'30th Anniversary' COSMAX, "Group Sales to Surpass 3 Trillion Won This Year"

Lee Byung-man, CEO of Cosmax

[Asia Economy Reporter Lim Hye-sun] Cosmax Group, an ODM company specializing in cosmetics, health functional foods, and pharmaceuticals research, development, and production, has declared its entry into the 3 trillion KRW sales era in its 30th anniversary year.

On the 4th, Cosmax CEO Lee Byung-man stated at the online inauguration ceremony, "In 2022, we will surpass 3 trillion KRW in group sales and lay the foundation for a new leap forward."

CEO Lee evaluated last year as "a year that maintained a growth trend despite challenging environments such as the COVID-19 pandemic." Last year, Cosmax focused on targeting the online market in Korea and China.

Additionally, the company recorded growth in the health functional food sector by expanding sales of individually recognized ingredients approved by the Ministry of Food and Drug Safety. Furthermore, it did not miss expanding its internal capabilities, becoming the first in the cosmetics ODM industry to receive an ESG management grade A.

Cosmax Group plans to maintain its R&D (research and development) capability enhancement trend while focusing on expanding its OBM (original brand manufacturing) business and digitalization. The management keywords for this are establishing the world's best research institute, transforming business structure digitally, and getting closer to consumers.

To strengthen R&D capabilities, Cosmax Group reorganized its R&I Center at the end of last year. The Cosmax R&I Center, which operated with 15 labs, newly established five research institutes as higher-level organizations for specialized technology convergence. It also plans to expand collaborative research with domestic universities including Seoul National University and enhance the independent research capabilities of its overseas subsidiaries in the future.

Cosmax Group is also focusing on digital transformation targeting micro-brand clients and the personalized cosmetics market. In particular, it has set building a 'smart factory' as a core task by advancing the automated purchase order system and operating a customized cosmetics system.

The company also aims to strengthen consumer accessibility through the full-scale OBM business. Cosmax plans to provide professional brand consulting to clients who want to enter the cosmetics business by establishing a brand and content strategy team.

CEO Lee Byung-man emphasized, "We will transform into a comprehensive ‘beauty and health’ service company equipped with both software and hardware.”

This content was produced with the assistance of AI translation services.