Key Facts
• On September 2, Zoff’s parent company, Intermestic, announced the acquisition of Horus HD.
• The deal, valued at approximately ¥19.1 billion, will be finalized on October 1.
• Funding includes ¥18 billion in bank loans and internal reserves.
• Post-acquisition, Intermestic’s group revenue will reach ¥729 billion by 2025.
• The combined store count will exceed 600, forming a new ‘Big Three’ in the eyewear industry.
• Megane Super primarily serves middle-aged and senior customers in roadside locations.
• Zoff targets younger demographics with affordable, fashionable eyewear and urban stores.
• Intermestic plans to enhance profitability by expanding private-label products (PB).
• Zoff’s SPA model achieves a gross profit margin of 76.8% (January–June 2025).
• The acquisition aims to address Megane Super’s low profitability and governance issues.
Summary
Intermestic, the parent company of Zoff, is set to acquire Horus HD, the operator of Megane Super, for ¥19.1 billion. This strategic move, effective October 1, will position Intermestic as a key player in the eyewear industry’s emerging ‘Big Three,’ alongside Megane Top and JINS. The acquisition will expand Intermestic’s store network to over 600 locations and boost its revenue to ¥729 billion by 2025. Zoff’s focus on younger customers and urban markets complements Megane Super’s middle-aged and senior clientele in roadside stores, minimizing overlap and creating synergy. Intermestic plans to leverage its SPA model and private-label products to improve profitability, addressing Megane Super’s historical challenges with low margins and governance. This acquisition marks a significant step in reshaping the competitive landscape of the eyewear industry.
