Maisons du Monde: Universal Registration Document 2024 - PDF Format

1. Internal control and risk management

   system 36

2. Risk factors 38

3. Insurance and risk coverage 61

4. Financial and accounting information 62

1. Governance organisation and practices 198

   corporate officers	236	9.2		Persons responsible for auditing the
   Reports and verifications by the statutory financial statements 387
   auditors	252		9.3	Information incorporated by reference	388
   			9.4	Information on the Group's business and
   				markets, and third-party information	388
   			9.5	Material contracts	389
   			9.6	Information on payment terms	389
   		AFR	9.7	Cross-reference tables	390
   			9.8	Glossary	395

2. Compensation and benefits of 4.3

AFR

1. Significant events after the reporting

   date 265

2. Outlook 266

LEVERAGING MAISONS DU MONDE'S

A TRANSFORMATION PLAN BASED ON

1. Group's business 18

   1. Product categories 18

   2. Geographical areas 19

   3. Distribution channels 20

2. Value chain 22

   1. Product design 22

   2. Supply and production 22

   3. Distribution 23

3. Market challenges 25

   1. Competitive environment 25

   2. Macroeconomic and market

      environment 25

4. Solid fundamentals 26

5. Strategy and outlook 27

   1. A pragmatic transformation 27

   2. A financial trajectory around cash

      generation 27

   3. Good is beautiful strategy: the five

      sustainability commitments 28

6. Legislative and regulatory

   environment 29

   1. Regulation of furniture production and

      products liability 29

   2. Regulation of the Group's Retail Activities

      in France 30

7. Property, plant and equipment 31

8. Research and development,

   patents and licenses 32

   1. The Group's proprietary rights 32

   2. Third-party licences 32

   3. Security inherent to the Group's

1. Group's business

   Inspiring, accessible and sustainable, Maisons du Monde is the reference brand in interior design and decoration for individuals and professionals. The Brand offers a rich and seasonally refreshed range of furniture and decoration items in a multitude of styles. The Group has also diversified to offer its customers a

   1. PRODUCT CATEGORIES

      Maisons du Monde offers a rich and exclusive range of items for the interior design, presented in nicely organised "universes". Maisons du Monde's collections include both furniture and decoration items, arranged to create the warm

      1. Decoration

         Maisons du Monde offers its Customers a wide range of decoration items for all styles, including bed linens, rugs, candles, pillows and cushions, clocks, tableware, lamps, kitchen utensils, mirrors and picture frames, vases, storage, curtains and sheers. In 2024 the offering was enhanced to include bath and pet products.

         Drawing on its Artistic and Style Departments, Maisons du Monde creates and presents various decorative objects whose "themes" are timeless or inspired by new trends. Each year,

      2. Furniture

         The Group's range of furniture offers a wide variety of sofas, chairs and armchairs, beds, mattresses and box springs, light fixtures, tables, as well as storage elements such as bookshelves, wardrobes and cupboards.

         Maisons du Monde creates two collections per year, for spring-summer and autumn-winter, that are designed to match all interior styles and budgets. Maisons du Monde offers a successful Outdoor line with a diverse range of 650 SKUs. Maisons du Monde also offers a "Junior" furniture line specially designed to meet children's needs.

         wide range of personalised services that meet their expectations. Leveraging a highly efficient omnichannel model, the Group generates over 50% of its sales through its online platform and is present in nine European countries.

         atmosphere of a home interior. Maisons du Monde offers slightly over 9,500 decoration item SKUs (the Decoration accounted for 56% of sales in 2024) and nearly 4,000 furniture SKUs (accounting for 44% of 2024 sales).

         Maisons du Monde creates two collections, spring-summer and autumn-winter. Each collection typically includes six distinct themes. In October, the Group unveils a special themed holiday collection, which is much anticipated.

         Nearly half of the best-selling decorative items are continued due to their popularity with customers. These items may nevertheless be redesigned between collections. They serve as the foundation for upcoming collections.

