AIGAN CO.,LTD

Business Details

The Group's core segment, operating stores along roadsides, in shopping centers, and in commercial buildings to sell eyeglasses, sunglasses, hearing aids and other products face-to-face. Leveraging long-cultivated vision- and hearing-correction technology and the trustworthiness of the "Aigan brand," the segment pursues maximization of customer experience value through counseling-based sales. It is also expanding online sales channels through its proprietary e-commerce site and its Rakuten Ichiba store, while promoting DX initiatives such as tablet devices and customer-service support systems to improve efficiency and expand customer touchpoints.

Recent Overview

Turned profitable, reversing the prior-period loss, with revenue up 3.3% and segment profit of ¥228 million.

In FY2026 (ending March 2026), revenue was ¥14,930 million (up 3.3% year on year), and segment profit improved significantly to ¥228 million (compared with a segment loss of ¥108 million in the prior period). Eyeglasses revenue rose 3.3% year on year, driven by higher lens-inclusive selling prices and successful proposal sales of high-value-added lens options, while hearing aid revenue rose 7.0% year on year. Gross profit margin rose 1.2 percentage points due to price revisions on certain products and changes in the sales mix by item. The company opened 4 new stores (in Ebina City, Kanagawa Prefecture; Yamagata City, Gifu Prefecture; Joyo City, Kyoto Prefecture; and Daito City, Osaka Prefecture), closed 7 stores, and renovated 10 stores. Impairment losses declined to ¥42 million from ¥88 million in the prior period.

Key Products

Growth Drivers

• Continued growth in the hearing aid category driven by enhanced trial rentals and after-sales service (revenue up 7.0% year on year in FY2026 (ending March 2026))
• Strong proposal-based sales of higher lens-inclusive selling prices and high-value-added lens options such as ultra-thin, photochromic, and coated lenses
• Improved gross profit margin (up 1.2 percentage points) from price revisions on certain products and changes in the sales mix by item
• Revitalization of existing stores through scrap-and-build and new store openings (4 new store openings and 10 renovations in FY2026 (ending March 2026))
• Enhanced expertise and brand trust through promotion of Certified Eyewear Craftsman and certified hearing aid specialist qualifications
• Improved efficiency and expanded customer touchpoints through DX initiatives such as tablet devices and customer-service support systems
• Strengthening of the online retail business through expanded product offerings on the proprietary e-commerce site and Rakuten Ichiba store

Risks

• Sluggish growth in average selling prices due to intensifying sales and price competition with competitors (impact already visible in sunglasses, etc.)
• Profit pressure from rising merchandise procurement costs and from sales strategies such as discount promotions and point-award programs
• Risk of unplanned renovations or store closures due to withdrawal of shopping center developers or key tenants (7 stores closed in the current period)
• Continued risk of impairment losses due to declining store profitability amid intensifying competition (¥42 million recorded again in FY2026 (ending March 2026))
• Profit pressure from persistently high levels of key operating costs, including personnel expenses (¥3,758 million), rent (¥2,258 million), and advertising expenses (¥821 million)
• Stagnant consumer sentiment and negative impact on personal consumption from continued price inflation
• Risk of higher procurement costs due to raw material price increases and exchange rate fluctuations stemming from U.S. trade policy developments and geopolitical risks