According to Pulse by Maeil Business News Korea,

Cosmax Inc., a South Korea’s leading original design manufacturer (ODM) of cosmetics, signed a memorandum of understanding with U.S.-based skincare company Nerium International (Nerium) to collaborate on developing and selling cosmetic and health supplement products, the company said on Thursday.

Nerium, established in 2011, is headquartered in Texas, the United States and has an annual sales record of $500 million, with about 500 employees. It focuses on direct sales business based on the one-on-one relationship between salesperson and customer, Cosmax explained.

Under the terms of the agreement, the Korean cosmetics provider will work with Nerium to develop new cosmetic ingredients and products on top of shipping cosmetics to Korea and the U.S. where the companies already have a foothold and to new markets including Japan, Hong Kong, and Australia.

The two companies also agreed to further expand their cooperation by building a system sharing new products and ingredients as well as exchanging information.

Jeff Olson, founder and chief executive officer of Nerium, said that he is pleased to cooperate with Cosmax to make inroads into new markets and has high hopes for its partnership with Cosmax in leading innovation in the global cosmetics industry. Cosmex also expects cooperation between Nerium with unbeatable marketing capabilities and Cosmax with its world-class cosmetics technology would generate great synergies.

Cosmax, founded in 1992 in Korea, creates, develops and manufactures skin care, make-up and hair care products manufactured for and sold under international brand names including L’Oreal.

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Source: Pulse by Maeil Business News Korea (Jun. 23, 2016)