10th Year Anniversary of LG Chem’s YVOIRE filler “10 Million Products Sold in 10 Years, 2 Products Sold Every 2 Minutes”2021.05.24
■ Hosted a symposium to celebrate 10th year anniversary with the domestic and international medical teams to present their achievements over the past 10 years.
□ 10 million products sold in 44 countries, ranked first in the Chinese market share for 5 consecutive years.
■ Disclosed market-specific business strategies for Korea, China, and Europe.
KOR - Maximizing sales synergy by domestic release of related products, such as botulinum toxin
CHN - Launching the premium brand, Y-SOLUTION, in China for business expansion to the high-end market
EUR – Expanding export channels to major countries by strengthening marketing activities for academia such as securing clinical trial results in Europe
■ LG Chem VP Hyeja Kim said,
“Our plan is to focus on the promotion of our premium brand, Y-SOLUTION, based on the leadership in Asian market”, “We will foster Y-SOLUTION as a global aesthetic brand which advances to propose practical solutions from the customer’s perspective.”
LG Chem announced its achievements and future business strategies on the filler business that has prospered of 10,000,000 sales in the last 10 years.
On April 24, LG Chem has revealed that the company held a symposium on the 23rd at the Grand Intercontinental Hotel in Gangnam, Seoul, with about 60 domestic medical teams invited to celebrate the 10th anniversary of YVOIRE, the first aesthetic filler that has been released in Korea.
The event was broadcasted live simultaneously via an online platform (www.lgaesthetics.com), built by LG Chem for the global customers to take part in the event.
With the major clients in attendance, the event began with presenting a special film incorporating the vision of LG Chem’s Aesthetic Division (Journey to “Origin of Beauty) on screen.
Followed by the presentation of roadmap and accomplishments of YVOIRE in the past 10 years by Hyeja Kim, Division Leader of Aesthetic Division, latest treatment techniques were introduced, using LG Chem’s filler products, by Jongseo Kim (Director of Jongseo Kim Plastic Surgery), Sangcheol Han (Director of Lala Plastic Surgery), and Salvatore Fundaro (Global Advisory of YVOIRE), receiving fervent feedbacks from the clients.
Presented Sales Achievements of 10 Million Products in 44 Countries and Global Business Strategies
Centering on the Asian region including China, LG Chem is exporting YVOIRE to a total of 44 countries, from the European to Latin American Markets, and the cumulative sales volume for 10 years reaches about 10 million syringes.
In terms of figure, two per minute are being used worldwide, and YVOIRE has been selected as a Next-Generation World Class Product of Korea by KOTRA (Korea Trade-Investment Promotion Agency) for five consecutive years since 2016.
Moreover, it is adamantly strengthening its market dominance especially in the Chinese market, recording the top position for 5 consecutive years with the annual market share of approx. 25% since 2016.
LG Chem has cited the preemptive entry into the Chinese market and the upgrade of products from the customer’s perspective as factors for the success of YVOIRE.
LG Chem penetrated the Chinese market as the second foreign company early in 2013, and while the market was polarized between low-priced and high-priced goods, the company preempted the mid-priced high-quality and cost-effectiveness market and succeeded to rank first in the market share in merely 3 years.
In 2018, Y-SOLUTION as a premium brand that improved the elasticity of YVOIRE, was additionally launched in the domestic market, aiming to further strengthen product competitiveness for the high-end market.
Furthermore, LG Chem is actively upgrading its products from the perspective of customers such as the recent development of a syringe coated with an anti-slip material on the barrel flange and changing the inner packaging to recyclable materials.
LG Chem also presented its global business strategies for constant growth of the aesthetics business. In regards to the domestic market, beginning at the end of last year, the company has introduced ExoCoBio’s cosmetic products specifically produced for hospital uses as co-sales and is arranging its portfolio reinforcement by securing botulinum toxin additionally, which is now under development by Pharma Research Bio Co.
LG Chem plans to solidify its top position in the Chinese market by broadening its business area to the premium market based on the new launch of Y-SOLUTION, and in the European market, it will focus on expanding exports to key countries by reinforcing marketing activities for academia based on local clinical data such as from Germany.
LG Chem VP and the Division Leader of Aesthetic Division Hyeja Kim said, “With the leadership we attained in the Asian market through the achievements of YVOIRE over the past 10 years, we will be focusing on designing Y-SOLUTION products that are optimized for shape stability (maintaining stable shape on filler treatment areas),” and “LG Chem will foster Y-SOLUTION as a global aesthetic brand which advances to propose practical solutions from the customer’s perspective”