MillerKnoll, Inc. (MLKN): Business Model Canvas [Dec-2025 Updated]

You're trying to get a clear picture of MillerKnoll, Inc.'s engine room after the big Knoll merger, and frankly, it's complex. Forget the fluff; the real test is in the numbers: can they manage a $3.67 billion revenue base while absorbing integration costs and keeping that 38.8% gross margin? This Business Model Canvas distills their entire operation, showing you exactly how they convert their iconic brand portfolio and that solid $761.3 million backlog into profit, so check out the nine blocks below to see the precise structure behind their current market position.

MillerKnoll, Inc. (MLKN) - Canvas Business Model: Key Partnerships

You're looking at how MillerKnoll, Inc. structures its external relationships to get its products to market and keep the design engine running. It's a complex web, defintely, relying heavily on third parties for sales execution and brand experience.

Global network of authorized contract dealers

The contract business relies on a structured channel to reach large commercial clients. MillerKnoll maintains the MillerKnoll Certified Dealer Network, which is designed to offer consistency across complex, multi-location projects. For the fiscal year ended May 31, 2025, MillerKnoll, Inc. reported total net sales of $3,669.9 million.

The dealer network structure is critical to sales volume. As of the fiscal year ended June 1, 2024, it was estimated that approximately 57.4% of the Company's sales were made to or through these independent dealers. This channel is highly diversified; no single independent dealer accounted for more than 3% of net sales in that same fiscal year. The strategic goal was to complete the integration across the entire international dealer network by the end of fiscal year 2025.

Here are some figures related to the North American dealer footprint:

The company is seeing positive momentum in its channel execution, with Q1 Fiscal Year 2026 net sales reaching $955.7 million, up 10.93% growth over the prior year's first quarter.

Collaborations with leading architects and designers

MillerKnoll Workplace Strategists actively partner with architecture and design firms to shape client environments. These collaborations often involve creating detailed change management outlines and floorplan strategies. For example, in a recent project for a financial investment firm, MillerKnoll Workplace Strategists worked in partnership with a dealer to design a 10,000 square foot space.

These partnerships focus on achieving specific workplace goals:

• Improved collaboration across departments.
• Increased flexibility and choice in work settings.
• Enhanced employee wellbeing through ergonomic furnishings.
• Better reflection of the client's organizational culture.

Strategic alliances for experiential retail (e.g., DWR and Piaule)

MillerKnoll uses strategic alliances to create immersive brand experiences outside of traditional showrooms. A notable recent example involves Design Within Reach (DWR), a MillerKnoll brand. On November 14, 2025, DWR announced a partnership with the modernist hotel Piaule in Catskill, New York. This alliance involves outfitting several property spaces with DWR products.

The scope of the DWR and Piaule collaboration includes:

• The Oak House, a three-bedroom bookable residence.
• Reimagined cabin suites throughout the property.
• Curated selections for the hotel's Main House.

The Global Retail segment contributed net sales of $254.3 million in Q1 FY2026, which was up 6.4% year-over-year, partly driven by new store openings, including two DWR locations.

Licensing agreements for classic modernist designs

MillerKnoll maintains its design legacy through licensing agreements that allow other entities to produce or feature its iconic designs. While specific revenue figures attributable solely to licensing agreements for fiscal year 2025 are not explicitly itemized in the available reports, the company's portfolio of brands is central to these arrangements. For instance, a new Pierre Paulin chair was launched exclusively at Design Within Reach in North America in May 2025.

Suppliers for raw materials and specialized components

The manufacturing backbone depends on a steady supply chain for materials like textiles, metals, and specialized components. MillerKnoll is also engaged in sustainability partnerships that impact its material sourcing. For example, through the NextWave Plastics initiative, Herman Miller (a MillerKnoll brand) works to develop global networks for ocean-bound plastic supply chains, integrating this recycled material into products. The company's consolidated operating expenses for the full fiscal year 2025 were $1,372.1 million.