         Most of the furniture is pre-assembled before being delivered to customers. The Group is innovative in terms of service and meeting the needs of its customers, and also offers support to assemble and install larger items.

         Maison du Monde customers are both individuals and professionals. For professional customers, the Group has a "Maisons du Monde Business" collection, which is fully adapted to their needs, it be in hotels, catering, retail and architecture business sectors.

         All collections are available in-store, on the Maisons du Monde online sales site and in catalogues, ensuring maximum visibility with customers.

         Presentation of the Group

         Group's business

         1

      3. Services

         Maisons du Monde deploys an offering of innovative services to support its customers, both individuals and professionals, in their choice of interior and exterior fittings, throughout their purchasing journey.

         DecoRhinov Relooking service: Maisons du Monde offers an online interior design service, which connects customers with professional interior designers. Through 3D visualisation images, this innovative system offered by Maisons du Monde advises and supports customers in their projects. They can visualise their future interior while benefiting from personalised advice and a list of products available at Maisons du Monde.

         "Maisons du Monde Business": the Group supports its professional customers, from the design of their workspaces to the installation of furniture and decoration items. The dedicated design team develops furnishings based on its collections that are perfectly adapted to standards of intensive use. More than 500 SKUs are carried by the "Business" collection, which is intended in particular for interior design advisory companies, hotels/restaurants, as well as corporate offices.

         Maisons du Monde's "Second Chance" offering provides new furniture and decoration items at a reduced price. These products come from customer returns and have slight defects. They are carefully checked and guaranteed for two years. This offering demonstrates Maisons du Monde's commitment to a circular economy. By refurbishing new products with minor defects, Maisons du Monde is working to reduce its environmental impact. This approach is aligned with its overall responsible development strategy.

         Maisons du Monde offers customers an in-home turnkey furniture assembly and installation service. Customers can

   2. GEOGRAPHICAL AREAS

      Maisons du Monde has been offering its home furnishings and decoration products on the European market since 2003 through an omnichannel network in nine countries, including France, Italy, Spain, Belgium, Luxembourg, Germany, Switzerland, Portugal and Austria. This network includes e-commerce sites as well as 321 own stores, 14 under affiliation in France and three under franchise (Algeria and the island of Réunion).

      subscribe to this option when ordering online or in-store. Maisons du Monde arranges contact with a professional close to the customer's home. This service saves time and ensures perfect assembly.

      The Click & Collect service: Maisons du Monde offers its customers a free in-store pick-up service on a selection of SKUs allowing them to order online and collect their purchases without fees or delays.

      Maisons du Monde offers its customers a payment facility; it is a simple and accessible way to help them make their interior design projects a reality. When shopping online or in-store, they can opt to pay in instalments. This flexible solution allows them to spread the cost of the products purchased and thus control their budget.

      The Group provides its customers with a marketplace, which opens the doors to a variety of unique products. This enriched platform, with partner brands carefully selected for their style and quality, expands their world of furnishing and decorating possibilities, so that customers can personalise their home even better. The Maisons du Monde marketplace is offered to customers in France (nearly 200,000 products offered), Spain (130,000), Italy (100,000) and Germany (90,000).

      In 2024, the Group continued to innovate, launching its first loyalty programme in France, "Ma Maison du Monde", a programme that offers not only promotional benefits, but also the thrill of exclusive and unique privileges and services to match the profiles of its customers. "Ma Maison du Monde" rewards the commitment of each customer, depending on whether they are Maisons du Monde Likers, Lovers or Addicts.

      The Group operates an e-commerce platform in the Netherlands.

      Maisons du Monde also hosts a marketplace within its e-commerce sites in France, Spain, Italy and Germany.

      In terms of sales distribution, Maisons du Monde generated 55% of its sales in France and 45% outside France at 31 December 2024.

