[THE INVESTOR] Allergan Korea said on Feb.8 it aims to post more than 20 percent growth this year with new products designed to destroy fat in the face and body without invasive surgery.
“After I saw a market survey showing that over 70 percent of consumers range from teenagers to those in their 70s who are concerned about getting fat, it struck me that this issue really is lifelong,” Angie Kim, head of Allergan’s Asia Sub Region, told reporters during a media event in Seoul.
Angie Kim, head of Allergan’s Asia Sub Region
In the first half of 2018, Allergan Korea will launch a cosmetic injectable that dissolves fat under the chin and body fat-freezing treatment CoolSculpting -- what it calls “facial and body contouring” products.
While the facial aesthetic market is mainly driven by female consumers, the body contouring market is gender balanced, said Benoit Chardon, head of body contouring international strategic marketing at Allergan.
“It is a fast growing category in the aesthetic market and that’s why Allergan wants to enter. We see a massive demand even more than fillers and toxin because everyone has different concerns for different parts of the body,” he said.
To tap into new channels of revenue growth, Allergan acquired Zeltiq Aesthetics, the medical technology company behind CoolSculpting System, in a US$2.48 billion deal completed in April last year.
Korea, the country with the most aesthetic and cosmetic procedures performed per capita, is a unique market for Allergan, as its flagship toxin Botox, which has an over 70 percent global market share, failed to achieve a dominant position due to competition from local firms like Hugel and Medytox. “Korea is the most attractive and the most competitive market. Despite intense competition, we expect to see further growth in the future,” Kim said.
In 2017, the Korean unit of Allergan posted a double-digit increase in revenue of 82 billion won (US$75.5 million). The solid results were driven by derma filler Juvederm and silicone-filled breast implants Natrelle.
By Park Han-na (firstname.lastname@example.org)