MillerKnoll, Inc. (MLKN) - Canvas Business Model: Key Activities

You're looking at the core actions MillerKnoll, Inc. must execute flawlessly to deliver value. This isn't just about making chairs; it's about innovation, scale, integration, and market presence. Here's a breakdown of the hard numbers driving those key activities as we look toward the end of 2025.

Design, engineering, and new product development (30+ launches in FY2024)

MillerKnoll's commitment to design is evident in the sheer volume of new offerings. For Fiscal Year 2024, the company launched over 30 new products, including awards-capturing pieces like Knoll's Tugendhat and Morrison Hannah chairs. This focus on innovation continued into the 2025 product cycle; new product launches for Spring-Summer 2025 increased by over 65% compared to the same period in 2024. You can see the investment behind this activity in the R&D spend for FY2024.

They are also pushing sustainability through design, exemplified by the introduction of the Mirra 2 task chair, which features a lower carbon footprint.

Global manufacturing and supply chain optimization

Managing a global manufacturing footprint efficiently is critical, especially with external pressures like tariffs. The company saw significant gross margin improvement in FY2024, with a full-year increase of 410 basis points year-over-year. This improvement reflects success in supply chain management, including improved freight, distribution, and inventory management. A key operational goal tied to manufacturing is sustainability; MillerKnoll aims to eliminate added PFAS in North America by FY2025. As of early 2025, the company reported that approximately 75% of its electricity comes from renewable sources across its facilities. However, supply chain costs remain a factor, with tariff-related cost increases hitting approximately $7.0 million in the fourth quarter of fiscal 2025.

Brand portfolio management and marketing

MillerKnoll's strategy relies on the collective strength of its brands, which include Herman Miller, Knoll, and Design Within Reach, among others. A major activity is integrating the dealer networks. By the second quarter of FY2024, more than 30% of the international dealer network was selling the full MillerKnoll product portfolio, growing to over 40% by Q3 FY2024. Marketing and sales concentration show where the revenue focus lies:

• The largest single end-user customer accounted for $180.3 million in net sales in fiscal 2024, representing about 5% of total net sales.
• The ten largest customers in aggregate represented approximately 16% of net sales for fiscal 2024.

This structure helps manage risk across their diverse channels.

Realizing cost synergies from the Knoll integration

Capturing the promised savings from the Knoll acquisition is a core activity that directly impacts profitability. MillerKnoll achieved its annualized run-rate cost synergy target of $160 million related to the Knoll integration by the end of Fiscal Year 2024. This synergy capture was a driver for margin expansion; for instance, the adjusted operating margin in Q4 FY2024 increased by 520 basis points year-over-year, partly due to these synergies. The benefit is still showing up in the 2025 numbers, with cost synergies contributing to a $15.8 million year-over-year decrease in consolidated adjusted operating expenses in Q1 FY2025.

Investing in digital platforms and showroom expansion

To support dealer networks and drive retail growth, MillerKnoll actively invests in its physical and digital presence. The company planned continued investment in digital platforms and showrooms for FY2025. This included work underway in late 2024 to open newly enhanced MillerKnoll spaces in London, New York, and Los Angeles. More recently, in the first quarter of fiscal 2025, new Design Within Reach and Herman Miller stores opened in Palm Springs, California, and Fairfax, Virginia, respectively. Further demonstrating this commitment, MillerKnoll unveiled a new Chicago flagship experience at Design Days in June 2025.

MillerKnoll, Inc. (MLKN) - Canvas Business Model: Key Resources

You're looking at the core assets MillerKnoll, Inc. (MLKN) relies on to generate value. These aren't just things they own; they're the engines of their business, defintely. Let's break down the hard numbers and the intangible strengths that define their resource base as of late 2025.

The most visible resource is the collective of iconic brands. This portfolio is what lets MillerKnoll command premium pricing and serve diverse market segments, from high-end residential to massive corporate contracts. You've got the foundational names, plus the specialized ones.

