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Jung Sung-jae’s rise from dermatologist to beauty mogul underscores the booming K-beauty industry, now worth over $10 billion. With Classys leading innovation in non-invasive beauty devices, his entrepreneurial journey marks a new chapter in global beauty standards.
In the bustling streets of Seoul’s Gangnam district, where the air is as thick with innovation as it is with ambition, a former dermatologist has made waves in the world of beauty, earning a coveted spot among Korea’s elite wealth circles.
Jung Sung-jae, founder of the beauty device maker Classys, has ridden the surging K-beauty wave straight onto Korea’s 50 Richest list for the first time, boasting an estimated fortune of $760 million.
It appears that the secret to youthful skin isn’t just a secret anymore—it’s a booming business.
Jung’s journey from dermatologist to entrepreneur exemplifies the transformative power of Korean cosmetics, which have captivated global audiences with their promise of flawless skin and ageless beauty.
The K-beauty phenomenon isn’t just a fleeting trend; it’s a cultural export that has grown 21% in cosmetics exports in 2024 alone, reaching a staggering $10.2 billion.
At the forefront of this beauty revolution, Classys has seen its shares skyrocket by over 50% in the past year, a testament to the global appetite for innovative beauty solutions.
Founded in 2007, Classys has carved out a niche in the competitive beauty market by offering non-invasive beauty devices that promise real results.
Its flagship product, the Ultraformer MPT, uses high-intensity focused ultrasound technology to tighten and rejuvenate skin—a holy grail for beauty enthusiasts who crave youthful radiance without going under the knife.
This innovation has not only captured the attention of consumers but also secured Classys’ foothold in over 80 countries, including beauty-savvy markets like the U.S., Brazil, and Thailand.
In a strategic move that underscores the brand’s international ambitions, Jung sold a 60% stake in Classys to Bain Capital Private Equity in 2022 for a cool 670 billion won.
This partnership isn’t just a financial milestone; it’s a strategic alliance designed to leverage Bain’s global network to propel Classys into new markets.
With Jung handing over the operational reins to Baek Seung-han, the company’s chairman and CEO, Classys is poised for an even more expansive global footprint.
While Jung may have stepped back from day-to-day operations, his vision continues to drive the company’s ethos.
The sale’s proceeds, which form the bulk of his fortune, are a testament to his entrepreneurial acumen and the seismic shift in beauty standards that he helped orchestrate.
As K-beauty continues to redefine global beauty norms, Jung Sung-jae stands as a beacon of innovation, proving that Korea’s influence extends far beyond its borders, one skincare device at a time.
In the ever-evolving world of beauty, where trends come and go as swiftly as the seasons, the tale of Jung and Classys is a reminder that real innovation doesn’t just follow the crowd—it leads it.
As the K-beauty boom continues to unfold, one can only wonder what new heights it will reach, and who will rise with it.
