Collaboration in marketing, sales, education, and research…Aiming for a 10% market share within three years
Product production for the U.S. market completed…First shipment at the end of July followed by full-scale sales
SEOUL, South Korea, June 30, 2024 /PRNewswire/ — Hugel Inc., a global total medical aesthetics company, will officially enter the U.S. market through a strategic partnership with BENEV Company Inc. based in California, U.S.A.
In August last year, Hugel began partnership discussions regarding U.S. sales of its botulinum toxin product, Letybo. After a competitive process involving five candidates, Hugel has selected BENEV as its partner in June this year. Founded in 2000, BENEV is an FDA registered drug manufacturer that specializes in researching, manufacturing, and distributing innovative medical aesthetics products within and outside the U.S. such as exosomes, radiofrequency microneedling devices, PDO threads, cosmeceuticals, and neutraceuticals. It is one of the fastest-growing companies in the U.S. medical aesthetics market, boasting an average annual growth rate of over 117% over the past three years.
Rather than engaging in direct sales, Hugel decided on a sales strategy to partner with a U.S. partner, BENEV, primarily because this approach allows for the immediate launch and expansion of product sales in the U.S. market.
Unlike its competitors, Hugel will not simply delegate all of the sales and distribution rights to BENEV. Instead, it plans to jointly enter the market with BENEV as a partner in the U.S. botulinum toxin business. The two companies will collaborate in sales, marketing, education, and research, leveraging BENEV’s robust sales network and Hugel’s accumulated expertise in academic marketing and successful toxin business strategies from other territories such as Australia and Canada. The goal is to capture approximately 10% of the U.S. market share within three years.
Hugel announced the launch of Letybo at “The Aesthetic Show in Las Vegas at the Wynn” from June 27th to 30th. The initial production for the U.S. launch has been completed, with the first set of shipment scheduled for the end of July, followed by the full-scale sales.
“We are delighted to embark on this transformative journey with BENEV,” stated Mr. Cha, Chairman of Hugel Inc. “Our shared philosophies, including a commitment to provide premium products and rigorous academic programs, position us to offer a compelling package to the market. This partnership with BENEV will solidify Hugel’s position as a powerful player in the global medical aesthetics market.”
Ethan Min, CEO of BENEV, said, “We are proud to enter into a strategic partnership with Hugel.” Excited about the birth of this partnership, he added, “We are confident that Hugel’s established track record in South Korea, coupled with BENEV’s network, will resonate well with the U.S. market. We will prioritize quality, broaden choices for medical professionals, and provide superior experiences and accessibility to the consumers.”
SOURCE Hugel