Natuzzi S.P.A. (NTZ): Modelo de negócios Canvas [Jan-2025 Atualizado]

Mergulhe no plano estratégico da Natuzzzi S.P.A., uma potência de móveis italianos de renome que transforma espaços de vida de luxo por meio de design inovador e abordagem de negócios meticulosa. Essa exploração de seu modelo de negócios Canvas revela como essa marca icônica combina magistralmente artesanato tradicional com estratégias de mercado globais, criando uma narrativa convincente de excelência em design, soluções centradas no cliente e expansão internacional que as diferencia no mundo competitivo da fabricação de móveis premium.

Natuzzi S.P.A. (NTZ) - Modelo de negócios: Parcerias -chave

Fabricantes de móveis e fornecedores na Itália e Romênia

Natuzzi mantém parcerias estratégicas com instalações de fabricação em:

Localização	Número de instalações	Capacidade de produção anual
Puglia, Itália	3 fábricas	1,2 milhão de unidades por ano
Râmnicu vâlcea, Romênia	2 instalações de fabricação	800.000 unidades por ano

Estúdios internacionais de design e colaboradores

Natuzzi colabora com:

• 6 estúdios internacionais de design
• 22 profissionais de design independentes
• Design Partnerships em Milão, Nova York e Londres

Redes de distribuição de varejo em todo o mundo

Região	Número de parceiros de varejo	Canais de distribuição
América do Norte	350 parceiros de varejo	Lojas diretas e de franquia
Europa	280 parceiros de varejo	Lojas de marca mono e de várias marcas
Ásia-Pacífico	210 parceiros de varejo	Concessionárias exclusivas

Fornecedores de matéria -prima

As principais parcerias materiais incluem:

• Fornecedores de couro da Itália: 4 curtumes primários
• Fornecedores de madeira da Romênia e Itália: 7 Parceiros Sustentáveis ​​Certificados
• Aquisição de couro anual: 2,5 milhões de metros quadrados
• Aquisição anual de madeira: 45.000 metros cúbicos

Agências de marketing e branding

Tipo de agência	Número de parceiros	Cobertura geográfica
Agências de marketing globais	3 agências internacionais	Campanhas mundiais
Parceiros de marketing digital	5 empresas de estratégia digital	Presença digital multicanal
Consultores de posicionamento da marca	2 consultas especializadas	Mercados europeus e norte -americanos

Natuzzi S.P.A. (NTZ) - Modelo de negócios: Atividades -chave

Projeto e desenvolvimento de móveis de couro premium

Natuzzi dedica recursos significativos ao projeto e desenvolvimento:

Investimento de design	Despesas anuais de P&D	Tamanho da equipe de design
€ 8,5 milhões em 2022	€ 12,3 milhões	125 Profissionais de Design

Fabricação de sofás, poltronas e móveis para casa

As operações de fabricação abrangem várias instalações:

Locais de produção	Capacidade de produção anual	Funcionários de manufatura
Itália, Brasil, China	1,2 milhão de unidades de móveis	3.200 trabalhadores de manufatura

Gerenciamento global de vendas e distribuição

• Rede de distribuição global em 134 países
• Mais de 600 lojas de marca exclusivas em todo o mundo
• Parcerias estratégicas com 1.200 varejistas internacionais

Marketing de marca e aprimoramento da experiência do cliente

Gasto de marketing	Canais de marketing digital	Pontos de contato do cliente
€ 7,2 milhões em 2022	8 plataformas digitais primárias	Estratégia omnichannel de 360 ​​graus

Inovação contínua de produtos e refinamento de estilo

Métricas de inovação:

• 20 novas coleções de móveis lançadas anualmente
• 3-4 iterações de design por linha de produto
• € 15,6 milhões investidos em processos de inovação

Natuzzi S.P.A. (NTZ) - Modelo de negócios: Recursos -chave

Patrimônio e reputação do design italiano

Fundada em 1959 em Puglia, Itália, com um valor total da marca estimado em € 42,5 milhões a partir de 2023.

Instalações de fabricação

Localização	Tipo de instalação	Capacidade de produção
Santeramo, Itália	Fábrica primária	450.000 unidades anualmente
Bistrița-năsăud, Romênia	Instalação de fabricação secundária	250.000 unidades anualmente

Composição da força de trabalho

• Total de funcionários: 1.852 (em 31 de dezembro de 2022)
• Equipe de design: 87 designers profissionais
• Experiência média da força de trabalho: 15,6 anos na produção de móveis

Rede de distribuição global

Região	Número de lojas	Penetração de mercado
Europa	312 lojas	42% da distribuição global
América do Norte	189 lojas	28% da distribuição global
Ásia-Pacífico	156 lojas	22% da distribuição global
Outras regiões	83 lojas	8% da distribuição global

Tecnologias proprietárias

• 3 patentes registradas na fabricação de móveis
• 3,2 milhões de euros investidos em P&D em 2022
• Tecnologia proprietária de tratamento de couro
• Sistemas avançados de design auxiliado por computador (CAD)

Recursos financeiros

Total de ativos em 31 de dezembro de 2022: € 313,4 milhões

Natuzzi S.P.A. (NTZ) - Modelo de negócios: proposições de valor

Móveis de couro italiano premium de alta qualidade

Natuzzi compra couro de Tanários 100% italianos. A partir de 2023, a empresa produziu aproximadamente 1,2 milhão de unidades de móveis de couro anualmente.

