HomesToLife: From furniture workshop to new Nasdaq listing: How S’pore retailer is making a mark across Asia
First published in The Straits Times on 2 October 2024.
Empowered by EnterpriseSG's support, HomesToLife is expanding its business footprint, leveraging local insights and networks to drive its global ambitions.
Three thousand kilometres away from Singapore, a home-grown furniture retailer is making its mark in India.
Since 2022, HomesToLife has opened four stores across major Indian cities including Mumbai, Bangalore and Hyderabad, with more expected in the coming years.
HomesToLife, the flagship retail brand of HTL International, is driving the group’s global expansion as it celebrates nearly 50 years of furniture-making.
Leading this rapid growth is the brand’s general manager and second-generation leader Celeste Phua, 39, who is now exploring opportunities in regional markets with the India expansion plan on track.
To fund this next phase of growth into markets such as Indonesia, South Korea and Malaysia, HomesToLife Singapore was listed on Nasdaq last month, raising US$5 million (S$6.71 million) from the listing.
Strategic alliance powers overseas growth
The expansion journey is, however, not always straightforward. Breaking into a new market demands a steep learning curve – after all, there can be unfamiliar business practices, cultural nuances and consumer expectations that are unique to each market.
In 2021, while working out the details of HomesToLife's expansion to India, Ms Phua discussed her plan with Enterprise Singapore (EnterpriseSG).
Recognising the potential of her proposal, EnterpriseSG – which has overseas centres in Delhi and Mumbai – shared insights into local business practices and provided guidance on navigating the diverse market landscape. It also facilitated connections with potential local partners and franchisees.
With this vital support, HomesToLife has managed to successfully break into the market of the world’s most populous country.
“EnterpriseSG has done a lot of matchmaking which has helped us to understand the Indian market better,” says Ms Phua. “It has also introduced us to people from different industries and those conversations have been invaluable in helping us comprehend the business landscape in India.”
Last September, her father, HTL founder Phua Yong Tat, along with other business leaders, was invited by EnterpriseSG to participate in a roundtable discussion with India’s Prime Minister Narendra Modi while on his visit to Singapore.
In October, another EnterpriseSG-facilitated meeting with India's Minister of Commerce and Industry Piyush Goyal saw HTL’s chief executive officer (CEO) Phua Mei Ming and Ms Phua outline their HomesToLife expansion plans for the market.
These high-level engagements have been beneficial to HomesToLife’s expansion efforts.
Reflecting on their partnership with EnterpriseSG, Ms Phua says: “It gave us access to networks that we wouldn’t have been able to tap into on our own.”
Armed with this support and market insights, the HomesToLife team was able to effectively navigate the diverse Indian market, tailoring its approach to meet specific regional needs and preferences.
“Having the local network is very crucial. Anyone can set up a business with enough capital, but having EnterpriseSG as a partner on the ground provides us with priceless know-how,” says Ms Phua.
Noting that different states have unique preferences and lifestyles, she says: “The common saying is that every state in India is a different country.”
This diversity required HomesToLife to adopt a flexible strategy. For instance, the company adjusted its product mix based on local housing trends: Offering compact furniture for smaller apartments in Mumbai, while providing larger sets suitable for multi-generational homes in Hyderabad.
Despite facing stiff competition from local brands offering cheaper alternatives, Ms Phua maintained HomesToLife’s commitment to quality.
She resisted the pressure to compete solely on price, instead differentiating the brand through premium design and time-enduring quality – hallmarks of the family business.
“Unlike other brands, our products have various certifications from recognised bodies, ensuring our products meet rigorous durability and safety standards, which has allowed us to export to over 50 countries,” she says.
This strategy has enabled the brand to establish a unique position in the market, appealing to consumers looking for high-quality furniture options.
As HomesToLife establishes its retail presence in India, its parent company, HTL Group of Companies, concurrently has expanded its manufacturing capabilities in the country.
In 2021, a furniture factory was established in Chennai and the company also set up offices in Bangalore and Mumbai measuring more than 28,000 sq ft combined to serve wholesale furniture buyers.
Building a furniture legacy from a humble workshop
HomesToLife’s story began in 1976, when Ms Phua’s father and his brothers Yong Pin and Yong Sin opened a sofa upholstery workshop in Lowland Road.
The business evolved and supplied sofas to local retailers such as Courts a year later, capitalising on the growing demand for upholstered furniture.
Known then as Hwa Tat Lee, it quickly expanded into exports, securing its first major deal to supply furniture to Brunei in the 1980s.
By the mid-2000s, the rebranded HTL, with advice from IE Singapore (the predecessor of EnterpriseSG), acquired German furniture brand Domicil to elevate and grow its brand.
The successful integration of Domicil’s classic designs opened doors to the higher-end market for HTL.
Over the years, it has also acquired brands such as Germany’s Fabbrica, known for its contemporary designs; and Corium Italia, which specialises in leather sofas.
In 2013, HomesToLife was launched as a retail brand catering to consumers, particularly in the mid-to-high market segment. The brand has since established six retail stores in Singapore, including Marina Square and Great World.
Ms Phua, who began helping with the family business during her teenage years, was appointed general manager of the business-to-consumer arm.
Today, her sister Mei Ming is the CEO of HTL, while their cousin Phua Jing Yuh heads the procurement department for the company’s leather business unit.
Driving expansion to more Asian markets
With India’s growth on track, expansion into other parts of Asia is next on the cards for HomesToLife.
While Ms Phua is excited about the brand’s next phase of expansion, she acknowledges the challenges of navigating such diverse markets, where no single strategy fits all.
To overcome potential obstacles in its journey, HomesToLife will continue to partner with EnterpriseSG, tapping the agency’s on-ground networks and know-how.
“I’ve been speaking with a partner whom EnterpriseSG introduced us to, and we’re looking at expanding our Singapore operations into markets such as Malaysia, Indonesia and South Korea. We are working with EnterpriseSG to develop the brand and ensure business readiness,” she shares.
On the home front, the retailer wants to help nurture fellow Singapore enterprises and give back to the local business ecosystem.
“We are strong internationally, but we remain committed to supporting local communities,” Ms Phua adds. “Our goal is to help these local brands grow overseas by sharing our experience.”
To that end, it is participating in EnterpriseSG’s Retail Open Innovation Challenge 2024, where established companies collaborate with small and medium-sized enterprises and start-ups to create innovative retail solutions.
Looking to HomesToLife’s next stage of growth, Ms Phua is optimistic and excited about the opportunities ahead.
She says: “India provided us with the insight that the Singapore brand is a strong one – associated with trust, integrity and prestige. With EnterpriseSG’s support, we are confident we can elevate HomesToLife to new heights internationally.”
This is part of a series showcasing how Enterprise Singapore empowers home-grown businesses in their defining moments of growth, helping them transform, innovate and go global. Find out more here.
