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Korea’s Cosmax responsible for 1/3 of beauty products used by Chinese
Date
2021.04.30
Views
22

According to Pulse by Maeil Business News Korea,

South Korea-based world’s No.1 original development manufacturer (ODM) Cosmax Group is now behind cosmetics one out of three Chinese buys and churns out over 100 million lip products in China.

According to data released by Cosmax on Thursday, its Chinese subsidiaries Cosmax China and Cosmax Guangzhou together produced more than 47 million cosmetics products in April, compared with 30 million per month in October 2018.

Cosmax’s Chinese subsidiaries have an annual production capacity of 720 million, the largest among cosmetics producers in the country. The group estimates that their total annual output this year will reach over 500 million, which means that one in every three Chinese people will be using Cosmax products.

Demand for color cosmetics like lip products is rapidly growing as more people are taking off their face masks with slowed spread of new coronavirus in the country and starting to use makeup again, a Cosmax official said. In particular, its lip tints have caught on among younger generations in their 20s and 30s, who are huge buyers in the Chinese cosmetics market.

The total volume of lipsticks and lip tints produced by Cosmax’s Chinese units last year exceeded 100 million, doubling the volume produced in the previous year. For the Single’s Day shopping festival on Nov. 11, which is China’s biggest e-commerce event, they produced a record 23 million lip tints.

Cosmax’s success in China is partly owed to its Original Brand Manufacturing (OBM) business that it launched in the country in 2015. The company provides total solutions from brand development to marketing for celebrities and influencers who want to launch their beauty brands in China.



By Shin Soo-hyun and Lee Soo-min


Copyrights Pulse by Maeil Business News Korea. All Rights Reserved.



Source: Pulse by Maeil Business News Korea (Apr 30, 2021)

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