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      Presentation of the Group

      Group's business

   3. DISTRIBUTION CHANNELS

      1. Store network

         The following table sets forth the number of own stores in each country where the Group operates, as well as the retail trading space as at 31 December 2024:

         		Number
         Country	of stores
         France	197
         Italy	42
         Spain	35
         Belgium	22
         Switzerland	13
         Germany	6
         Portugal	3
         Luxemburg	2
         Austria	1
         Total network of owned stores	321
         Total sales area (in thousands of sqm)	408
         The breakdown of affiliated and franchise stores is as follows:
         	Number
         Country	Typology	of stores
         France	Affiliation	14
         Algeria	Franchise	1
         Reunion Island	Franchise	2

         As of 31 December 2024, Maisons du Monde's global network had 338 stores, of which 321 were directly owned, 14 were affiliated and three were franchised. Managed in a uniform manner at the European level, this network is administered according to an optimised management approach.

         The product offering is adapted to the local customer base and the size of the store.

         These are located in:

         For the selection of new locations, the Group has implemented the following process:

         • a dedicated team searching new sites in specific geographical locations where the Group wants to boost its presence;

         • potential sites are thoroughly analysed based upon profitability, accessibility, visibility criteria, and other demographic and competitive factors;

           • retail parks (74% of stores), offering a more complete range of furniture, optimising the available retail space. They benefit from an ideal location close to major cities and easily accessible thanks to road networks;

           • shopping centres (17% of stores), offering a similar selection in spaces that are just as large and located on the outskirts of cities;

           • city-centres (9% of stores), mainly offering decoration items, contributing to brand awareness.

         • the environmental aspect is included in the negotiations, including the possibility of installing photovoltaic shades and charging stations;

         • an opportunity study is then prepared and submitted to the Group's Development Committee for approval;

         • once the lease has been negotiated, a team is responsible for the layout, recruitment and opening of the store.

           Presentation of the Group

           Group's business

           1

           The Group proactively manages its store network, which includes strategic openings, extensions or repositioning in favour of better located sites or larger surface areas, while also considering closures and transfers to affiliates where appropriate. As part of the Group's Transformation programme Inspire Everyday, aiming at returning to profitable and cash-generating growth, Maisons du Monde streamlined its retail network in 2024. The number of owned stores decreased by 5.6% to 321 compared with 340 at the end of 2023. In order to reduce its capital intensity, while ensuring the

      2. E-commerce

         The Maisons du Monde e-commerce platform, launched in 2006, is an essential sales channel that also contributes to increasing footfall in physical stores.

         The e-commerce platform includes an in-store inventory check function to direct consumers to the nearest store to pick up their order (Click & Collect).

         The e-commerce platform offers customers a simple and user-friendly experience of discovering the worlds of Maisons du Monde. Visitors can easily navigate through the different product categories, browse by room or style, and search by size or colour. In addition, suggestions for combinations of decoration items and furniture are also made available to inspire buyers.

         development of its commercial network, the Group has also increased the number of affiliated/franchise stores (from nine to 17 stores in 2024).

         In order to improve the in-store customer experience, the Group revamped 63 stores, two of which have been completely redesigned to meet the sales shopping experience in shopping centres.

         At 31 December 2024, in-store sales (including click-in-store sales) represented 72.2% of the Group's total sales.

         In 2020, the e-commerce platform was enhanced with a marketplace in France, followed by a similar deployment in Spain and Italy in 2022, and in Germany in 2023. Through well-targeted partnerships, the Maisons du Monde marketplace stands out for the depth of its offering: in France, nearly 200,000 items are available, nearly 130,000 in Spain, 100,000 in Italy and 90,000 in Germany.

         At 31 December 2024, sales from the e-commerce platform represented nearly 28% of the Group's total sales. If we add sales made online, from the sales outlet (click in store) (24%), online sales then represented 52% of total sales.

      3. A unique omnichannel positioning combined with a service ecosystem

         The growing expertise in e-commerce, the development of the marketplace in four countries and the optimisation of the store network, make Maisons du Monde one of the undisputed players in the Home & Living sector in terms of omnichannel positioning.

         Maisons du Monde continues to fuel its omnichannel model with web-to-store and store-to-web application and the implementation of click-in-store, as well as new of delivery options, such as free in-store deliveries or in relays.

