Hugel partners with BENEV to enter US with botulinum toxin Letybo

Hugel announced a strategic partnership with BENEV, a U.S. cosmeceuticals and medical device distributor, before launching its botulinum toxin product, Letybo (Korean product name: Botulax), in the U.S.

Since August of last year, Hugel has been discussing the U.S. distribution of Letybo with various potential partners. After a rigorous selection process involving five competing companies, Hugel chose BENEV, a California-based firm founded in 2000.

BENEV is renowned for its innovative aesthetic products, including exosomes, PDO threads, and RF micro-needles.

The decision to partner with BENEV, rather than establishing a direct sales channel, was driven by the need for swift market entry and immediate expansion capabilities within the U.S.

Hugel aims to achieve a 10 percent market share within three years by leveraging BENEV's sales network and combining it with Hugel's marketing expertise and successful strategies from Australia and Canada.

However, the company noted that, unlike other competitors that delegate all sales and distribution rights to their partners, Hugel plans to jointly enter the market as a partner in the botulinum toxin business in the U.S.

"The company plans to work with BENEV and Hugel America, the company's offshoot in the U.S., to market Letybo," a company official told Korea Biomedical Review.

The company has completed the production of its initial shipment and plans to commence sales by the end of July.

"We are thrilled to embark on this transformative journey with BENEV," Hugel Chairman Cha Suk-young said. "Our collaboration with BENEV will solidify our position as a formidable player in the global medical aesthetics market."

BENEV CEO Ethan Min also said, "The synergy between Hugel's exceptional achievements and BENEV's network will create significant market impact."

The company's priority is quality, and it is dedicated to offering healthcare professionals a broader range of options while delivering superior experiences to consumers, Min added.