G OPTICAL
The 30-Second Investment Case
G Optical is a Singapore-based premium optical retail chain that has achieved consistent profitability from year one, with zero external funding and zero debt — now adding a technology layer that re-rates it from pure retail to tech-enabled retail.
Built Across Singapore's Best Addresses
G Optical is a fast-growing premium optical retail chain offering prescription eyewear, contact lenses, and designer frames. Each store is positioned in Singapore's highest-footfall retail corridors — not as a tenant, but as a community anchor.
Founded by David Lim in 2021, G Optical was built on a simple conviction: most optical retailers compete on price, not experience. By combining premium brand partnerships, in-house manufacturing, a loyal repeat-customer model, and now AI-powered virtual try-on technology, G Optical has carved a defensible and defensively growing niche in Singapore's SGD 1.2B eyewear market.
Singapore 310150
Singapore 570510
Bedok Bus Interchange, Singapore 465492
111 Somerset, Singapore 238164
Singapore 757713
We Own Our Factory.
Our Competitors Don't.
The single most important competitive advantage in optical retail is not brand or location — it is manufacturing control. G Optical is one of the only independent optical retailers in Singapore that owns its own production facility.
Shenzhen Production Facility
Our CNC machining factory in Shenzhen produces premium optical frames and sunglasses for our licensee brands — eliminating the margin that every competitor pays to third-party suppliers.
Margin Compounding at Scale
Every additional store deepens the manufacturing advantage. Fixed factory costs stay flat while throughput scales — compressing unit costs with every new location.
A Moat Competitors Cannot Easily Replicate
Building manufacturing capability requires years of supplier relationships, quality systems, and capital. New entrants and established chains face this barrier — we've already crossed it.
Exclusive Brand Relationships
Preferential partnerships with premium eyewear brands provide exclusive product access and pricing advantages that independent competitors and new entrants cannot match.
Three Years. Never Unprofitable.
From S$895K in year one to S$2.35M in FY2025 — every year profitable, zero external funding, zero debt. Equity has grown 9.7× from initial capital through retained earnings alone.
Revenue & Net Profit — 3 Year History
| Income Statement (SGD) | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue +89% | 895,779 | 1,244,237 | 2,351,607 |
| Cost of Sales | (307,794) | (461,691) | (1,102,056) |
| Gross Profit | 587,985 | 782,546 | 1,249,551 |
| Gross Margin | 65.6% | 62.9% | 53.1% |
| Admin & Operating Expenses | (501,893) | (561,216) | (965,123) |
| Profit Before Tax | 86,092 | 221,330 | 284,428 |
| Income Tax | — | (8,188) | (15,464) |
| Net Profit +26% | 86,092 | 213,142 | 268,964 |
| Net Margin | 9.6% | 17.1% | 11.4% |
Equity Built From Retained Earnings
Starting from S$60,000 initial capital — every dollar of growth below is profit retained, not external funding.
A SGD 1.2B Market With Structural Tailwinds
Singapore's eyewear market is not cyclical — it is driven by biology. 82% of adults are myopic. Every patient requires annual consultations, lens replacements, and frame updates. This is recurring, non-discretionary spend.
Highest Myopia Rates in the World
Singapore tops global myopia prevalence charts. Annual eye checks and prescription renewals create a natural recurring revenue engine for optical retailers.
Rising Premium Demand
Affluent Singaporean consumers are trading up from basic to designer frames. G Optical's positioning captures this high-margin shift.
Online Channel — Currently Untapped
Singapore's eyewear market is almost entirely in-store today. AI virtual try-on removes the biggest barrier to online purchase — confidence in fit — unlocking a new revenue channel with near-zero marginal cost.
Fragmented Market, Ripe for Consolidation
Dominated by independent single-store operators. G Optical's multi-site playbook, manufacturing edge, and tech platform create a consolidation opportunity unavailable to incumbents.
Comparable Companies — Valuation Reference
G Optical's implied entry multiple is significantly below comparable listed and acquired optical businesses — and the tech platform further widens that gap.
| Company | Type | EV / EBITDA | EV / Revenue |
|---|---|---|---|
| GrandVision (acquired) | Global optical retail | 20–24× | 2.8× |
| EssilorLuxottica (listed) | World's largest eyewear group | 28–32× | 4.2× |
| National Vision (NASDAQ) | US retail optical chain | 14–18× | 1.4× |
| Warby Parker (NYSE) | Tech-enabled optical retail | 35–45× | 3.5× |
| Regional M&A Transactions | SEA optical acquisitions | 8–12× | 1.0–1.5× |
| G Optical (this offering) | Pre-IPO — tech-enabled retail | ~7–8× | ~1.2× |
* Comparable multiples sourced from public filings and reported M&A transactions. G Optical financials are unaudited management accounts. Warby Parker included as a tech-enabled optical retail comparable.
