financier	Année
Fusion QVC-HSN	Valeur de transaction de 2,1 milliards de dollars	2018
Revenus annuels combinés	14,5 milliards de dollars	2022

Écosystème de partenariat technologique

Qural Retail maintient des partenariats technologiques stratégiques avec plusieurs plateformes de commerce électronique:

• Amazon Marketplace Intégration
• Plateforme de streaming Roku
• Canaux d'achat Facebook / Instagram

Créateur de contenu et partenariats d'influence

Type de partenariat	Portée estimée	Métriques d'engagement
Influenceurs des médias sociaux	Plus de 500 000 abonnés par partenariat	Taux d'engagement moyen de 3,5%

Fournisseurs de logistique et d'expédition

Les partenariats logistiques clés comprennent:

• UPS: partenaire d'expédition primaire gantant 65% de l'exécution des commandes
• FedEx: fournisseur d'expédition supplémentaire
• USPS: support de livraison de dernier mile

Relations de fabrication des vendeurs

Catégorie de produits	Nombre de vendeurs	Valeur d'achat annuelle
Électronique	87 vendeurs	620 millions de dollars
Marchandises à domicile	129 vendeurs	475 millions de dollars
Mode	203 vendeurs	350 millions de dollars

QUERAT RETAIL, Inc. (QRTEA) - Modèle d'entreprise: Activités clés

Bradiodiffusion commerciale et commerce numérique multicanal

Au troisième trimestre 2023, Qurur Retail a généré 1,98 milliard de dollars de revenus à partir de plateformes de vente au détail multicanaux. Le commerce numérique représentait 45,2% du total des ventes, totalisant environ 894 millions de dollars.

Canal	Revenus ($ m)	Pourcentage
QVC	1,125	56.8%
HSN	542	27.4%
Plates-formes numériques	313	15.8%

Curration des produits et marchandisage

En 2023, QUILAT Retail a organisé environ 15 000 SKU de produits uniques sur ses plates-formes, avec un taux de rafraîchissement de sélection de produit moyen de 62% trimestriel.

• Marge moyenne du produit: 38,5%
• Partenariats uniques des fournisseurs: 2 300
• Catégories de produits: 22 segments distincts

Expériences de magasinage en direct et vente interactive

Les segments de shopping en direct ont généré 672 millions de dollars en 2023, ce qui représente 33,9% des revenus totaux.

Métrique	Valeur
Durée moyenne du spectacle en direct	2,3 heures
Événements de shopping mensuel en direct	1,245
Engagement moyen du spectateur	127 000 par événement

Marketing numérique et engagement client

Les dépenses de marketing numérique en 2023 étaient de 214 millions de dollars, ce qui représente 10,8% des revenus totaux.

• Abonnés des médias sociaux: 4,2 millions
• Liste de marketing par e-mail: 8,7 millions d'abonnés
• Taux de rétention de la clientèle: 62,3%

Gestion des stocks et optimisation de la chaîne d'approvisionnement

Le ratio de roulement des stocks en 2023 était de 3,7, avec un stock total d'une valeur de 876 millions de dollars.

Métrique de la chaîne d'approvisionnement	Valeur
Entrepôts	12 centres de distribution
Période de rétention des stocks moyens	98 jours
Coût de la logistique	312 millions de dollars

QUERAT RETAIL, Inc. (QRTEA) - Modèle d'entreprise: Ressources clés

Infrastructure avancée des médias et de la radiodiffusion

Depuis le quatrième trimestre 2023, QUILAT Retail exploite 4 réseaux de télévision sur plusieurs plateformes, notamment QVC, HSN et d'autres chaînes spécialisées.

Plate-forme multimédia	Diffuser la portée	Audience annuelle
Réseau QVC	86 millions de ménages	Environ 200 millions de téléspectateurs
Réseau HSN	95 millions de ménages	Environ 180 millions de téléspectateurs

Portfolio de marque solide

Le portefeuille de marques de Qurate Retail comprend:

• QVC
• HSN
• Zélo
• Marques Cornerstone

Base de données des clients et programmes de fidélité

Depuis 2023, Qurate Retail maintient:

• Plus de 22 millions de clients actifs
• Valeur à vie du client estimé à 1 200 $ par client

Technologie numérique et plateformes de commerce électronique

Plate-forme numérique	Visiteurs mensuels du site Web	Téléchargements d'applications mobiles
QVC.com	15,3 millions	8,2 millions
Hsn.com	12,7 millions	6,5 millions
Zulily.com	9,6 millions	5,1 millions

Équipes de gestion et de vente expérimentées

Qural Retail emploie environ 7 800 employés à temps plein dans ses différentes marques et plateformes.