         The implementation in 2023 of an innovative digital platform in stores, called AppShop, has enriched the omnichannel experience with personalised services and recommendations. This app won the award for best in-store digital service at the 8th edition of the LSA 100% omnichannel awards.

         As part of the Transformation Plan, Inspire Everyday, the Group continues to develop its ecosystem of services accessible online (see Section 1.1.1.3).

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         Presentation of the Group

         Value chain

2. Value chain

   1. PRODUCT DESIGN

      Maisons du Monde's approach to product design and pricing is anchored in an industrialised procurement process that combines the creative expertise of the in-house team of designers with the analytical and structured approach of the experienced product managers and purchasing department professionals.

      The design of the collections is managed by the Collection and Purchasing Department, in close collaboration with the other departments of the Executive Offering, Brand and CSR Department:

      organises tender offers with some suppliers rigorously selected according to several criteria, in particular creativity, quality of their production and their commitment to a more sustainable design, in line with the Maisons du Monde Group's CSR commitments. Value for money is at the heart of the purchasing process and remains a priority.

      The design of the furniture and decoration items collections is based around:

      • the positioning of the Maisons du Monde brand, defined by its brand platform and its purpose;

        • the Maisons du Monde Style Department is comprised of 30 internal product designers, who identify the consumer trends and emerging market designs. The Style Department designs the entire product offering and puts together the collections, while ensuring that the offering is consistent with the brand's positioning. The Style

          Department also carries out product co-developments in

          collaboration with partner suppliers;

        • the Quality Department supports the teams to ensure that the collections meet quality standards and sustainability objectives, by drawing up specifications and conducting supplier audits. Quality validation is essential to guarantee the normative and functional compliance of products, which can go as far as a veto if necessary.

      The Collection & Purchasing Department also works with suppliers to select additionnal products that correspond to the styles and themes defined by Maisons du Monde designers. For that purpose, the Collection & Purchasing Departement

   2. SUPPLY AND PRODUCTION

      The Group supply chain is articulated as follows:

      • through its own production plant located in Vietnam, Mekong Furniture;

      • through external manufacturing, with "partner" suppliers, who produce as per an exclusive Maisons du Monde design and specifications defined by the Group.

        For the financial year ended 31 December 2024, nearly 14% of the Group's products were manufactured in Europe and neighbouring countries. France represents 4% of this production (mainly sofas), while the rest of Europe and its neighbouring countries accounts for 10%. The majority of products (i.e. 86%) are manufactured in Asia.

      • the guidelines given by the in-house designers;

      • the desired positioning for each product category, based on analyses of customer data, market, competition and feedbacks from the sales network (stores and online);

      • the commitment to social responsibility and sustainability issues, in particular the use of eco-designed materials, that are becoming increasingly important. Maisons du Monde

      aims to strike a balance between inspiration and product sustainability, while guaranteeing the best value for money. The process of designing a collection generally takes nine months.

      Assets that differentiate the brand from its competitors and boosts the brand desirability for customers in the home and decoration segment include the richness and diversity of Maisons du Monde's product offering, its design capacity with its in-house team of designers and the regular reworking of its collections. Additional products to complete a seasonal collection are carefully selected with partner suppliers.

      As part of the Transformation plan Inspire Everyday, which is designed to simplify and optimise the cost base, Maisons du Monde has reduced the number of its suppliers by 29% in 2024, making a rigorous selection while maintaining an optimal balance between style, quality and price. The Group has guaranteed a balanced and diversified supply so that it does not depend on specific suppliers. Purchases of raw materials and products are mainly made in US dollars and dong for Vietnam.

      As part of its objective for more sustainable growth, the Group is gradually increasing the purchase of certified wood. The share of FSC®-certified wood increased by nearly five points between 2023 and 2024, from 46.0% to 50.7%. For more information on the Group's sustainable wood sourcing, please refer to Section 3.2.5.4.

