Cosmax tapping into personalized beauty and pet care to achieve U$2.5bn in 2022

The ODM cosmetics major is set to celebrate its 30th​anniversary this year and has lined up plans to expand its cosmetics and food businesses.

“In 2022, the group’s sales will exceed KRW3 trillion (U$2.5bn), laying the foundation for a new leap forward,”​ said CEO Lee Byung-man.

In beauty and personal care, Cosmax is eyeing opportunities in customized cosmetics and is set to unveil a smart factory that will be equipped to fulfill personalized beauty requests.

The company has signed a memorandum of understanding with online shopping platform CJ OnStyle to develop a personalized hair care brand that is expected to launch in the first half of this year.

South Korea implemented the world’s first customized cosmetic regulations on March 14, 2020. Since then, K-beauty players like Amorepacific have invested heavily into personalized beauty products and services.

Cosmetics for pets

Cosmax is also targeting the rapidly growing pet care market with grooming products as well as food.

According to Lee, roughly one in four households in South Korea has a pet, signaling “great growth potential”​ for the firm to tap into, especially in the premium pet care segment.

The firm said it has spent three years building a database of ingredients and raw materials to develop pet care products. It also has obtained permission from the authorities to produce medical-grade products for pets.

It has already introduced grooming products in the shampoo, conditioner, toothpaste, ear cleaner, and fragrance categories.

For instance, it has developed a dental care product that helps to maintain the oral microbiome, as well as and mud pack made with Moroccan rhassoul clay to cleanse and clean skin.

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