Looks to me that all you need to do is change the scaling of the object in the Custom Asset editor, currently set to 39.91meters!
If you look to the top right above the preview of the chair, there are some options, the top one is scaling. It seems that currently you always need to do this with files brought into the asset generator.
I believe this is the case because the Custom Asset editor ignores the units and interprets everything as meters. So if the objects was exported using any other unit, it will not be in the correct scale in the Custom Asset editor.
Most probably Raphael’s model was in inches, so 39.91 inches became 39.91 meters.
39.91 inches is approximately 1 meter, so he can change the X measurement to 1, and Y and Z will be also automatically scale accordingly.
Or, a better way in this case, in step 2, at the Export screen to click on the “options” button on the bottom and select “Meters” from the drop down menu.
Unfortunately .Obj is a unitless format, so there is nothing more the Enscape asset editor can do. You either need to set the .obj to meters (when exporting it) or you need to scale it afterwards in the asset editor.