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Edge12 Dec 2025
Running on Clouds: The Story of On
The story of how a Swiss runner's pursuit of a new running sensation became On, aiming to be the most premium global sportswear brand worldwide.
Wayfair (W) investor relations material
Wayfair Morgan Stanley Global Consumer & Retail Conference 2025 summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Morgan Stanley Global Consumer & Retail Conference 2025 summary2 Dec, 2025
Market and industry trends
Home furnishings experienced three years of double-digit declines but has now stabilized, with the market remaining flat year-over-year and showing signs of bottoming out.
The total addressable market across the US, Canada, UK, and Ireland is estimated at $500 billion, with significant fragmentation and distressed smaller retailers creating share opportunities.
No significant replacement cycle or demand pull-forward detected; ongoing needs and project spend are steady, but housing market weakness continues to suppress tailwinds.
Tariffs and inflation have had muted effects on consumer pricing, with suppliers absorbing much of the cost and showing caution in passing on increases.
Supply chain volatility is managed through a diverse, global supplier base, which has become more agile due to years of tariff and pandemic disruptions.
Company strategy and performance
Recent years focused on cost structure optimization, technology replatforming, and operational efficiency, positioning the company for renewed growth.
Mid-single-digit growth is guided for the current quarter, with long-term ambitions to return to double-digit growth as market conditions improve and share gains continue.
Marketing spend was elevated in late 2024 but has since been reduced to improve efficiency and contribution margin, now targeted at 15%.
Contribution margin improvements and disciplined SG&A management are expected to support EBITDA margins north of 10% in the long term.
Retail media remains a small revenue contributor (under 2%), with most gains reinvested in customer experience rather than profit.
Technology and AI initiatives
Over 2,700 technologists drive innovation, with technology and logistics as core competitive advantages.
GenAI is being leveraged for catalog management, customer service, marketing creative, and personalized shopping experiences, with many initiatives in pilot stages.
AI is improving operational efficiency, such as legal and lease management, enabling growth without increasing headcount.
AI-generated imagery is being used for ad creative and consumer-facing applications, enhancing conversion rates and customer satisfaction.
Mastery of technology and AI is expected to widen the competitive gap in the coming years.
How will AI enhance customer experience and revenue?
What signals a home furnishing market recovery?
How does AI sustain SOTG&A efficiency?
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Next Wayfair earnings date
Q4 202519 Feb, 2026
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Frequently asked questions
An extensive online marketplace for furniture
Wayfair Inc. is an e-commerce company specializing in home furnishings and decor headquartered in the United States, but with business across several countries. Wayfair operates a robust online platform offering a wide range of furniture, lighting, rugs, bedding, and other home goods. With a vast selection of products from numerous brands and suppliers, Wayfair provides customers with a convenient and accessible way to shop for their home furnishing needs.
An online retailer and marketplace
Wayfair Inc. operates as an online retailer and marketplace and does not produce furniture themselves. Instead, the company partners with various brands, suppliers, and manufacturers to offer a wide selection of furniture and home goods on its platform. Wayfair collaborates with these brands to curate and showcase their products, providing customers with a diverse range of options to choose from. By leveraging their extensive network of partnerships, Wayfair is able to offer furniture and home decor items on a massive scale. This form of online marketplace has proven to be an effective way of doing business, with the most notable examples of this being Amazon and Alibaba. When it comes to direct competitors, Overstock.com and Wayfair wrestle for more or less the same base of customers.
A platform driven by technology
Wayfair Inc. operates a robust e-commerce platform that serves as a one-stop destination for home furnishings. The platform provides a seamless and user-friendly interface, enabling customers to browse an extensive catalog of products, access detailed product information, and make informed purchasing decisions. Wayfair's platform incorporates sophisticated search and recommendation algorithms, allowing customers to discover relevant and personalized product suggestions. The company emphasizes a seamless customer experience by offering easy ordering, secure payment options, and efficient delivery services. With a technology-driven approach, Wayfair's platform and its algorithm are under constant development and improvement.
Expansion abroad
Wayfair expanded internationally to tap into new markets and capitalize on the growing demand for online home furnishings. By establishing a presence outside of the USA, Wayfair aims to reach a wider customer base and cater to global demand. The company operates in countries such as Canada, the United Kingdom, Germany, and Australia, where they offer localized websites and product offerings.
These localized websites ensure that customers in each market have access to relevant product assortments, localized pricing, and convenient shipping options. By adapting to the unique needs and preferences of customers in these countries, Wayfair aims to provide a seamless and personalized shopping experience in each international market it serves.
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