5,5',6,6',7,7',8,8'-Octahydro-1,1'-bi-2-naphthol (hbNaph) is an axially chiral molecule consisting of a smaller π-electronic system than that for 1,1'-bi-2-naphthol (BINOL). The absorption and circular dichroism (CD) bands of hbNaph appear in a shorter wavelength region below 310 nm, compared to those of BINOL, and its fluorescence is in the invisible UV region. However, increasing the concentration of hbNaph in solution up to 0.1 M results in its absorption edge gradually extending to longer wavelength, with a shoulder around 330 nm, and finally increasing to about 450 nm. At the same time, blue fluorescence is clearly observed, as well as a new CD band with the sign of the Cotton signals reversed from those obtained for dilute solutions. These results suggest that, at high concentrations, hbNaph forms chiral aggregates, in which π-electrons are delocalized over multiple molecules. To further understand how molecular axial chirality is transformed to supramolecular chirality, we attempted to construct aggregate models by simulating CD spectra using a time-dependent density functional theory. The only reasonable model obtained was that involving the counterclockwise R-enantiomer forming a clockwise helix, while the clockwise S-enantiomer forms a counterclockwise helix. We conclude, however, that, for such helixes, the most plausible model is densely packed and forms when the dihedral angle between the two phenol rings of hbNaph is acute, at around 75°, which reproduces the aggregate-induced CD sign inversion.