JW Holdings announced on August 18 that it will form a strategic alliance (MOU) with IL Science and supply its scalp and hair care brand "FOLLINIC" to global markets.
JW Holdings held an agreement ceremony at its headquarters in Seocho-dong, Seoul on August 17.
With this MOU, The company will have global business rights excluding Korea over IL Science's "FOLLINIC" product lineup. IL Science is in charge of product supply and technical support.
FOLLINIC's flagship product, "Microcurrent LED Scalp Care Device," is a scalp-only home care device that applies the dual effect of patented microcurrent technology and silicon lens LEDs. It is used to prevent and treat hair loss symptoms and is used for supplementary purposes along with medication.
This product can be sold as a medical device overseas through a total of three global approvals, including FDA Class 2 medical device registration, UL safety certification, and Conformite Europeen (CE).
JW Holdings has received favorable reviews from overseas buyers for introducing a "LED scalp care device" at the Arab Health 2021 held in June.
"As interest in hair loss increases around the world, related medical devices and functional product markets are growing rapidly," said Han Sung-kwon, CEO of JW Holdings. "JW Holdings will actively introduce FOLLINIC to global consumers based on company's overseas business infrastructure and product's excellent hair loss care functions."
Meanwhile, according to Japanese hair specialized firm Aderans, the global hair loss market is expected to grow from $7.6 billion (8.9 trillion Korean won) in 2020 to $18.2 billion (21 trillion Korean won) in 2028.
