Intermestic Inc.
262A・Prime Market・Retail Trade
Business
Intermestic, Inc. is a company that introduced the SPA (specialty store retailer of private label apparel) model to Japan's eyewear industry for the first time, guided by its mission to "create an era in which eyeglasses take center stage." Through its core "Zoff" brand, the company handles product planning, manufacturing, marketing, and sales in an integrated manner, achieving both low prices and high profit margins simultaneously. As of the end of FY2025 (ending December 2025), it operates 332 domestic stores, and has expanded overseas in Hong Kong and Singapore through a franchise model. In October 2025, it made the Horus HD group (Meganesuper) a subsidiary, incorporating a business with strengths in NB (national brand) products and contact lens sales, and is now moving into a phase of scale expansion. Its core customer base spans a wide range of ages, from fashion-conscious young people to older generations.
Business Model
The SPA model, which bypasses wholesalers, eliminates intermediary margins while reflecting customer needs immediately in product planning. Frames and lenses are sold as a set, and gross profit margin is continuously improved through higher purchase rates for premium lenses and price revisions. The overseas business adopts a franchise model, enabling asset-light, low-risk international expansion. The domestic business accounts for approximately 99% of consolidated net sales, with new store openings, EC expansion, and collaboration products serving as the main drivers of higher average spend per customer.
Company Strengths
With the introduction of the SPA model, the Domestic Business segment achieved a 12.0% operating margin in FY2025 (ending December 2025) (segment sales of ¥49,543 million, segment operating profit of ¥5,937 million). Product price revisions and a rising purchase rate of premium lenses have contributed to continuous improvement in the gross profit margin.
In FY2025 (ending December 2025), 28 new stores were opened, bringing the domestic store count to 332 by the end of the fiscal year. The majority of total capital expenditure of ¥3,350 million was allocated to new store openings and renovations, continuously expanding market coverage and customer touchpoints.
The company drove sales through nationwide TV commercials for "SUNCUTGlasses," featuring 100% UV protection. It has achieved differentiation from competitors by offering in-house planned high-value-added collaboration products with UNITED ARROWS and MAQuillAGE, as well as functional products such as the rubber-material "Galileo" and titanium-material "intelligence metal TITAN."
ENVALITH's Perspective
Performance Trend
Revenue trend: FY2024 ¥44,845 million → FY2025 ¥50,151 million → FY2026 1Q cumulative ¥21,104 million (up 80.7% YoY). The sharp expansion is mainly attributable to the consolidation of the Horus HD group. Operating profit: FY2024 ¥5,012 million → FY2025 ¥5,990 million → FY2026 1Q cumulative ¥2,467 million (up 30.1% YoY). Gross profit margin remained high at 70.4%, but SG&A expenses expanded to ¥12,388 million (versus ¥6,988 million in the same period of the prior year). Ordinary profit rose only to ¥2,299 million (up 20.8% YoY), as interest expense of ¥88 million and commission fees paid of ¥90 million widened the gap versus operating profit. As for the external environment, changes in U.S. trade policy and rising prices have made consumer sentiment more cautious, partially affecting personal consumption. Goodwill amortization of ¥208 million per quarter continues to be a factor squeezing profit.
Growth Strategy
Accelerating growth through four pillars: M&A integration, sunglasses market development, DX promotion, and strategic store openings
Horus HD Co., Ltd. and Horus Co., Ltd. (Meganesuper, 301 stores), acquired in October 2025 with a deemed acquisition date of December 31, 2025, have been consolidated from Q1 FY2026 (ending March 2026) onward. Provisional accounting treatment was finalized in this Q1, with goodwill of ¥14,178 million confirmed. Future focus is on profitability improvement through integration of purchasing data, procurement negotiating power, and logistics between the two brands.
In Q1 FY2026 (ending March 2026), the Zoff business opened 4 stores and closed 1 (net increase of 3), while the Meganesuper business opened 3 stores and closed 1 (net increase of 2). Building on the domestic base of 636 stores, the company will continue to pursue new store openings alongside the consolidation of unprofitable stores to expand market area coverage.
The company continues to roll out the "Galileo" series (Galileo S01 and Galileo lenses), strengthen sales of SUNCUTGlasses / Photochromic Lenses, and offer high-value-added products through collaboration eyewear (UNITED ARROWS, MAQuillAGE, etc.). Profit margin improvement is being pursued through an increased purchase rate for premium lenses and product price revisions.
The company maintains an asset-light franchise expansion across a total of 20 stores—17 in Hong Kong and 3 in Singapore. Operating profit in the overseas segment for Q1 FY2026 (ending March 2026) was ¥12 million (up 26.6% year on year), continuing to improve profitability. Revenue was ¥216 million (down 4.7% year on year), a slight decline, but the profit structure continues to improve.
Last updated: July 17, 2026