HomesToLife Ltd (NASDAQ: HTLM)

HomesToLife Ltd is a global home furniture company headquartered in Singapore. It operates through three core divisions: export, leather trading and retail. The company leverages more than fifty years of heritage from its founders to combine consumer retail, wholesale distribution and sourcing capabilities. Its integrated supply chain covers product design, development, sourcing, manufacturing partner management and logistics and distribution.

Revenue is generated primarily from the export division which accounted for 92.5% of total revenue for the year ended December 31, 2025. The leather division contributed 5.1% and the retail division contributed 2.4%. Export sales involve business to business transactions of upholstered furniture under branded and white label terms. Leather trading involves procuring raw hides and selling them to tanneries for conversion into upholstery leather. Retail sales involve selling furniture and home accessories directly to consumers through stores in Singapore and South Korea.

The company operates through the following segments: Export Division, Leather Trading Division, and Retail Division.

• Export Division: This division engages in business to business sales of upholstered furniture to retailers and distributors worldwide, offering both branded and white label products through subsidiaries such as HTL FE, HTLF, HTLA, HTL Japan, HTL UK and HTL Marketing.

• Leather Trading Division: This division procures raw hides from global suppliers and sells them to tanneries that convert the hides into finished upholstery leather for use in furniture manufacturing, operating through HTL Marketing.

• Retail Division: This division operates retail stores in Singapore and South Korea that sell upholstered furniture, case goods and home accessories to end consumers under brands such as Domicil, Fabbrica and HomesToLife.

HomesToLife Ltd holds a competitive position in the global home furniture market through its integrated supply chain and multi brand portfolio. Key competitors in the export business include Jason Furniture (Hangzhou), Man Wah Holdings and Natuzzi Group. In the Singapore retail market the company faces competition from Castlery, Cellini, Commune, Harvey Norman, Star Furniture and King Living. In the South Korean retail market competitors include Jakomo, Casamia, Essa, Natuzzi and Dauning. The company’s advantages stem from long term supplier agreements with manufacturers in China, Vietnam and India, a diversified brand portfolio that includes Domicil, Fabbrica, Corium, HomesToLife, RelaxStudio and Gallery, and its ability to offer both branded and white label solutions. These strengths enable the company to deliver consistent quality, flexible customization and reliable delivery times across multiple regions.

The company’s export division serves furniture retailers and wholesalers in Asia Pacific, Europe and North America. The leather division supplies tanneries that require raw hides for upholstery leather production. The retail division serves individual consumers in Singapore and South Korea ranging from mass shoppers to affluent buyers seeking premium home furnishings.