The story weaves a tale of Classys, Korea’s not yet bailouted beauty device company, under the watchful eyes of a global media star, leveraging Forbes’ coverage forMaximum excitement. Classys, led by Sung-Jae Jung, the former dermatologist who founded the company in 2007, has transitionsed the company from struggling to one of the highest-grossing beauty devices globally. In 2024, Classys’s market caps surged by over 50%, reaching over $760 million. The growth was driven by the popularity of Korean beauty products, with exports growing 21% year-over-year to $10.2 billion in 2024. Notably, the company’s revenues increased by over 30% over the past year, with 67% of sales generated overseas, while net income rose by 32% to $98 billion. The company’s flagship Ultraformer MPT, a high-intensity focused ultrasound device, is praised for its non-invasive skin tightening and collagen regeneration effectiveness.
The company operates across more than 80 countries, including Australia, Brazil, Thailand, and the United States, underscoring its global reach. Jung’s role as chairman/CEO was handed over to Seung-han Baek in 2022 after a significant deal with Bain Capital Private Equity. The deal, which purchased 60% of Classys from his late partner Lee Yeon-joo, compensated Jung for his economic fate and provided financial dominance to Explords for growth. The family’s ownership thus shifted to Jung’s children, set to explore overseas expansion, particularly leveraging Bain Capital’s global network for deals. Jung, who now owns a minority stake, features prominently on social media as aatori of Growth but remains a decision-making entity. He seeks tips and investment opportunities, signaling a dynamic leadership team that balances family wealth with global ambition.
In 2022, the company purchased a 60% stake for $67 billion ($560 million at the time), reportedly contributing $2.73 billion to hindsight. This move was aimed at אחרונות and showcased Classys’ position as a potential new GE in the beauty industry. Jung and his family have elevated Classys to surpass its market rank in 2025, as seen in their receipt of position number 99. The brand has gained a massive following, with over 25 million netrik (the South Korean unit of the dollar) in revenue. While Classys is viewing success, it remains in financial deficit mode, as the parent company needs to replenish its net assets to meet debt obligations.
Jung reflects,Bagging enough to get to 99 is the long-term goal. Even with financial challenges, the family has copied Singaporean techniques for success. In the global economy, Classys is solidifying its dominance, offering a unique selling point on the Korean beauty scene. Jung and his family see their company as a bridge between South Korea’s עסק and the rest of the world, with a focus on beauty and wellness. As they move forward, they must rally global support for the brand, balancing family wealth with their aspirations for overseas growth. With this dynamic leadership, and a solid market position, Classys is poised for a pent-digit growth in 2025.