Catégorie des employés	Nombre d'employés	Tenure moyenne
Représentants des ventes	3,200	6,5 ans
Marketing numérique	1,100	4,3 ans
Gestion	450	9.2 ans

QUERAT RETAIL, Inc. (QRTEA) - Modèle d'entreprise: propositions de valeur

Expérience d'achat pratique sur plusieurs canaux

Qurate Retail fonctionne via plusieurs plates-formes d'achat avec 11,3 milliards de dollars de revenus totaux pour 2022, notamment:

Canal	Plate-forme	Revenus annuels
Shopping télévisé	QVC	6,7 milliards de dollars
Commerce électronique	Plateformes en ligne	4,2 milliards de dollars
Shopping mobile	Applications mobiles	412 millions de dollars

Sélections de produits uniques et marchandises exclusives

Les offres de produits exclusives comprennent:

• 3 500+ marques uniques
• Plus de 18 000 SKU de produits
• 25% de marchandises de marque propriétaire

Recommandations personnalisées et expériences clients

Analyse des données client Personnalisation de la personnalisation:

• 7,2 millions de clients actifs
• 3,6 millions d'acheteurs répétés
• Taux de rétention de la clientèle: 62%

Prix ​​compétitive et options de paiement flexibles

Détails de la stratégie de tarification:

Mode de paiement	Pourcentage de transactions
Carte de crédit	47%
Paiements de versement	29%
Paypal	14%

Modèle de magasinage axé sur le divertissement

Métriques de présentation en direct:

• 1 200+ heures de shopping quotidien
• Engagement moyen du spectateur: 37 minutes
• Taux de conversion: 8,6%

QUERAT RETAIL, Inc. (QRTEA) - Modèle d'entreprise: Relations clients

Service client personnalisé

Qural Retail exploite plusieurs canaux de service à la clientèle avec des mesures spécifiques:

• L'équipe de service client QVC gère environ 18,5 millions d'interactions clients par an
• Temps de réponse moyen du service client: 2,3 minutes sur les plates-formes numériques
• Évaluation de satisfaction du client: 87,6% sur tous les canaux de service

Canal de service	Volume de contact annuel	Taux de résolution
Support téléphonique	8,2 millions de contacts	92.4%
Chat en ligne	5,7 millions de contacts	89.3%
Assistance par e-mail	4,6 millions de contacts	85.6%

Expériences de shopping interactif en direct

Performance de la plate-forme d'achat en direct:

• Téléspectateurs simultanés moyens: 125 000 par événement de magasinage en direct
• Taux de conversion pour les achats en direct: 14,3%
• Total des revenus d'achat en direct: 487,6 millions de dollars en 2023

Programmes de fidélité et de récompenses

Statistiques du programme de fidélité:

Métrique du programme	Valeur
Membres de la fidélité totale	7,2 millions
Taux d'achat répété	63.5%
Dépenses annuelles moyennes des membres	$624

Engagement des médias sociaux

Performance de la plate-forme de médias sociaux:

• Total des adeptes des médias sociaux: 4,3 millions
• Taux d'engagement moyen: 3,7%
• Ventes axées sur les médias sociaux: 156,2 millions de dollars en 2023

Plateformes de commerce axées sur la communauté

Métriques de la plate-forme communautaire:

Fonctionnalité communautaire	Participation des utilisateurs	Impact de la conversion
Revues de produits	1,9 million de contributeurs actifs	+ Taux de conversion de 22%
Recommandations des utilisateurs	680 000 participants actifs	+ 17% d'achat de la probabilité

QUERAT RETAIL, Inc. (QRTEA) - Modèle d'entreprise: canaux

Réseaux commerciaux télévisés

QVC et HSN (acquis en 2017) représentent les principales chaînes d'achat de télévision pour QUIVER Retail, Inc.

Canal	Téléspectateurs annuels	Contribution des revenus
QVC US	8,4 millions	3,2 milliards de dollars
QVC International	5,6 millions	2,1 milliards de dollars
HSN	3,2 millions	1,5 milliard de dollars

Sites Web de commerce électronique

Qural Retail exploite plusieurs plateformes en ligne sur différentes marques.

• QVC.com: 12,3 millions de visiteurs mensuels uniques
• HSN.com: 7,2 millions de visiteurs mensuels uniques
• Zulily.com: 6,5 millions de visiteurs mensuels uniques

Applications mobiles

Appliquer	Utilisateurs actifs mensuels	Valeur de commande moyenne
Application mobile QVC	4,1 millions	$85
Application mobile HSN	2,3 millions	$72
Application mobile Zulily	3,6 millions	$65

Plateformes de médias sociaux

• Fonds Facebook: 5,2 millions
• Followers Instagram: 3,7 millions
• Abonnés Twitter: 1,9 million
• Followers Pinterest: 2,4 millions

Campagnes marketing et e-mail directes

Qurate Retail maintient une stratégie marketing directe solide.

Canal de marketing	Taille de la base de données	Taux de conversion
Abondres par e-mail	22,5 millions	3.6%
Destinataires de publipostage	15,3 millions	2.9%

QUERAT RETAIL, Inc. (QRTEA) - Modèle d'entreprise: segments de clientèle

Consommateurs féminins d'âge moyen et plus âgés

Depuis le quatrième trimestre 2023, la démographie principale de Qurur Retail comprend des femmes âgées de 35 à 65 ans, représentant environ 68% de leur clientèle. Dépenses annuelles moyennes par client dans ce segment: 487 $.

