Medytox's neurodermal cosmetic brand, Newraderm, is accelerating its global expansion by securing distribution networks in Europe following its success in Asia.
On June 8, Medytox announced that it has signed an exclusive supply agreement with Greece's Asklipios Medical Group (AMG), a medical device and cosmetics distribution company.
With this agreement, Newraderm will expand its reach to seven European countries, including Greece, Italy, Spain, and France, in addition to its existing presence in Japan, Vietnam, Indonesia, and Hong Kong.
Medytox plans to leverage AMG's distribution network to establish various online and offline sales channels, gradually increasing its market presence in Europe.
A Medytox representative expressed optimism, stating, "This exclusive supply agreement with AMG will serve as a strategic foundation for Newraderm's global business expansion." The representative added, "We will focus our efforts on establishing Newraderm as a leading global brand representing K-derma cosmetics."
Meanwhile, Medytox is actively working to expand its distribution networks in global markets, including Europe and Asia. Following last year's distribution agreements in Japan, Vietnam, and Indonesia, the company selected Hong Kong as its fourth overseas market through a contract with ColorMix in April.
This agreement allows Newraderm to be exclusively supplied and distributed through ColorMix's extensive network, which includes over 60 stores across Hong Kong and Macau.
Additionally, Medytox has been diversifying its business by targeting the cosmetics market with Newraderm in 2023. Newraderm is a neurodermal cosmetic brand developed based on Medytox's over 20 years of research in botulinum toxin formulations, combining its expertise in neuroscience and dermatology with its proprietary technology, M.Biome.
* This article has been translated by AI.
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