Global medical aesthetics company Hugel is cementing its position as a leader in K-Aesthetics in the U.S. In its second year of U.S. expansion, the company plans to implement a hybrid sales model, combining direct sales and partnerships, to establish a strong foothold in the American market.
On Thursday, Hugel participated in the Asia-Pacific (APAC) track at the 44th JP Morgan (JPM) Healthcare Conference in San Francisco. This marks the first time a Hugel Chief Executive Officer (CEO) has presented at the prestigious event.
Carrie Strom, Hugel’s Global CEO, announced ambitious plans for the U.S. market. Storm stated that by expanding the hybrid sales approach and strategic investments, it projects annual sales of 900 billion KRW (approximately 611 million USD) by 2028, with over 30% of our total revenue coming from the U.S.
Following the U.S. Food and Drug Adminstration (FDA) approval in 2024, Hugel aims to launch full-scale U.S. sales in 2025 through its partnership with local distributor BENEV. This year, the company will initiate its hybrid sales strategy, blending partner distribution with direct sales.
This approach is designed to boost profitability and drive sustainable growth in revenue and market share. Hugel’s long-term goals include capturing 10% of the U.S. market by 2028 and 14% by 2030.
The 900 billion KRW (approximately 611 million USD) sales target for 2028 represents a compound annual growth rate (CAGR) of 25%. While pursuing this aggressive growth, Hugel aims to maintain a robust 50% earnings before interest, taxes, depreciation, and amortization (EBITDA) margin.
Hugel plans to expand its product portfolio, focusing on synergies with its existing flagship products such as neurotoxins and hyaluronic acid (HA) fillers. The company will pursue strategic business development through technology licensing and product co-promotion, while addressing the growing demand for skin boosters. The goal is to build a comprehensive aesthetic lineup tailored for the global market.
Storm emphasized that they’re committed to a major global transition, with the U.S. market at the forefront. Its strategy involves aggressive revenue growth through business achievements like portfolio restructuring. Crucially, they’re dedicated to maintaining a healthy financial structure, including industry-leading operating profit margins.