• Herman Miller
• Knoll
• Design Within Reach (DWR)
• Muuto
• Colebrook Bosson Saunders
• DatesWeiser
• Edelman
• Geiger
• HAY
• Holly Hunt
• Knoll Textiles
• Maharam
• NaughtOne
• Spinneybeck|FilzFelt

Next up, we have the intellectual property and design patents. These are the barriers to entry that protect their unique designs and heritage. While we don't have a specific dollar value for the IP portfolio here, it underpins the entire brand equity. Their global manufacturing and distribution infrastructure is the physical backbone, allowing them to service projects worldwide, which is crucial for a company of this scale.

Now, let's look at the hard financial figures that show the current state of their order book and immediate cash position. These numbers tell you about near-term revenue visibility and operational flexibility.

That $761.3 million backlog from the end of fiscal 2025 gives you a solid runway of committed future revenue. Also, having $480.5 million in liquidity at the start of Q1 FY2026 means they have the cash to manage operations, investments, or unexpected headwinds without immediate stress. That's a strong buffer.

MillerKnoll, Inc. (MLKN) - Canvas Business Model: Value Propositions

You're looking at the core promises MillerKnoll, Inc. makes to its customers, the things that make them choose MLKN over the competition. It's all grounded in a deep history and a forward-looking view of how people need to work and live.

Authentic, high-quality modern design heritage

The value here is the pedigree. MillerKnoll, Inc. isn't just selling furniture; you're buying into a collective of design icons. This heritage is a massive draw for clients seeking established quality and aesthetic credibility in their spaces.

The portfolio includes these key design brands:

• Herman Miller
• Knoll
• Design Within Reach (DWR)
• Maharam
• HAY
• Muuto
• Colebrook Bosson Saunders
• DatesWeiser
• Edelman
• Geiger
• HOLLY HUNT
• Knoll Textiles
• NaughtOne
• Spinneybeck | FilzFelt

This collection of names is a key resource for delivering diverse, high-end design solutions across various project needs.

Comprehensive solutions for commercial and residential spaces

MillerKnoll, Inc. offers a broad spectrum of products, not just niche items. This allows them to be a single-source provider for complex projects, which simplifies procurement for large clients. For context on where the focus lies, based on fiscal year 2023 data, the revenue split shows the commercial segment is the primary driver:

The total net sales for the full fiscal year 2025, which ended May 31, 2025, reached $3,669.9 million. This scale supports the comprehensive offering.

Commitment to sustainability (PFAS-free North America products by May 2025)

A major value proposition is the commitment to safer materials, setting a standard beyond mere compliance. MillerKnoll, Inc. announced that from May 2025, all North American products across its collective of brands will be free of any added per- and poly- fluoroalkyl substances (PFAS), also known as 'forever chemicals'.

This commitment is part of a larger environmental strategy:

• North America PFAS-free commitment date: May 2025
• Global PFAS-free commitment target: Fiscal year 2027
• Prior recognition: Named a Frontrunner and Disclosure Leader in the Chemical Footprint Project (CFP) Report for work in 2023.

This focus on materials transparency directly addresses growing regulatory demands and consumer expectations for healthier products.

Integrated workplace systems and unified finish palette

The ability to provide integrated systems means delivering cohesive environments where different product lines work together seamlessly, often supported by long-term client relationships. While specific 2025 adoption rates for their internal systems aren't public, the value of these integrated partnerships was evident in prior performance metrics. For instance, recurring revenue from these partnerships reached $612.5 million in fiscal year 2023.

The unified finish palette is a practical benefit that supports this integration, ensuring consistency across diverse furniture pieces from different brands within the MillerKnoll, Inc. portfolio.

Ergonomic and human-centered design principles

The core purpose driving the design is 'design for the good of humankind.' This translates into research-backed solutions that adapt spaces to people. You see this commitment in their focus on specific human needs within the workplace, which directly impacts client productivity.

Consider this concrete example related to employee wellbeing research:

• Productivity loss estimate due to menopause-related challenges in U.S. companies: nearly $1.8 billion annually.
• MillerKnoll, Inc. responded with a new playbook addressing environmental recommendations for sensory comfort, privacy, and personal control.

This deep dive into specific, measurable human challenges is what underpins the ergonomic value proposition.

