Classys "Targeting $1 Billion in Sales by 2030"

Classys announced on the 14th its vision to become the world's leading beauty medical platform company.

Classys and Iruda held a board meeting and an extraordinary general meeting of shareholders the day before to approve the merger agreement. They then presented a concrete goal of ‘achieving sales of over $1 billion (approximately 1.3 trillion KRW) and an operating profit margin of over 50% by 2030.’

The detailed objectives include △securing five blockbuster-level platforms △achieving annual overseas procedure growth of over 5% per platform △ranking first in the number of lifting and tightening equipment installations in the US and China △establishing and expanding a direct management system in five strategic countries △reducing equipment and consumables costs by 20% compared to current levels to secure industry-leading quality and cost competitiveness.

Classys is rapidly growing in the global market by closely collaborating with the most outstanding distribution agencies in major countries such as Brazil and Thailand, which excel in sales and marketing capabilities. In particular, regarding recent entry into the US market, the company has received proposals from multiple firms and signed a memorandum of understanding (MOU) with Cartessa Aesthetic, the number one distributor in sales scale of beauty medical products in the US, which has a nationwide sales network.

Cartessa Aesthetic is a company composed of experts in beauty medical product distribution within the US and holds a diverse product portfolio. However, it does not possess monopolar RF (MRF) and high-intensity focused ultrasound (HIFU) equipment in its portfolio, and has shown a strong willingness to actively incorporate VoluNuma.

Classys has also directly entered Japan first to establish and expand a direct management system in five strategic countries. The company plans to launch a full-scale local market approach based on blockbuster platform equipment from both Classys and Iruda.

Seunghan Baek, CEO of Classys, said, “By combining the research and development and quality control capabilities and know-how of both companies, we plan to focus all our efforts on expanding additional markets by accelerating the development of next-generation blockbuster platforms and specialized cartridges and tips.” He added, “Through continuous customer-centric innovation, we will lead the popularization of beauty procedures in the global market so that everyone can pursue healthy and natural beauty.”

The merger price per share of Classys is 52,774 KRW, and the merger price per share of Iruda is 7,416 KRW. The merger ratio is 1 to 0.1405237, and 2,430,350 new shares will be issued. The merger date is October 1, and the listing date of the new shares is scheduled for October 22.