I first encountered Interojo in early 2019 through work. At the time, I wasn't active in investing, so I didn't dive deep into the company; I simply noted that the contact lens industry had a solid market outlook (growing at a CAGR of ~6% through 2022).
However, after I started investing in 2020, my stock filters flagged Interojo as being in an attractive price range. I initially followed the "buy first, study later" approach, but later swapped it for another promising pick. I eventually re-entered my position in 2021 and have been holding it ever since.
1. Overview
Interojo is a veteran in the contact lens industry with over 20 years of experience, manufacturing a wide range of products including clear, beauty, and functional lenses. Since its first export to Europe in the early 2000s, the company has built a robust patent portfolio through consistent R&D.
In 2017, it was recognized by Forbes as one of the "Asia's 200 Best Under A Billion" companies. Notably, in 2020, Interojo launched the world's first Silicon Hydrogel 1-Day Beauty Lens in the Korean market and was selected as an ODM provider for major global brands, proving its technical prowess.
2.Business Model
The company operates a unique dual-track business model:
- OBM (Own Brand Manufacturing): Operates the "Clalen" brand in Korea and China.
- ODM (Original Design Manufacturing): Supplies products to global giants like Alcon and Ophthalmic in regions such as Japan and EMEA.
This strategy has resulted in a stable revenue mix, with OBM accounting for approximately 30% and ODM for 70%.
3. Industry & Competetive Landscape
The global contact lens market was valued at $17.6 billion in 2022 and is projected to grow at a 5.39% CAGR through 2025. The market is dominated by the "Big 4" (Acuvue, Bausch + Lomb, Alcon, and CooperVision), which hold an 80% share—Acuvue alone commands about 50%. The remaining 20% is held by regional players. While the Big 4 focus on their own brands, regional players primarily operate through ODM/OEM models.
In the Korean market, the Big 4 also hold an 80% share (Acuvue at 45%). However, Interojo has maintained a solid No. 2 position with a 15% market share, largely thanks to its massive success in the color lens segment (boosted by celebrity marketing with Suzy since 2015, and currently with ITZY).
In the ODM space, 2–3 Taiwanese companies are the primary competitors. Among them, St. Shine Optical is the most comparable to Interojo in terms of product lineup and export footprint. Interestingly, Interojo was recently selected as an ODM supplier for one of St. Shine’s existing partners. Since St. Shine is listed on the Taiwan Stock Exchange, it serves as an excellent benchmark for ongoing tracking.
[인터로조] 경쟁기업 조사 (업데이트)
인터로조 중장기성장성 거의 전부를 책임질 곳은 중국, 일본 해당 시장 내 인터로조 주요경쟁기업 이해가 ...
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4. Product Proftolio
Interojo boasts a comprehensive portfolio across all categories, classified by functionality (vision correction), wear cycle (daily/monthly), and aesthetics (clear/color).
5. CEO
Founder and CEO No Si-cheol transitioned from a background in international sales at Daewoo Corp to manufacturing. This background seems to drive his sharp sales insight—evident in the company's success in securing global ODM contracts and its effective celebrity-driven marketing in Korea. Furthermore, his commitment to innovation, such as the implementation of Smart Factory systems, reflects a forward-thinking approach to manufacturing excellence.
[제조업은 살아 있다] 노시철 인터로조 대표
독자기술로 해외 틈새시장 뚫었다
jmagazine.joins.com
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