MillerKnoll, Inc. (MLKN) - Canvas Business Model: Customer Relationships

You're looking at how MillerKnoll, Inc. keeps its key customers engaged and buying, which is critical given the scale of their operations. Their relationship strategy leans heavily on specialized human interaction backed by physical and digital touchpoints.

Dedicated contract sales teams and account management

MillerKnoll, Inc. relies on dedicated teams to manage its large contract business, which is the engine for many of its major transactions. For the full fiscal year 2025, the company generated consolidated net sales of $3.7 billion. The North America Contract segment alone accounted for $1.97 billion in net sales for the full fiscal year 2025. To give you a snapshot of recent performance, the Americas Contract segment posted net sales of $504 million in the second quarter of fiscal year 2025, showing a 6.2% organic year-over-year increase. This segment's adjusted operating margin in that same quarter was 10.2% year-over-year.

The structure supports these large accounts through specialized teams:

• Dedicated Sales Force: Focused on large corporate, healthcare, and education clients.
• Account Management: Ensuring long-term satisfaction and repeat business within major accounts.
• Channel Support: Investing in tools to support the independent dealership network.

Long-term relationships with A&D (Architect and Design) community

Building rapport with the Architect and Design community is essential because they specify the products for major projects. MillerKnoll, Inc. actively courts this group through focused events. For instance, client engagement events held during Design Days in Chicago saw appointments increase by 11% year-over-year. This community engagement is a leading indicator of future business; in the second quarter of fiscal year 2025, leading indicators like project funnel additions and customer mock-up requests were up year-over-year. The company is finding that the dialogue is shifting from theoretical return-to-office ideas to specific project needs.

Here's a look at the retail/experiential side that supports the A&D specification process:

Experiential retail via flagship showrooms and pop-ups

MillerKnoll, Inc. uses its own physical spaces to showcase the breadth of its brand collective and create tangible experiences. They are actively enhancing this channel, having recently opened new MillerKnoll showrooms in London and New York during the first quarter of fiscal year 2025. The company is also finding new ways to bring its brand collective together in both its own showrooms and dealer showrooms. The focus on these experiences helps drive demand, even as the housing market remains soft.

Self-service and digital tools for dealers and consumers

The strategy includes significant investment in digital infrastructure to support dealers and consumers directly. MillerKnoll, Inc. is investing in digital platforms and enhanced tools to fuel its contract business and support its dealers. A key part of this digital relationship strategy involves portfolio integration across the dealer network. As of the end of fiscal 2025, over half of the global network was able to sell the MillerKnoll Collective, with a goal to transition to 100% by the end of fiscal 2025. This digital enablement is a direct path to relationship scaling.

If onboarding for new digital tools takes 14+ days, churn risk rises, so speed here is defintely important.

Finance: draft 13-week cash view by Friday.

MillerKnoll, Inc. (MLKN) - Canvas Business Model: Channels

You're looking at how MillerKnoll, Inc. gets its products-from office furniture to luxury textiles-into the hands of customers. This is a multi-pronged approach, balancing traditional B2B relationships with a growing direct-to-consumer presence.

Independent contract dealer network (primary B2B route)

The independent contract dealer network remains the backbone for large commercial sales. This channel is deeply integrated with MillerKnoll's brands, as evidenced by the goal to transition 100% of the global network to sell the MillerKnoll Collective by the end of fiscal year 2025.

To give you a sense of scale, the company estimated that approximately 57.4% of its net sales in the fiscal year ended June 1, 2024, were transacted through these independent dealers. Furthermore, the structure is highly diversified, as MillerKnoll approximated that no single independent dealer accounted for more than 3% of net sales in that same fiscal year.

Company-owned retail stores (Design Within Reach, Herman Miller)

The company is actively investing in its physical retail footprint, viewing these locations as effective tools for brand introduction. The operating expense outlook for the first quarter of fiscal year 2026 included costs related to three new store openings. In the first quarter of fiscal year 2026 (ended August 30, 2025), net sales for the Global Retail segment reached $254.3 million, which was up 6.4% year-over-year as reported, driven in part by new locations.

