Cosmax and L’Oréal Groupe to Collaborate on Cosmetics and Ingredient Development

[Financial News] Global original development manufacturing (ODM) company Cosmax is strengthening its partnership with the world’s largest beauty company, L’Oréal Groupe, to drive innovation in the beauty industry.
According to Cosmax on the 9th, the two companies signed a memorandum of understanding (MOU) on the 8th (local time) in connection with a summit marking the 140th anniversary of diplomatic relations between Korea and France. In the presence of Kim Jung-kwan, Minister of Industry, and Nicolas Forissier, France’s Minister Delegate for Foreign Trade at the Ministry for Europe and Foreign Affairs, Choi Kyung, vice chairman and representative director of Cosmax, and Nicolas Hieronimus, CEO of L’Oréal Groupe, held the signing ceremony.
The agreement was established to strengthen the economic and cultural ties between Korea and France by combining the strengths of the two companies in branding, research and manufacturing.
Specifically, the companies will cooperate in three areas: global products, innovative ingredients and the development of new formulations. They will plan globally scalable products based on L’Oréal’s beauty science and consumer data, while also pursuing the development of active ingredients.
Cosmax has built a partnership with L’Oréal Groupe for more than 20 years, beginning in 2004. The two companies are expanding their cooperation beyond product supply into research and development. In 2023, they signed an MOU on joint research into skin microbiome ingredients and the development of sustainable, eco-friendly formulations.
Choi Kyung, vice chairman of Cosmax, said, "It is a great honor to open a new chapter of cooperation with L’Oréal Groupe as a cosmetics company representing Korea. Based on the trust and partnership the two companies have built, we will work together to create the next generation of innovation led by K-beauty."
Nicolas Hieronimus, CEO of L’Oréal Groupe, said, "Beauty is both a bridge connecting the cultures of the two countries and a strategically vital industry. By combining our strengths, we will deliver new beauty experiences to consumers around the world."
[email protected] Kang Myung-yeon Reporter