#South Korea #Hugel #San Francisco #Carrie Strom #K-aesthetics

Hugel's Global Expansion Plans

Hugel, Inc., a prominent player in the medical aesthetics field, has recently unveiled a transformative strategy aimed at enhancing its global presence, particularly focusing on the U.S. market. President and Global CEO Carrie Strom revealed key elements of this ambitious plan during the Asia-Pacific track of the J.P. Morgan Healthcare Conference held in San Francisco.

Having established a firm foothold in the U.S., the world's largest botulinum toxin market, Hugel is intent on evolving from its reputation as Korea's leading toxin company into a frontrunner in global aesthetics. This transition is accompanied by a significant investment boost in the U.S., where the company aims to implement a hybrid sales model later this year. This innovative approach is designed to enhance profitability and foster customer adoption amidst increasing market competition.

Strategic Goals

Hugel has set an impressive target of achieving KRW900 billion in total net sales by 2028. Notably, the U.S. market is expected to account for over 30% of this figure, bolstered by Hugel's strategy to adopt a hybrid sales model that combines partner-led distribution with a direct sales team. During her presentation, Strom emphasized the importance of this model, stating, "Our hybrid sales model will allow us to expand breadth and depth while delivering attractive operating margins."

This sales model, which is set to be implemented later this year, aims at not only building a robust distribution partnership but also creating a focused, direct sales channel that caters specifically to varied customer segments.

In 2024, following U.S. FDA approval, Hugel initiated the sales of its botulinum toxin products through its partnered distributor, BENEV. The introduction of the hybrid sales approach is anticipated to not only enhance the company’s profitability but also secure significant revenue growth by targeting a 10% market share in the U.S. by 2028, with ambitions to increase this share to 14% by 2030.

Expanding Product Portfolio

Beyond its U.S. commercial strategy, Hugel is also concentrating on expanding its product offerings in key markets such as Korea and the U.S. This strategy involves pursuing in-licensing agreements and co-promotion initiatives to effectively meet the growing demand in the skin booster segment.

"Increasing our global market share, particularly with a robust focus on the U.S., will accelerate Hugel's transformation and drive our revenue growth through effective portfolio optimization," Strom added. The company's commitment to maintaining a solid financial structure, including securing industry-leading operating profits, further underscores its growth strategy.

About Hugel

Founded in 2001, Hugel has established itself as a leader in the medical aesthetics industry, specializing in the production of injectables for skin rejuvenation. This includes a diverse range of products such as botulinum toxins, hyaluronic acid fillers, and skin boosters, alongside absorbable sutures and cosmetic products. With over two decades of experience and a strong commitment to quality, Hugel has successfully built a presence in approximately 70 countries and operates nine subsidiaries globally.

As it positions itself for continued growth and market expansion, Hugel’s ambitious initiatives and strategic vision reflect its dedication to advancing the field of medical aesthetics and meeting the diverse needs of customers worldwide.