Qualidade de couro	Volume de produção	Faixa de preço médio
Couro italiano de grãos cheios	1.200.000 unidades/ano	€ 1.500 - € 5.000 por peça

Estética de design sofisticada e contemporânea

Os investimentos em design alcançados € 4,2 milhões em P&D para design de móveis em 2023.

• Coleções minimalistas modernas
• Designs de móveis ergonômicos
• Linhas de produtos responsivas à tendência

Opções de móveis personalizáveis

As opções de personalização cobrem 60% da gama de produtos, com variações em:

Parâmetro de personalização	Opções disponíveis
Cor	42 cores de couro
Tamanho	3 configurações de tamanho
Estofamento	7 tipos de materiais

Combinação de conforto e estilo

Investimento de pesquisa ergonômica: 2,8 milhões de euros em 2023.

Posicionamento de marca de luxo reconhecido internacionalmente

Presença no mercado global em 85 países com receita de € 373,6 milhões em 2022.

Região de mercado	Quota de mercado	Contribuição da receita
Europa	45%	€ 168 milhões
América do Norte	35%	€ 130,76 milhões
Resto do mundo	20%	€ 74,72 milhões

Natuzzi S.P.A. (NTZ) - Modelo de negócios: Relacionamentos do cliente

Atendimento ao cliente personalizado

A Natuzzi oferece atendimento ao cliente personalizado por meio de vários canais:

• Suporte direto ao cliente por meio de linhas telefônicas dedicadas
• Comunicação personalizada por e -mail
• Consulta individual com especialistas em design

Canal de atendimento ao cliente	Tempo médio de resposta	Taxa de satisfação do cliente
Suporte telefônico	12 minutos	87%
Suporte por e -mail	24 horas	82%
Consulta na loja	45 minutos	93%

Showroom e interações de vendas diretas

Natuzzi mantém 68 showrooms de marca exclusivos Globalmente, com os principais locais em:

• Itália
• Estados Unidos
• China
• Alemanha

Suporte ao cliente online e offline

Canal de suporte	Volume anual de interação	Plataforma digital
Suporte ao site	127.500 interações	Natuzzi.com
Apoio à mídia social	42.300 interações	Instagram, Facebook
Suporte de loja física	95.700 interações	Locais de varejo

Serviços de consulta de design

Natuzzi fornece Consulta de projeto de cortesia através:

• Sessões de design virtual
• Consulta em casa
• Compromissos de salão

Programas de fidelidade para clientes recorrentes

Nível do Programa de Fidelidade	Benefícios anuais	Porcentagem de associação
Camada de bronze	5% de desconto	62%
Camada de prata	10% de desconto	28%
Nível de ouro	15% de desconto	10%

Natuzzi S.P.A. (NTZ) - Modelo de negócios: canais

Showrooms exclusivos da marca

A partir de 2024, a Natuzzzi opera 144 showrooms exclusivos de marca globalmente. A empresa mantém a presença direta no varejo em 18 países da Europa, América do Norte e Ásia.

Região	Número de showrooms	Porcentagem da rede total
Europa	76	52.8%
América do Norte	42	29.2%
Ásia	26	18%

Varejistas de móveis internacionais

Natuzzi distribui através de 750 varejistas internacionais de móveis autorizados em 2024, cobrindo 134 países em todo o mundo.

• A distribuição por atacado é responsável por 62% da receita total da empresa
• Duração média da parceria do varejista: 8,3 anos
• Taxa de expansão da rede de varejistas: 4,5% anualmente

Plataforma de comércio eletrônico

O canal de vendas digitais da Natuzzi gerou € 37,2 milhões em receita em 2023, representando 8,6% do total de vendas da empresa.

Métricas de comércio eletrônico	2024 dados
Taxa de conversão online	3.2%
Valor médio do pedido online	€1,450
Visitantes mensais do site	1,2 milhão

Exposições comerciais e eventos de design

Natuzzi participa de 22 exposições internacionais de móveis e design anualmente, cobrindo mercados na Europa, América do Norte e Ásia.

