TANDY LEATHER FACTORY Business Summary

Tandy Leather Factory Inc. (TLF) is a premier specialty retailer and distributor of leather and leathercraft-related products, including hides, tools, hardware, and do-it-yourself kits. The company generates revenue through transaction-based sales across a network of 101 stores in the United States, Canada, and Spain, as well as through its global e-commerce platform and commercial division. TLF maintains a competitive advantage through its portfolio of proprietary brands, such as Eco-Flo, Craftool, and TandyPro, and its recent operational pivot to a centralized distribution model following its 2025 headquarters relocation to Benbrook, Texas. In a market populated by specialized distributors like Weaver Leather, Springfield Leather Company, and Rocky Mountain Leather Supply, TLF maintains its position as the dominant "one-stop shop" for hobbyists and professionals, leveraging its extensive physical footprint and educational resources to capture the largest share of the niche leathercraft retail market. The leadership team is currently headed by Chief Executive Officer Johan Hedberg, who assumed the role in January 2025 after serving as Chief Sales Officer at Fiskars Group, bringing over 30 years of international retail and wholesale experience to the firm. The company’s strategic direction is heavily influenced by Chairman of the Board Jefferson "Jeff" Gramm, a portfolio manager at Bandera Partners LLC, which holds a significant 34.5% stake in the company. Other key board members include retail veterans John Gehre, formerly of Bass Pro Shops and Michaels, and Victoria Cantrell. This leadership group has focused on aggressive capital allocation, recently returning value to shareholders through special dividends in February 2025 and 2026, while modernizing the brand's retail experience through new flagship locations like the Fort Worth Artisan Circle store opened in late 2025.