      Presentation of the Group

      Value chain

      1

      To monitor the environmental impact of the plants that produce the products distributed by Maisons du Monde, the Group includes environmental audits in its selection process, and expects its suppliers to be fully compliant by 2030 in the scope of factories classified as at risk (see Section 3.2.2.3). Maisons du Monde also expects its suppliers to meet clearly defined requirements regarding the use of raw materials necessary for the production of items that the Group offers to its customers (see Section 3.2.5.2).

   3. DISTRIBUTION

      1. Logistics

         Shipping from production points

         The Group's products come from Asia and are shipped by sea to the port of Marseille-Fos, where the Group leases storage warehouses. These warehouses provide logistical support for all of its distribution channels.

         To return to profitable growth and as part of the Transformation plan Inspire Everyday, Maisons du Monde reviewed its sea freight strategy. The Group will renegotiate each year its freight contracts and will adopt a more diversified approach, combining short-term and long-term contracts via partnerships with freight forwarders and shipping companies. The contracts are denominated in US dollars. The Group directly manages the transport of containers from the port of Marseille-Fos to its warehouses. For products manufactured in Europe, such as sofas made in France, they are transported by land to the warehouses in Marseille.

         The Group has nine warehouses in the Marseille-Fos port area and another in north-west France. This enables the Group to improve the efficiency of its quality control and reduce the inventories of each store, thereby optimising the retail trading space.

         The Group has developed a scalable infrastructure with significant capacity to support its future growth. It has thus

      2. Quality control

         Quality control is integrated into all stages of supply, from manufacturing to the Group's logistics process. This also includes the rigorous selection of suppliers and service providers.

         Favouring suppliers with internationally recognised certifications, such as those of the International Organisation for Standardisation (ISO), the Group aims for uniform quality regardless of the supplier chosen. Pre-production samples as

         Maisons du Monde requires its suppliers to sign and apply its Code of Conduct, which includes social and environmental requirements. This Code, which has been implemented in 2022, was enhanced in 2024.

         increased the storage space of its existing warehouses by optimising shelving space. Initiatives to improve order fulfilment, delivery performance and inventory management are continuously implemented.

         At end 2024, the Group had approximately 427,000 square metres of inventory and distribution space.

         Distribution to stores and end-customers

         The products are delivered to the stores or end-customers by Maisons du Monde's carrier service-partners.

         The replenishment of stores is a key element of the Group's business model, making it possible to maintain reduced inventory levels in stores. On average, the Group ships products from its warehouses to its stores twice and sometimes up to four times a week depending on store size and footfall. The distribution model is broadly similar for all channels, particularly for furniture delivery.

         In order to limit the environmental impact of logistics packaging, Maisons du Monde has taken concrete measures: the Group's distribution centre uses cardboard made from 100% recycled and FSC®-certified fibres for its e-commerce shipments. To facilitate proper recycling by its customers, specific sorting instructions are attached on the cardboard packaging. More information is available in Section 3.2.5.3.

         well as products received in our distribution centres are selectively selected for quality controls.

         Quality control teams based in China, Indonesia and India conduct on-site visits and inspections. Their mission is to ensure that suppliers comply with the Group's quality standards, covering various aspects such as product quality, compliance with standards, as well as compliance with social and health standards.

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         Presentation of the Group

         Value chain

      3. Merchandising

         The Group deploys a unique merchandising approach, which aims to create universes to position the brand as desirable and sustainable.

         In its stores, the Group creates immersive shopping environments; products are kept on hand next to the relevant displays so that customers can easily add them to their shopping basket, in order to encourage purchases.

         As part of the Transformation plan, Inspire Everyday, Maisons du Monde remodelled 63 of its stores in 2024, bringing the share of its remodelled retail network to 20%. The Group intends to renew its store concept with a revisited customer experience in order to make the brand universe even more desirable. In particular, it offers spaces that group together key categories such as textile, lighting and outdoor furnishings, designed to confirm its inspirational, accessible and sustainable model and satisfy the ever-changing tastes and needs of its customers.

