Hugel is leveraging its cash reserves of over KRW 500 billion to expand into new aesthetic businesses, particularly skin boosters. As the market shifts from hyaluronic acid (HA)-based products to collagen and extracellular matrix (ECM)-based formulations, Hugel is securing global exclusive rights to ingredients and pursuing domestic distribution to capture early market share.
According to the Financial Supervisory Service's electronic disclosure system on May 27, Hugel reported a current ratio of approximately 750% and a debt ratio of about 10% for the first quarter of this year. Typically, a current ratio above 200% and a debt ratio below 100% indicate a stable financial structure. The company holds KRW 249.3 billion in cash and cash equivalents, plus KRW 329 billion in short-term financial instruments, totaling KRW 578.3 billion in liquid assets. Hugel plans to use these funds for mid- to long-term investments in new businesses.
This investment aligns with CEO Jang Doo-hyun's 'integrated aesthetic portfolio' strategy, which aims to offer a full product lineup including toxins, fillers, and skin boosters with various ingredients. The Business Development (BD) division is actively pursuing M&A and licensing deals to broaden the portfolio.
Hugel is particularly focused on skin boosters, which involve injecting active ingredients directly into the skin to promote regeneration. The industry is seeing a shift from HA-based products to those based on collagen and ECM. Hugel has secured global exclusive rights to a human-derived collagen ingredient from U.S. biotech firm Gelatec. This ingredient is sourced by culturing cells from a small sample of living human skin tissue, offering advantages in raw material procurement and supply stability compared to existing ECM products.
Hugel plans to develop its own skin booster based on this ingredient for the global market. The global skin booster market, though still nascent, is projected to grow at a CAGR of about 13% to reach approximately USD 1.6 billion (KRW 2.5 trillion) by 2034. As there are currently no commercially available human-derived collagen skin boosters globally, Hugel's product could become a new growth driver alongside its flagship toxin product, 'Letibot.'
In the domestic market, Hugel is taking preemptive action by securing distribution rights. It has obtained the Korean distribution rights for Hans Biomed's ECM skin booster 'CelleDiem.' This approach shortens the time to market compared to in-house development. Hugel has applied for a tissue bank establishment permit from the Ministry of Food and Drug Safety and aims to start sales in the third quarter of this year after receiving approval.
Industry observers note that Hugel is pursuing a two-track strategy: short-term domestic distribution to gauge market response, and long-term global product development based on its own ingredients.
A Hugel representative stated, 'We are expanding our business in line with the growing non-hyaluronic acid-based skin booster market.'
Source: Read the original report | Published: May 27, 2026