Miami’s Plastic Surgery Boom Lures Swiss Dermatology Giant
(Bloomberg) — Galderma Group AG, the Swiss dermatology company, recently opened a new headquarters for the Americas in Miami, lured by the city’s mix of high-income spenders and a booming plastic surgery industry that attracts visitors from around the world.
The firm, which has a market value of about 39 billion Swiss francs ($48 billion), took a full floor at 801 Brickell Avenue in the city’s financial district. The space will allow for about 200 employees and Galderma has started with about 50 thus far, Chief Executive Officer Flemming Ornskov said in an interview. The new space is down the street from its prior — much smaller — Miami office.
Miami “has a lot of what we’re looking for: dynamic, multicultural, growth-focused, diverse, aesthetic focus, consumer focus, and it also has a very good scientific basis,” Ornskov said. “And it’s the one place where we can get everybody to travel to without moaning too much.”
The US is the fastest-growing market for Galderma with revenue expanding more than 30% in the first half of this year compared with last year. US sales will likely overtake the international business soon, Ornskov said. Galderma also has US offices in Boston, California and Texas, but Miami has emerged as the prime location to “keep a finger on the pulse” of the consumer and also serve Latin America. The firm has said it plans to invest $650 million in US manufacturing through 2030.
Founded in 1981, Galderma was started as a joint venture between Nestle and L’Oreal. After a few years of being entirely owned by Nestle, it was acquired by a group of investors in 2019 before an initial public offering in 2024. Since then, the shares have posted a total return of 157% against a gain of just 29% for the SPI Swiss stock exchange. L’Oreal now owns 20% of the firm.
Galderma’s fast-growing injectable aesthetics are in high demand in clinics in Miami. Since the pandemic, South Florida has received a wave of wealthy newcomers who were initially drawn by the lifestyle and remote work and more recently by lower taxes amid proposals to slap levies on the rich in more blue states. Add that to deep-pocketed tourists from Latin America and Europe, and the city has seen growing demand for luxury offerings — including cosmetic procedures.
Miami is also one of the world centers for itch research through the University of Miami, which adds to the appeal of having a bigger presence locally. Galderma sells prescription drugs like Nemluvio for conditions that cause itchy skin.
“When we started to look at plastic surgery, particularly injectable aesthetics, we see Miami is just moving up the ladder,” Ornskov said. “Both the influx of people but also as a medical tourism place.”
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