What Each Store Actually Earns
The fundamental test of a scalable retail model is store-level profitability. Every single G Optical location is profitable — and each new store follows a proven financial template.
From 7 Stores to 20 — A Clear Path to 3× Profit
The operational playbook is written. The store model is proven. The factory is running. The AI try-on platform is live. What we're buying now is the right to scale a working machine.
Projected Net Profit Trajectory (SGD)
The Feature That Re-rates the Valuation
AI-powered virtual try-on running entirely in the browser — no app download, no installation. Works on any device with a camera. This is the same technology that helped Warby Parker reach a 35–45× EBITDA multiple vs. the 7–8× of pure optical retail.
Retail → Tech-Retail Multiple
Pure optical retail trades at 7–8× EBITDA. Tech-enabled optical retail (Warby Parker) trades at 35–45×. One platform — an order-of-magnitude difference in exit value.
Online Sales — Currently Zero
The biggest barrier to buying glasses online is "I don't know how they'll look on me." AI try-on removes that barrier entirely. G Optical unlocks an e-commerce channel with near-zero marginal cost vs. building a new store.
Proprietary Face-Shape Dataset
Every try-on session captures anonymised face geometry, frame preferences, and conversion data. Over time this builds a proprietary dataset — informing stock decisions, personalisation, and product design — that no competitor can replicate.
License to Other Optical Retailers in SEA
Once built, the try-on engine becomes a licensable platform. Independent optical retailers across Singapore, Malaysia, and the region currently have no access to this technology. G Optical can become the platform provider.
This is a technology prototype demonstrating real-time AI face landmark detection and glasses overlay — the same core capability that powers full virtual try-on products. In production, each frame is replaced with a precise 3D model of G Optical's actual inventory. Contact lens colour simulation follows in Phase 2.
Seven Reasons This Business Compounds
Each competitive advantage is self-reinforcing. More stores = better factory economics. More customers = higher repeat rate. More try-on sessions = better data. The moat deepens with scale.
Vertically Integrated Manufacturing
Owning the Shenzhen factory is the single largest structural advantage. 60-70% cost savings flow directly to margin — no other independent Singapore optical chain controls its supply chain at this level.
Annuity-Like Revenue — 80%+ Repeat Customers
Eyewear customers return every 1-2 years for prescription updates and new frames. With 80%+ repeat rates, G Optical has effectively built a subscription-like revenue base with near-zero acquisition cost per repeat visit.
Healthcare Necessity — Recession-Proof Demand
82% of Singapore adults require vision correction. This is not discretionary luxury — it is a medical necessity that drives spend regardless of economic conditions.
Proven 18-Month Store Payback — Repeatable at Scale
Every store opened has achieved payback within 18 months. The operational playbook is documented, tested, and ready to deploy. New stores are not experiments — they are execution events.
Exclusive Brand Access That Deepens at Scale
Preferential brand partnerships provide exclusive products unavailable to competitors. As G Optical scales, these relationships deepen — creating a growing barrier to entry for challengers.
Clean Balance Sheet — Zero Debt, Pure Equity
No debt, no convertible notes. Built on discipline. Every dollar of investor capital goes into growth — not servicing a balance sheet overhang.
AI Virtual Try-On Platform TECH
Browser-based AI try-on running entirely client-side — no app, no infrastructure cost. This single capability re-rates G Optical from a pure optical retailer (7–8× EBITDA) to a tech-enabled retail platform (Warby Parker: 35–45× EBITDA), unlocks the online sales channel, and seeds a SaaS licensing business across SEA.
A Compelling Entry Into a Proven Business
This is not a bet on a concept. It is an investment into a cash-generating, profitable, operationally mature business — now adding a technology layer — at pre-IPO entry pricing, well below comparable market multiples.
| Enterprise Valuation | SGD 3.7M – 4.2M |
| Revenue Multiple | ~1.1–1.2× FY2025 Revenue |
| EBITDA Multiple | ~7–8× Net Profit |
| Comparable M&A Range | 8–12× EBITDA |
| Tech-Enabled Comparable | 35–45× (Warby Parker) |
| Company Registration | 202124326H |
| Financial Reports | Unaudited mgmt. accounts |
No burn rate. No turnaround story. Capital deployed into an engine that has run profitably every year since founding — S$269K net profit in FY2025, zero debt.