         The Maisons du Monde website is also designed to create inspiring environments and make people want to buy, thanks to a search engine that facilitates navigation in the various Maisons du Monde environments. The scenarios highlight the wide range of products and are intended to be a source of inspiration for customers' interior design and decoration projects. The Group's online platform builds on the approach adopted by its catalogues. It incorporates videos and photos taken from several angles, to allow a better conceptualisation of the products.

         Collection catalogues are also an important element in the presentation and marketing of Maisons du Monde products. They show customers the diversity of the Group's product offering through series of magazine-type photos.

3. Market challenges

   1. COMPETITIVE ENVIRONMENT

      The furniture and decoration sector remains highly competitive and highly fragmented. Players in the European decoration and furniture market can be divided into four main segments:

      • functional and affordable;

      • inspiring and affordable;

      • high-end design; and

      • specialist single-category.

      Maisons du Monde is positioned in the "inspiring and affordable" market segment, which. This market segment is characterised by network or fully independent distributors that focus on style and originality at affordable prices.

      The Group also competes with functional players. Department stores, hypermarkets and DIY stores also sell decoration items and furniture as part of a diversified offering. This was the segment that was most affected by the market decline in France.

      Maisons du Monde also competes with e-commerce pure players. These online sales platforms or 'marketplaces' sell furniture and decoration items on their behalf and/or for partners. Some of these platforms are generalist sellers, and are therefore not limited to the sale of furniture and decoration items.

      Presentation of the Group

      Market challenges

      1

      There are also discounter distributors, whose offering is mainly focused on low-cost small furniture items and decoration accessories.

      While price remains the major criterion of choice, it is not solely sufficient to ensure customer preference. It must be accompanied by a high-quality offering and trust. Many households pay close attention to the quality of products and services provided by distributors.

      The market decline in 2024 impacted all players in the sector. The decrease in store footfall affected all categories of points of sale, without exception, and site footfall to a lesser extent, as households are still planning home redesigns.

      The difficult macroeconomic situation in 2024 affected the majority of other European countries, with Germany going through a particularly difficult period of negative growth, and Italy to a lesser extent. In Europe, therefore, household consumption of furniture and decoration items also slowed. Only Spain stood out for its resilience, with a slightly more dynamic economy.

   2. MACROECONOMIC AND MARKET ENVIRONMENT

      Trends in the European decoration and furniture market generally match macro-economic indicators, such as GDP, household confidence and the residential real estate market:

      • in 2024, the macroeconomic situation remained under pressure, due to many headwinds related to the uncertain geopolitical and economic climate. In Europe, the economic situation evolved in contrasting ways depending on the country: Spain showed more positive signs and Italy also made a slight, albeit fragile, recovery, while Germany recorded a decline in its GDP. In France, the indicator for monitoring household confidence remained below its

        long-term average at the end of 2024 (source: INSEE).

        Discretionary consumer spending was impacted;

      • in France, the residential real estate market has gone through a period of significant contraction, potentially reaching its lowest point in 2024 with a very gradual recovery expected in 2025. This however remains dependent on an uncertain economic context.

      Changes to the European decoration and furniture market are also related to demographic factors. While the population of the European Union is expected to grow slightly, from nearly 447 million in 2019 to just over 449 million in 2030, millennials will represent 75% of the working population by 2030, making them the largest market that has ever existed. In addition, the number of households should continue to increase with changes to living situations and an increase in the number of people living alone.

      If we look at the Maisons du Monde group's leading commercial outlet, the French furniture and decoration market remained under pressure and contracted by 5% in value in 2024 compared to 2023 (source: IPEA Meubloscope 2025), amounting to EUR 13.8 billion. In 2025, although many indicators are still moving in the wrong direction, households are still interested in homeware.

      It should also be noted that the strong post-Covid demand for domestic equipment has not yet been fully absorbed, and that there is a shorter renewal cycle for furniture and decoration items, particularly from new generations looking for new trends and innovation.

