Singapore-headquartered online furniture retailer Design Capital Limited has applied to launch an IPO in Hong Kong.
Selling furniture online in the US accounted for two-thirds of the company’s revenue last year. It sells under the brands Target Marketing Systems, Simple Living, and Lifestorey to more than 20 American e-commerce platforms.
The balance of the business is retailing furniture in Singapore through eight stores, and interior design services focused on homes and living spaces in Singapore, Malaysia and Brunei.
The company says it will use funds from the IPO to further expand its product mix and brand portfolio as well as invest in marketing to boost its profile. It will also increase available inventories on the ground in the US and open three new physical stores in Singapore.
Last year, Design Capital Limited’s total sales reached S$100.93 (US$73.4 million) up from $82.33 million in 2015. Profit rose over the same period from $5.8 million to $8.54 million.