Medytox (086900.KQ) said Wednesday that its dermacosmetic brand Neuraderm has signed an exclusive supply agreement with Hong Kong-based ColourMix.
Dermacosmetics refers to a product category combining dermatology and cosmetics, developed not just for beauty purposes but for improving and restoring skin health.
Under the agreement, Neuraderm products will be exclusively distributed and sold through ColourMix's retail network of approximately 60 stores across Hong Kong and Macau. The deal marks Hong Kong as Medytox's fourth overseas market, following distribution agreements in Japan, Vietnam, and Indonesia last year.
"We will actively pursue sales and marketing in Hong Kong's rapidly growing dermacosmetic market," said Elky Lam, head of purchasing at ColourMix.
"If last year was about building the foundation for Neuraderm's overseas expansion, we are now seeing tangible export results starting from the first quarter of this year," said Lee Bong-geun, director of global strategy at Medytox. "Beyond Hong Kong, we will expand global supply agreements to develop Neuraderm into a leading dermacosmetic brand representing K-beauty."
Medytox is pursuing additional distribution agreements with partners in the Philippines and Greece during the second quarter, while also targeting entry into five European countries including France and Italy within the first half of this year.
Neuraderm is a brand developed on the back of Medytox's neuroscience and dermatology research and development capabilities, built over more than 20 years of botulinum toxin research. The brand features its proprietary M.Biome technology and offers a lineup spanning daily care products such as toners, serums, and sunscreens, as well as an aesthetic line including Cream MD and skin boosters.