Byeongman Lee, CEO of Cosmax, "Aiming to Become a Comprehensive Beauty and Health Company"

Lee Byung-man, CEO of Cosmax, is delivering a New Year's address through a digital video at the opening ceremony held on the 2nd at the Pangyo headquarters in Gyeonggi-do. Photo by Cosmax

[Asia Economy Reporter Moon Hyewon] Lee Byungman, CEO of COSMAX, stated in his New Year's address, "Despite challenging external conditions last year, we strengthened our foundation with the highest number of awards ever in the research and development sector," and evaluated it as "a year focused on expanding our presence, including establishing a corporation in Japan, the world's third-largest cosmetics market."

On the 2nd, COSMAX Group held a kick-off ceremony at its Pangyo headquarters in Gyeonggi Province and announced on the 3rd its vision to leap forward as a comprehensive beauty & health service company through ▲ management efficiency ▲ consumer data acquisition ▲ and advancement of customized business.

CEO Lee said, "This year, we will leap forward with the spirit of 'Jeonseungbulbok (戰勝不復) Eunghyeongmugung (應形無窮),' which means achieving victory with a flexible attitude in an ever-changing environment," adding, "We have set the 2023 management policy as 'Let's change the game'." He then presented three management keywords: ▲ from customers to consumers ▲ now it is customization ▲ doubling profits.

COSMAX Group plans to pursue management efficiency this year through selection and concentration. Each domestic and overseas corporation will select strategic items suitable for the market situation and focus on nurturing them intensively. The Original Brand Manufacturing (OBM) business, a core part of the group’s growth strategy, will also be fully activated, and various revenue models will be developed.

To lead customers from the consumer's perspective, a CRM (Customer Relationship Management) solution will be introduced to establish a system for acquiring consumer data. The accumulated consumer data will be analyzed and reflected in product research and development to introduce innovative products that lead trends.

Research on customized products will also be advanced. Following the launch of customized shampoo last year, this year the scope will be expanded to skincare and makeup, with plans to increase customized production infrastructure and improve process efficiency. Subsequently, by introducing 'Smart Factory' and 'Smart QC 2.0' within the factory, automation will be expanded to improve cost efficiency.

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