The roadmap to 20 stores projects SGD 1.5M+ net profit — a 5.6× increase on FY2025 earnings. At comparable M&A multiples (8–12×), this represents significant terminal value before the tech premium is applied.
The AI try-on platform is the strategic wildcard. Pure retail exits at 8–12×. Tech-enabled retail exits at 20–45×. Investors entering at today's 7–8× price are buying a platform business at a retail company valuation.
Healthcare necessity + recurring prescriptions + 80%+ repeat customers = durable cash flows through recessions, pandemics, and market volatility. The AI layer adds upside without changing the defensive core.
Capital Deployed to Create Milestones
Every allocation is tied directly to the milestones that drive the exit — more stores, better margins, a live technology platform, and the infrastructure to list. This capital takes G Optical from 7 stores and S$269K profit to 12+ stores and IPO readiness.
Multiple Routes to Exceptional Returns
A 3–5 year investment horizon with three credible, high-probability exits. The technology platform materially widens the range of acquirers and meaningfully increases the IPO valuation ceiling.
Strategic Acquisition
Regional and global optical chains — GrandVision, EssilorLuxottica, regional consolidators — actively acquire profitable multi-site operators. The AI try-on platform additionally attracts technology acquirers seeking established distribution in SEA.
SGX Catalist IPO
A healthcare-adjacent retail business with strong margins, predictable cash flows, and a proprietary AI platform is exceptionally well-positioned for public listing. Tech-enabled retail companies command a significant premium over pure retail on SGX — the AI layer is a direct multiple catalyst.
Founder Buyback
Founder David Lim may exercise a structured buyback at an agreed premium once target scale milestones are reached — providing investors a guaranteed floor exit with predictable, contractually defined returns independent of market conditions.
The Team Behind the Numbers
G Optical is led by a founder who built this from a single store — not a hired management team. Every metric in this document was achieved under this leadership.
David Lim
Built G Optical from a single store to a 7-location Singapore chain with S$2.35M revenue and consistent profitability in under 4 years. Deep expertise in optical retail site selection, lease negotiation, and multi-site team management. Maintains direct supplier and brand relationships providing G Optical's exclusive access advantages. Contact: david.lim@goptical.sg
Adonis Chong
Leads commercial strategy, brand partnerships, and supplier relationships. Responsible for the exclusive brand access and preferential pricing terms that underpin G Optical's competitive positioning and manufacturing moat.
Liang
Oversees day-to-day operations across all 7 Singapore stores, managing a team of 10+ opticians and 10+ registered optometrists. Responsible for service quality, staff training, and consistent execution of G Optical's operational playbook across every location.
Material Risks & Mitigations
We believe in transparency. All material risks are disclosed here alongside our active mitigation approach.
Unaudited Financial Statements
All financial data represents unaudited management accounts. A full statutory audit will be conducted as part of formal IPO preparation. Figures have been prepared on a consistent basis and are available for investor review on request.
Founder Dependency
Supplier relationships and brand access are partly dependent on founder David Lim. Mitigated by CCO Adonis Chong holding key commercial relationships, documented operational playbooks, and planned leadership team expansion with raised capital.
Singapore Revenue Concentration
Majority of revenue generated in Singapore. Malaysia expansion is underway (2 stores operational). Diversification is a core plank of the Year 1–3 growth plan.
Retail Lease Renewals
Store profitability depends on lease terms at renewal. Mitigated by strong landlord relationships across 7 locations and the brand equity that makes G Optical a desirable anchor tenant in any precinct.
AI Platform Development
The virtual try-on platform is a prototype — full productionisation requires engineering investment and 3D frame modelling. Risk is mitigated by the core technology (MediaPipe) being mature and open-source, with clear implementation pathway.
Gross Margin Compression
Gross margin declined from 62.9% to 53.1% in FY2025 as revenue mix shifted. Managed through progressive own-manufacturing expansion, premium product focus, and improved supplier terms at scale.
Ready to Build
Singapore's Optical Champion?
A proven, profitable business. A manufacturing moat. AI technology. A massive market. A clear path.
CONFIDENTIAL — FOR ACCREDITED INVESTORS ONLY. This document does not constitute an offer to sell or a solicitation of an offer to buy any securities. Investment involves significant risk including loss of capital. All financial statements are unaudited management accounts. Forward-looking statements involve known and unknown risks. The AI virtual try-on is a technology prototype. G Optical Pte. Ltd. (UEN 202124326H). 998 Toa Payoh North #06-15, Singapore 318993.