Groupe d'âge	Pourcentage de clientèle	Dépenses annuelles moyennes
35 à 45 ans	24%	$412
46-55 ans	27%	$521
56-65 ans	17%	$563

Antariens de shopping à domicile

Le segment des achats à domicile représente 42% du total des revenus, avec 3,2 millions de clients actifs en 2023.

• La plate-forme QVC génère 3,1 milliards de dollars de revenus annuels
• Valeur moyenne de la commande: 89 $
• Taux d'achat répété: 47%

Acheteurs en ligne avertis du numérique

Les ventes de canaux numériques ont atteint 2,8 milliards de dollars en 2023, ce qui représente 36% du total des revenus de l'entreprise.

Canal numérique	Revenu	Croissance de l'utilisateur
Application mobile	1,2 milliard de dollars	18% en glissement annuel
Site web	1,6 milliard de dollars	12% en glissement annuel

Acheteurs soucieux de la valeur

Les clients sensibles aux prix représentent 55% de la clientèle de Qurur, avec une valeur de transaction moyenne de 67 $.

• Fréquence de réduction: 42% des listes de produits
• Remise moyenne: 33%
• Adhésion au programme de fidélité: 2,1 millions de clients

Collecteurs de produits de niche et demandeurs d'objets spécialisés

Les segments de produits spécialisés génèrent 987 millions de dollars de revenus annuels, 22% des clients s'identifiant comme collectionneurs.

Catégorie de produits	Revenus annuels	Pourcentage de segment de clientèle
Collectibles de décoration intérieure	312 millions de dollars	8%
Vintage de la mode	275 millions de dollars	7%
Électronique en édition limitée	400 millions de dollars	7%

QUERAT RETAIL, Inc. (QRTEA) - Modèle d'entreprise: Structure des coûts

Dépenses de production et de diffusion de contenu

Au quatrième trimestre 2023, les coûts de production de contenu de Qurur Retail étaient de 238,7 millions de dollars. L'entreprise exploite plusieurs chaînes d'achat de télévision, notamment QVC et HSN, qui nécessitent des investissements importants en studio, en talents et en infrastructure de production.

Catégorie de dépenses	Coût annuel (2023)
Production de studio	127,3 millions de dollars
Talent à l'antenne	68,5 millions de dollars
Équipement de diffusion	42,9 millions de dollars

Technologie et maintenance des plateformes numériques

En 2023, Qurur Retail a investi 186,4 millions de dollars dans l'infrastructure technologique et la maintenance des plates-formes numériques.

• Développement de la plate-forme de commerce électronique: 92,6 millions de dollars
• Investissements en cybersécurité: 34,2 millions de dollars
• Infrastructure de cloud computing: 59,6 millions de dollars

Coûts de marketing et d'acquisition des clients

Les dépenses de marketing pour 2023 ont totalisé 412,5 millions de dollars, ce qui représente 8,3% des revenus totaux.

Canal de marketing	Dépenses
Marketing numérique	187,3 millions de dollars
Publicité télévisée	156,9 millions de dollars
Campagnes de publipostage	68,3 millions de dollars

Gestion des stocks et entreposage des stocks

Les dépenses liées aux stocks de Qurate Retail en 2023 étaient de 743,6 millions de dollars.

• Opérations d'entrepôt: 312,5 millions de dollars
• Inventaire des stocks: 276,8 millions de dollars
• Systèmes technologiques d'inventaire: 154,3 millions de dollars

Frais de logistique et d'expédition

La logistique totale et les frais d'expédition pour 2023 ont atteint 521,9 millions de dollars.

Catégorie d'expédition	Coût annuel
Expédition de colis	287,4 millions de dollars
Transport de l'entreposage	134,6 millions de dollars
Expédition internationale	99,9 millions de dollars

QUERAT RETAIL, Inc. (QRTEA) - Modèle d'entreprise: Strots de revenus

Ventes de produits via le shopping télévisé

Au cours de l'exercice 2022, le segment QVC de Qurur Retail a généré 8,4 milliards de dollars de revenus des plateformes de magasinage télévisée.

Transactions de commerce électronique en ligne

Le chiffre d'affaires du commerce numérique pour Qurate Retail a atteint 3,6 milliards de dollars en 2022, ce qui représente 35,7% des revenus totaux du segment.

Canal	Revenus ($ b)	Pourcentage
QVC Us en ligne	2.1	25.0%
HSN en ligne	1.5	17.9%

Achats d'applications mobiles

Les transactions mobiles ont représenté 22% du total des revenus numériques en 2022, générant environ 792 millions de dollars.

Services d'abonnement et d'adhésion

• Abonnés au service de streaming QVC +: 250 000
• Revenus d'abonnement annuels moyens: 59,99 $ par utilisateur
• Revenu total d'abonnement: 15 millions de dollars estimés

Revenus de publicité et de partenariat

Les revenus de publicité et de partenariat de marque tiers ont totalisé 124 millions de dollars en 2022.

Type de partenariat	Revenus ($ m)
Collaborations de marque	87
Publicité numérique	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.