Looking at the preceding fiscal year, the Global Retail segment generated net sales of $280.0 million in the fourth quarter of fiscal 2025 (ended May 31, 2025). For the full fiscal year 2025, the segment's net sales were reported at $1.04 billion.

• New retail store openings in Q1 FY2026 included two Design Within Reach Studios in Sarasota, FL, and Las Vegas, NV, and two Herman Miller stores in Chicago, IL, and Philadelphia, PA.
• The adjusted operating margin for the Global Retail segment in Q1 FY2026 was 1.2%, impacted by new retail expansion costs.

E-commerce platforms for direct-to-consumer sales

E-commerce is a component of the Global Retail segment, which has seen significant historical growth, moving from accounting for 15% of overall revenue in 2019 to 24% in 2021. While specific e-commerce revenue as a percentage of total $3.7 billion net sales for fiscal 2025 isn't broken out separately from the Global Retail segment, the overall strategy includes expanding the online presence globally.

International distribution network (strong growth in APMEA)

The International Contract and Specialty segment shows geographic variation in performance. In the third quarter of fiscal 2025 (ended March 1, 2025), order growth in the APMEA (Asia Pacific, Middle East, and Africa) region was noted, with particular strength in the Middle East, India, and Japan. The International Contract segment saw net sales of $167.5 million in the first quarter of fiscal 2026 (ended August 30, 2025), a reported increase of 14.4% year-over-year.

Specialty showrooms for luxury/textile brands (e.g., HOLLY HUNT)

Brands like HOLLY HUNT operate within the International Contract and Specialty structure. For the first quarter of fiscal 2026, this combined segment reported net sales of $167.5 million. The adjusted operating margin for this segment in Q1 FY2026 was 10.5%.

Here's a look at the segment sales data we have for the most recent periods:

Finance: draft 13-week cash view by Friday.

MillerKnoll, Inc. (MLKN) - Canvas Business Model: Customer Segments

You're looking at how MillerKnoll, Inc. structures its sales across different client types as of late 2025. It's a multi-pronged approach, clearly segmented by geography and the nature of the purchase-commercial project versus direct-to-consumer retail.

The core of the business remains the large-scale contract work, but the retail side is showing significant momentum. Here's a quick breakdown of the financial contribution from the three main reportable segments for the full fiscal year ended May 31, 2025.

The North America Contract segment, which primarily serves large corporate and institutional clients, was the largest revenue contributor for MillerKnoll in fiscal year 2025, bringing in $1.97 billion in net sales. This segment is the traditional home for architects, interior designers, and facility managers (specifiers) who manage large office, healthcare, and educational environment projects.

For instance, in the third quarter of fiscal 2025, this segment posted net sales of $468.2 million. The momentum carried into the fourth quarter, with North America Contract net sales hitting $496.1 million, up 12.5% year-over-year.

The Global Retail segment targets affluent residential consumers, often through direct-to-consumer channels like eCommerce and physical stores, as well as third-party retailers. This segment generated $1.04 billion in net sales for the full fiscal year 2025. You saw strong activity here, too; in the fourth quarter of fiscal 2025, Global Retail net sales were $280.0 million, a 2.2% year-over-year increase. MillerKnoll, Inc. supported this growth by opening four new retail stores in fiscal 2025: two Design Within Reach locations (Palm Springs, CA and Paramus, NJ) and two Herman Miller stores (Fairfax, VA and Coral Gables, FL).

The International Contract segment captures the commercial business outside of North America, serving those same specifier and corporate clients globally. This segment recorded $660 million in net sales for the full fiscal year 2025. The International Contract segment's customer base is geographically diverse, with order growth in the first quarter of fiscal 2026 noted in specific international markets:

• Middle East
• India and Japan
• Mexico and Brazil
• Portions of mainland Europe

The International Contract segment's Q3 FY2025 net sales were $145.5 million.

While the outline separates SMBs, they are generally served through the Contract channel, often as smaller projects within the larger corporate segment, or through the Retail channel for home office setups. The focus on large corporate clients (North America Contract) and the global retail consumer base defines the primary revenue streams.