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      Presentation of the Group

      Solid fundamentals

4. Solid fundamentals

   Maisons du Monde is inspiring, affordable and sustainable, and is the go-to brand for interior design, outdoor products and decoration. It has unique assets that make it a reference brand popular wiith its customers:

   • a strong and emblematic brand that has created an emotional connection with its customers, thus positioning itself as a true "Love Brand". For illustration, the essential indicator for measuring customer satisfaction, the Net Promoter Score, increased by four points in 2024 to 54 compared to 50 in 2023. According to the study conducted by Institut BVA in 2024, Maisons du Monde is the leading inspirational brand in the Furniture and Decoration segment in France. Also, Maisons du Monde is ranked No. 2 in top French brands in the Furniture and Decoration sector

   according to the ranking carried out by EY-Parthenon,

   published in March 2025;

   • a rich and diversified offer of nearly 14,000 product SKUs in a range of styles, to meet all tastes and styles of interior and exterior decoration, and an innovative service offering together with personalised and flexible solutions;

   • a design expertise, with a team of 30 stylists who create original and inspiring collections and 4,000 decoration consultants assisting customers in the design and layout of their interiors;

   • a strong omnichannel retail network of 338 stores and four e-commerce platforms in Europe, offering customers a seamless and omnichannel shopping experience;

   • a strong leadership in the area of social and environmental responsibility (CSR), illustrated in particular by its Good is Beautiful approach, launched in 2022, which aims for 40% responsible products in the Maisons du Monde offering. Similarly, the Group is promoting the circular economy through the development of its "Second Chance" offering.

5. Strategy and outlook

   Presentation of the Group

   Strategy and outlook

   1

   Building on the encouraging results of the 3C Plan (Customers, Costs, Cash), carried out in 2023, Maisons du Monde is continuing its commitment to an in-depth transformation. In early 2024, the Group launched its more ambitious Inspire Everyday plan. This 2024-2026 Transformation plan aims to build on the Group's unique strengths and the solid foundations established by the 2023 3C Plan.

   The Transformation plan, Inspire Everyday, is designed to return to profitable and sustainable growth, focusing on customer needs and operational excellence, which will enable the Group to generate more cash.

   1. A PRAGMATIC TRANSFORMATION

      This plan is based on two fundamental pillars that will guide Maisons du Monde from 2024 to 2026:

      Strengthen the omnichannel business model and brand desirability

      • putting the customer back at the heart of the offering:

        Optimise the operating model

      • develop the network of affiliates and franchisees: at the end of 2024, the commercial network included 17 affiliate/

        franchise stores compared to only nine in 2023;

        • reduce the number of product SKUs: these have been streamlined and reduced by 16% in 2024 compared to 2023;

        • offer new categories: in 2024, the offering was supplemented by SKUs in bathrooms, household textiles and outdoor lighting, as well as small furniture items and accessories for pets;

        • prioritise the local customer-based approach with own brand or via the marketplace.

      • modernise strategic stores and promote the "Think global/ Act local" approach;

      • continue to develop the European omnichannel sales network;

      • strengthen the Asset Light model to optimise resource allocation;

      • clean up the cost base.

        • continuously improving our collections, with a focus on quality and sustainability:

          • develop the range of innovative services;

          • enhance the in-store and online customer experience.

   2. A FINANCIAL TRAJECTORY AROUND CASH GENERATION

      As part of the Transformation plan, Inspire Everyday, which, over the 2025-2026 period, aims for a gradual return to sales growth by 2026, more than EUR 100 million in gross savings and free cash flow over EUR 100 million, Maisons du Monde has set itself the following action plan:

      • opening of new stores, particularly through affiliate and franchise partners;

      • continuation of renovations with a particular focus on shopping centres. The objective is to reach at least 100

        stores under the new concept by the end of 2025, while maintaining a CAPEX/sales ratio of around 2.5%;

      • working capital improvement by approximately one month vs 2024, mainly through inventory reduction;

      • further operating model simplification: additional reduction of SKUs by around 10%, and 50% supplier base reduction (vs end 2022) to be achieved by 2025 year-end.

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      Presentation of the Group

      Strategy and outlook

   3. GOOD IS BEAUTIFUL STRATEGY: THE FIVE SUSTAINABILITY COMMITMENTS