ELEVAI Labs Signs International Distribution Agreement to Enter Taiwan Market
The Taiwan Deal Marks ELEVAI's 5th Signed International Distribution Agreement in the Past 14 Months and 3rd in Asia-Pacific, Following the Philippines and Vietnam in August and May of 2023, Respectively
The Asia-Pacific market represents a $13 billion prestige skincare and luxury haircare market opportunity, with the Taiwan deal giving the company immediate access to 40 specialty hair treatment clinics and four high-end medical aesthetic clinics.
Elevai Labs Inc. (NASDAQ: ELAB), a medical aesthetic company specializing in physician-dispensed skin care, announced the signing of an international distribution agreement with ILIA International Ltd. covering the country of Taiwan.
ILIA is a Taiwan-based sales and marketing distributor of luxury skincare brands utilizing novel, cutting-edge technologies. Under the agreement, ILIA will have exclusive rights to distribute ELEVAI’s patented skincare products throughout Taiwan. ILIA’s near-term sales strategy will be to strategically distribute ELEVAI products to their customers in the country.
Chris Kraneiss, Chief Commercial Officer of Elevai Labs, commented:
“It is with great pleasure that I announce the signing of ILIA International Ltd. as our exclusive distributor in Taiwan. From my past dealings in the region, I know that ILIA is very well respected in the Taiwanese market and is one of the leading aesthetic distributors in that territory. Exosome-based beauty has some of its earliest roots in the Asian region, and it is a testament to our quality, purity, proprietary technology, and advanced formulations that we have had such a rapid uptake on the continent. We believe that with this agreement ELEVAI will become one of the leading exosome providers in Taiwan and that ILIA’s access to all leading aesthetic practices and clinics will set us on the proper course.”
Source: ELEVAI Skincare
Also Read: ELEVAI Labs Posts Record Full Year 2023 and Q4 Earnings
Demand for Prestige in Taiwan
According to GLG, a financial and global information services company, beauty trends in Taiwan mirror many of the attributes of Japan’s robust market, but with stronger growth.
In Taiwan, the prestige side of the industry leads at 60% of the market share, with mass products taking the other 40%, illustrating outsized demand for higher-end products compared to the U.S. market, which is closer to 50/50.
Regional Insights
Asia-Pacific’s regional growth is set to markedly outperform the rest of the world for high-end skin and hair products due to a confluence of positive trends, including rising disposable income in several countries, increased urbanization, and growing awareness of personal grooming.
The size of Asia-Pacific’s prestige skincare and luxury haircare markets currently sits at $2.6 billion and $10.4 billion, respectively. Combined, these markets currently represent $13 billion in current annual turnover and are predicted to reach $20.6 billion by 2030.
The Asia-Pacific market is also set to outperform the rest of the world in terms of growth. Asia’s prestige skincare market is projected to grow at 9.9% over the next 5 years while the world market averages 3.9%. Within the luxury haircare space, Asia-Pacific is set for yearly growth is 8.9% for the next six years while the world market averages 5.9%.
Cordelia Huang, Managing Director of ILIA International, Taiwan also commented, stating:
“We are proud to be a part of this opportunity to introduce cutting-edge skincare products from ELEVAI Labs to our high-end medical aesthetics clients in Taiwan. We have strong confidence in ELEVAI’s E-series skincare products’ efficacy in enhancing health and beauty and expect the brand to prevail in this region.”
Shares of ELEVAI Labs last traded at $0.59, down -1.22% today.
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