- Taiwan is ELEVAI’s third Asian contract for exosomes distribution after adding the Philippines in August of 2023 and Vietnam in May 2023
- Asia-Pacific represents a combined $13 Billion prestige skincare and luxury haircare market4,5
- Immediate access to 40 specialty hair treatment clinics and four (4) high-end medical aesthetic clinics
NEWPORT BEACH, Calif., April 22, 2024 (GLOBE NEWSWIRE) — ELEVAI LABS, INC. (NASDAQ: ELAB) (“Elevai” or the “Company”), a medical aesthetic company specializing in physician-dispensed skin care, is pleased to announce that it has signed an international distribution agreement with ILIA International Ltd. (“ILIA”) 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, Inc. 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.”
Cordelia Huang, Managing Director of ILIA International Ltd., Taiwan commented:
“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.”
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%,1 illustrating outsized demand for higher-end products compared to the US market, which is closer to 50/502.
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 grooming3.
The size of Asia-Pacific’s prestige skincare and luxury haircare markets currently sits at $2.6 Billion4 and $10.4 Billion5, respectively. Combined, these markets currently represent $13 Billion in current annual turnover and is 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 years6 while the world market averages 3.9%7. Within the luxury haircare space, Asia-Pacific is set for yearly growth is 8.9%8 for the next 6 years while the world market averages 5.9%9.
About ILIA International Limited
ILIA specializes in full-scale sales and marketing of luxury skincare brands composed of novel technology, best-of-class aesthetics, and therapeutics applications in anti-aging, skin longevity, and cell therapy, particularly in the emerging field of exosome solutions. The company’s core strength is addressing the unmet demands from the medical physician-dispensed and consumer-driven markets.
About ELEVAI Labs
ELEVAI Labs, Inc. (NASDAQ: ELAB) is a medical aesthetics company developing cutting-edge physician-dispensed skin care applications. The Company solves unmet needs in the medical aesthetics space through a combination of cutting-edge science-driven and next-generation consumer applications. ELEVAI Labs develops topical aesthetic skin care cosmetic products for the physician-dispensed market, with a focus on leveraging a proprietary stem cell exosome technology. For more information visit www.elevaiskincare.com.
Forward-Looking Statements
Certain statements made in this press release are “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified using words such as “anticipate,” “believe,” “expect,” “estimate,” “plan,” “outlook,” “anticipate,” and “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements reflect the current analysis of existing information and are subject to various risks and uncertainties. As a result, caution must be exercised in relying on forward-looking statements. Due to known and unknown risks, actual results may differ materially from the Company’s expectations or projections. The following factors, among others, could cause actual results to differ materially from those described in these forward-looking statements: (i) the failure to meet projected research & development and production targets; (ii) changes in applicable laws or regulations; (iii) acceptance of our products by consumers and the medical professionals; (iv) increased competition; (v) market conditions; and (vi) other risks and uncertainties described herein, as well as those risks and uncertainties discussed from time to time in our annual and quarterly reports and other public filings filed with the Securities and Exchange Commission (the “SEC”) and publicly available on the SEC’s website at www.sec.gov. Any forward-looking statement made by us in this press release is based only on information currently available to the Company and speaks only as of the date on which it is made. The Company undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether because of new information, future developments, or otherwise, except as required by law.
Media & Product Contact:
Brenda Buechler, CMO
[email protected]
Investor Relations Contact:
Tyler Troup, Circadian Group IR
[email protected]
1https://glginsights.com/articles/china-beauty-industry-apac/
2https://www.premiumbeautynews.com/en/make-up-drives-sales-of-mass-and,22478#:~:text=U.S.%20prestige%20beauty%20industry%20sales,IRI%20and%20The%20NPD%20Group
3https://www.grandviewresearch.com/industry-analysis/luxury-hair-care-market
5https://markets.businessinsider.com/news/stocks/luxury-hair-care-market-size-worth-31-50-billion-by-2027-cagr-5-9-grand-view-research-inc-1029577149
6https://www.statista.com/outlook/emo/luxury-goods/prestige-cosmetics-fragrances/prestige-skin-care/asia
7https://www.statista.com/outlook/cmo/luxury-goods/prestige-cosmetics-fragrances/prestige-skin-care/worldwide#:~:text=The%20revenue%20generated%20in%20the,US%246%2C722m%20in%202024
8https://www.giiresearch.com/report/kbv1403637-asia-pacific-luxury-hair-care-market-size-share.html
9https://markets.businessinsider.com/news/stocks/luxury-hair-care-market-size-worth-31-50-billion-by-2027-cagr-5-9-grand-view-research-inc-1029577149
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