MillerKnoll, Inc. (MLKN) - Canvas Business Model: Cost Structure

You're looking at the core costs that MillerKnoll, Inc. has to cover to keep the lights on and the furniture moving. Honestly, for a company dealing in high-end design and manufacturing, material and production costs are always the biggest lever.

Significant material and manufacturing costs are embedded in the Cost of Goods Sold (COGS). The efficiency here directly impacts the bottom line, which is why the reported FY2025 Gross Margin of 38.8% is the key metric to watch for material and manufacturing cost control.

The overall cost base includes substantial Operating expenses, which cover everything outside of direct production. For the full fiscal year 2025, MillerKnoll, Inc.'s Adjusted Operating Expenses totaled $1,174.4 million. This figure excludes certain non-cash or one-time items to show the recurring operational spend, which includes SG&A (Selling, General & Administrative) costs.

Here's a quick look at some of the key cost components and related figures from the fiscal year 2025 reporting:

Amortization of Knoll purchased intangibles is a non-cash charge that MillerKnoll, Inc. excludes when calculating adjusted operating expenses because it stems from the acquisition accounting of Knoll. For the fourth quarter of fiscal 2025, the outlook excluded an expected $6.0 million in operating expense charges related to this amortization. For the full fourth quarter, special charges included $6.3 million for purchase accounting amortization.

Restructuring and integration charges reflect efforts to streamline the business. You saw specific costs tied to workforce reductions, for example, with $4.2 million associated with recent restructuring actions recorded in the third quarter of fiscal 2025. The company noted these actions were taken to better align the cost structure with the current demand environment.

Logistics and tariff-related costs are a variable, external pressure point. The impact of tariffs on the cost of goods sold was notable in the fourth quarter of fiscal 2025, with an approximate drag of $7.0 million on gross margin in that quarter alone. This cost increase partially offset the benefit of leverage on higher net sales in Q4.

• Material and manufacturing costs are the largest component of COGS.
• Adjusted OpEx is the best view of recurring overhead spend.
• Restructuring charges are non-recurring costs from efficiency drives.
• Tariff costs directly hit the Gross Margin line item.

Finance: draft 13-week cash view by Friday.

MillerKnoll, Inc. (MLKN) - Canvas Business Model: Revenue Streams

You're looking at how MillerKnoll, Inc. actually brought in the money for the fiscal year ending May 31, 2025. It's all about where the sales landed across their main business channels, which is key for understanding their model.

The total top-line number for the full fiscal year 2025 was $3.67 billion in net sales, which is the sum of furniture, textiles, and accessories sold across all segments. Honestly, the real story is in the segment split, showing you where the bulk of the business happens.

Here's the quick math on how those net sales broke down by the three primary reporting segments for the twelve months ended May 31, 2025:

The North America Contract segment is definitely the engine, bringing in $1.97 billion for the year. That's the bread and butter from large corporate, healthcare, and education clients in the US and Canada. Still, the Global Retail channel, which is your direct-to-consumer (B2C) business through places like Design Within Reach, contributed a solid $1.04 billion.

The International Contract & Specialty segment rounded out the product sales with $660 million in net sales for the full year. This stream includes contract business outside of the Americas, plus specialty sales globally. You won't see a separate, explicit line item for licensing and royalty fees in the primary segment reporting, as those revenues are typically bundled into the segment where the underlying intellectual property is managed or are reported separately in smaller, less detailed footnotes, but the segment sales listed above account for the reported $3.67 billion total.

You should keep an eye on the organic growth rates within these segments, as they tell you more about underlying demand than the reported dollar figures, especially with currency fluctuations in play. For instance, the North America Contract segment saw a 2.4% organic sales increase for the full year, while Global Retail was down 0.3% organically.

• North America Contract Net Sales (FY2025): $1,970.0 million
• Global Retail Net Sales (FY2025): $1,040.0 million
• International Contract & Specialty Net Sales (FY2025): $660.0 million
• Total Net Sales (FY2025): $3,669.9 million

Finance: draft 13-week cash view by Friday.