Korea's Hugel to launch direct sales in bid to expand share in U.S. medical aesthetics market

Hugel, a Korean medical aesthetics company, plans to establish a direct sales organization in the United States as it aims to capture a 14 percent share of the U.S. botulinum toxin market by 2030.

Carrie Strom, Hugel global CEO, delivers a keynote speech at the 44th J.P. Morgan Health Care Conference in San Francisco, California, on Jan. 15. [HUGEL]

SAN FRANCISCO — Hugel, a Korean medical aesthetics company, plans to establish a direct sales organization in the United States as it aims to capture a 14 percent share of the U.S. botulinum toxin market by 2030 with its flagship product, Letybo, as it seeks to deepen its presence in the world’s largest aesthetics market.

“The hybrid sales model means we take our existing successful partnership with our U.S. distributor [Benev] and then add a direct sales channel, which will add focus and depth with key customers at a meaningful average selling price premium,” said Carrie Strom, Hugel’s global CEO, during her keynote address outlining the company’s future road map at the 44th J.P. Morgan Health Care Conference on Thursday.

“In the U.S., the doctors and medical spas expect a direct relationship with the manufacturer,” Strom said, adding that the company’s direct sales team would be “small” and work closely with Benev.

The Kosdaq-listed company has accelerated its global push over the past year following Letybo’s commercialization in the United States, followed by a management reshuffle in late 2025. Hugel has since adopted a dual-track leadership structure, appointing Strom — former president of Allergan Aesthetics, the maker of Botox — as global CEO, while Daniel Chang, the former chief executive of Korean pharmaceutical company Boryung, leads domestic operations as Hugel Korea CEO.

The move to establish a direct sales team reflects Hugel’s view that direct sales generate higher average selling prices (ASPs) without raising prices for customers, allowing for improved revenue capture compared to distributor-led sales. Strom implicitly underscored this point, stating that “every market share point is more valuable under the hybrid model.”

Hugel's global CEO Carrie Strom, left, and Hugel Korea CEO Daniel Chang at the press event in San Francisco on Jan. 14. [HUGEL]

“By 2028, we expect the U.S. to be a significant growth driver representing 30 percent of our global revenue,” Strom said. With boosted U.S. sales, the company is set to target 900 billion won ($613 million) in annual revenue by that date.

Hugel did not disclose its current U.S. revenue contribution, though Strom said it remains “very low,” noting that the company has nonetheless reached approximately 3 percent of the U.S. toxin market since launch.

Beyond the United States, Hugel plans to expand Letybo into additional markets, including Saudi Arabia, Turkey, Mexico and India, over the next two years.

BY LEE JAE-LIM [lee.jaelim@joongang.co.kr]