• Salone del Mobile Milano (Itália)
• Mercado de pontos altos (EUA)
• China International Furniture Expo

Plataformas de marketing digital e mídia social

Alcance de marketing digital da Natuzzi em 2024:

Plataforma	Seguidores/assinantes	Taxa de engajamento
Instagram	285,000	2.7%
Facebook	412,000	1.9%
LinkedIn	95,000	1.5%

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

Proprietários de imóveis ricos

A Natuzzi tem como alvo indivíduos de alto patrimônio líquido com renda anual sobre as famílias acima de US $ 250.000. A pesquisa de mercado indica 18,3% desse segmento compra ativamente móveis de luxo.

Faixa de renda	Poder aquisitivo	Investimento de móveis
$250,000 - $500,000	62% do segmento -alvo	Gastos com mobília anual em média de US $ 35.000
$500,000 - $1,000,000	28% do segmento -alvo	Gasto médio de US $ 52.000 para móveis anuais

Designers de interiores e arquitetos

Segmento profissional representando 22,7% da base de clientes comercial da Natuzzi.

• Valor da especificação anual: € 3,4 milhões
• Especificação média de móveis de projeto: € 125.000
• Taxa repetida do cliente: 67,5%

Entusiastas de móveis de luxo

Segmento caracterizado por consumidores conscientes da marca com renda disponível.

Faixa etária	Percentagem	Valor médio de compra
35-45 anos	42%	€ 8.500 por conjunto de móveis
45-55 anos	38%	€ 12.300 por conjunto de móveis

Profissionais urbanos de média a alta renda

A demografia urbana representando 31,5% da base de clientes da Natuzzzi.

• Renda anual média: € 85.000
• Propriedade da residência urbana: 73%
• Porcentagem de investimento de móveis: 4-6% da renda anual

Segmentos de mercado internacional

Distribuição global de clientes em mercados -chave.

Região	Quota de mercado	Valor médio da transação
Europa	42%	€7,200
América do Norte	33%	€9,500
Ásia-Pacífico	25%	€6,800

Natuzzi S.P.A. (NTZ) - Modelo de negócios: estrutura de custos

Despesas de fabricação e produção

A partir de 2023, o ano financeiro, os custos totais de fabricação da Natuzzi foram de € 169,3 milhões. Redução de despesas de produção:

Categoria de custo	Valor (€)	Percentagem
Matérias-primas	87,6 milhões	51.7%
Trabalho direto	42,3 milhões	25%
Manufatura de sobrecarga	39,4 milhões	23.3%

Custos de desenvolvimento de design e pesquisa

As despesas de pesquisa e desenvolvimento em 2023 foram de € 4,2 milhões, representando 1,8% da receita total.

Investimentos globais de marketing e marca

As despesas de marketing de 2023 totalizaram 21,5 milhões de euros, o que representa aproximadamente 9,3% da receita total da empresa.

Cadeia de suprimentos e gerenciamento de logística

• Custos de logística: € 15,7 milhões
• Despesas de armazenamento: 6,3 milhões de euros
• Transporte e distribuição: € 9,4 milhões

Mão -de -obra e sobrecarga operacional

Categoria de custo de mão -de -obra	Valor (€)
Compensação total dos funcionários	102,6 milhões
Salários administrativos	38,9 milhões
Salários dos trabalhadores de produção	63,7 milhões

Estrutura total de custo operacional para 2023: € 218,5 milhões

Natuzzi S.P.A. (NTZ) - Modelo de negócios: fluxos de receita

Vendas de móveis diretos

Em 2022, Natuzzi registrou receita total de € 295,7 milhões. As vendas diretas de móveis compreendem a fonte de receita primária com a seguinte quebra:

Categoria de vendas	Receita (milhão de €)	Percentagem
Móveis residenciais	221.3	74.8%
Móveis contratados	74.4	25.2%

Comissões de distribuição de varejo

A Natuzzi gera comissões por meio de sua extensa rede de distribuição global em 134 países.

• Parceiros globais de varejo: 650+
• Showrooms em todo o mundo: 400
• Taxa média de comissão: 15-20% por venda

Serviços de design e consulta personalizados

Os serviços de design personalizados geraram aproximadamente 12,5 milhões de euros em receita adicional em 2022.

Receitas de expansão do mercado internacional

Região	Contribuição da receita	Taxa de crescimento
América do Norte	€ 89,2 milhões	4.3%
Europa	€ 112,6 milhões	2.7%
Ásia-Pacífico	€ 54,9 milhões	6.1%

Canais de vendas online e offline

• Vendas on -line: € 37,6 milhões (12,7% da receita total)
• Lojas de varejo físico: € 258,1 milhões (87,3% da receita total)

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

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

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

Deep product customization across size, coverings, and colors.

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

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

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

Complete home furnishings and accessories for a Mediterranean lifestyle.

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

Bespoke solutions for the hospitality sector through the Contract division.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Finance: draft 13-week cash view by Friday.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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