ENVALITH
愛眼株式会社 logo

AIGAN CO.,LTD

9854・Standard Market・Retail Trade

Official website
愛眼株式会社 logo
AIGAN CO.,LTD9854

Business

Aigan Co., Ltd. is a long-established eyewear specialty store chain founded in 1941 and listed in 1989. Under the "Megane no Aigan" (Aigan Glasses) brand, the company's core business is the retail sale of eyeglasses, sunglasses, hearing aids, and related products, operating primarily through shopping center tenant stores and roadside stores nationwide. Its main customers are general consumers, particularly middle-aged and senior generations, and its business is characterized by counseling-style, face-to-face sales. The company also operates an eyewear wholesale business through its consolidated subsidiary Neoc Co., Ltd. Consolidated net sales for FY2026 (ending March 2026) were ¥15,283 million.

Business Model

The core is counseling-based sales providing an integrated service from in-store vision testing through processing and adjustment, deploying a "Smart Price" strategy that presents frames and lenses at a set price. The company also seeks to raise average customer spend through the proposal-based sale of high-value-added lens options such as ultra-thin, photochromic, and coated lenses, while securing ongoing customer touchpoints through trial hearing aid rentals and after-sales service. It also pursues cost reductions through concentrated purchasing in coordination with its wholesale business.

Company Strengths

As a long-established company founded in 1941 and listed in 1989, it operates the "Meganeno Aigan" brand nationwide. The "NEW Aigan Project," launched in 2012, carried out a brand renewal and secured a loyal customer base centered on middle-aged and senior customers. The company also maintains a network of franchise stores, sustaining geographic breadth in brand recognition.

The company is promoting company-wide acquisition of the "Eyewear Craftsman" (Megane Sakusei Ginoshi) national certification, established in 2022, while also focusing on training "Certified Hearing Aid Technicians." It has accumulated high levels of specialized technical expertise in-house, spanning vision testing, lens processing and adjustment, and hearing aid fitting, which serves as a differentiating factor versus competitors.

As of the end of FY2026 (ending March 2026), total net assets stood at ¥12,276 million and total liabilities at ¥2,009 million, giving an extremely high equity ratio. Funding needs, including ¥237 million in capital expenditures for new store openings and renovations, are covered entirely by internal funds, reflecting a financial base with no reliance on financial institutions.

ENVALITH's Perspective

In FY2026 (ending March 2026), the company recorded operating profit of ¥225 million, escaping five consecutive fiscal years of operating losses. Gross profit margin improved by 1.2 points, indicating that price revisions and the mix shift toward higher value-added products are working. However, the operating margin remains at just 1.5%, and the structure in which SG&A expenses (¥10,334 million) account for 67.6% of sales has not changed, meaning the absolute level of profit remains fragile.

Salaries of ¥3,758 million, rent of ¥2,258 million, and advertising expenses of ¥821 million make up the bulk of SG&A expenses, leaving a heavy fixed cost burden. Intensifying competition with peers has already begun to affect sales in categories such as sunglasses, and structural challenges remain, including discount sales and point-award services that squeeze gross margins. The FY2027 (ending March 2027) forecast of operating profit of ¥232 million represents only a 3.1% increase year on year, making a rapid expansion in earnings difficult to expect.

With the completion of the liquidation of the Beijing subsidiary, overseas risk has been eliminated, and the concentration of management resources on the domestic eyewear retail and wholesale businesses is complete. Operating cash flow turned positive at ¥333 million (versus -¥155 million in the prior period), and cash and cash equivalents increased to ¥2,086 million. On the other hand, dividends remain suspended this period as well (with the next period also undecided), leaving a challenge from the perspective of shareholder returns. Going forward, the company faces a phase in which it must solidify its profitable footing and concretize an investment strategy to raise its earnings level.

Growth Strategy

The company is strengthening its profit base through store optimization, expansion of high-value-added products, cultivation of the hearing aid category, and reinforcement of e-commerce.

The company continues to close underperforming stores while opening new stores at advantageous locations and renovating existing stores. In FY2026 (ending March 2026), it opened 4 new stores, closed 7 stores, and renovated 10 stores. New store openings, renovations, and repairs are planned to continue in FY2027 (ending March 2027).

The company has strengthened proposal-based sales of options such as ultra-thin lenses, water-repellent coating, UV coating, and photochromic coating, combined with price increases for lens-inclusive sales, to improve gross profit margin. A 1.2-point improvement was achieved in FY2026 (ending March 2026).

The company is expanding hearing aid sales through trial rentals and improved after-sales service systems. In FY2026 (ending March 2026), hearing aid sales increased 7.0% year on year. It is promoting acquisition of certified hearing aid specialist qualifications to enhance expertise and capture demand from an aging population.

In addition to its proprietary EC site, the company is focusing on establishing a presence on the Rakuten Ichiba EC mall and expanding its product lineup. Through omnichannel development, it aims to expand customer touchpoints beyond physical stores, acquire new customers, and convert existing customers into loyal customers.

The company is introducing DX tools such as tablet devices and customer service support systems to improve service efficiency and expand customer touchpoints. It intends to combine operational efficiency improvements with work-style reforms to also contribute to improving the fixed-cost structure.

Last updated: July 19, 2026