Interview with An Si-eun, CEO of New Ace
Cosmetic Container Manufacturer... Independently Developed 'Oxygen Mist'
Plans to Enter Indian Market... Active in Donations
"Cosmetic containers are just as important as the contents they hold. For 'K-Beauty' to leap forward, eco-friendly containers are essential."
We met CEO An Si-eun at New Ace, a cosmetic container manufacturing company located in Hwaseong, Gyeonggi Province. He enthusiastically explained the technologies developed by the company while taking out various cosmetic containers on the table. In 2015, he discovered a corroded spring inside bubble toothpaste used by his child, who was then in elementary school. Since then, he developed a springless pump-type cosmetic container and obtained a patent. The patent has also been registered overseas, including in China. CEO An said, "Through technology development, we prevented health risks for children and achieved cost reduction and eco-friendliness for the products. After we developed this technology, many companies introduced similar types of pumps."
CEO An took his first step in business in 1999 by acquiring a mold company from an acquaintance. However, due to issues such as existing debts, the company eventually went bankrupt. Later, in 2013, with help from an acquaintance, he successfully made a comeback by running a sole proprietorship called Juntech. In 2017, he established a new corporation named New Ace and has continued the business to this day. New Ace is a small and medium-sized enterprise equipped with all facilities for mold making, injection molding, and assembly necessary for manufacturing cosmetic containers.
The cosmetic container that New Ace has focused on developing the most since its establishment is a portable rechargeable oxygen mist. Commonly used mist containers contain a mixture of freon gas, liquefied petroleum gas (LPG), nitrogen, and others. These can irritate the human body and are harmful to the environment. In response, New Ace was the first to develop an 'oxygen mist' by injecting oxygen into the cosmetic container. However, oxygen leaked slightly from the mist, and the oxygen preservation period was short at 2 to 3 years, so it was not commercialized.
After various technical improvements, New Ace recently developed an upgraded product. Instead of injecting oxygen directly into the container during manufacturing, consumers attach an oxygen injection device in capsule form to the lower part of the container body. When the pump is pressed after attachment, oxygen with 99.98% purity is continuously sprayed. The container is made of Tritan, an eco-friendly plastic that does not cause endocrine disruption, instead of aluminum. CEO An explained, "Dissolved oxygen is excellent for supplying oxygen to the skin and moisturizing effects. Since oxygen is charged just before using the mist, there is enough time to use up the contents."
New Ace has the capability to produce about 30 types of cosmetic containers in various capacities with 200 molds and 15 injection molding machines. It produces approximately 100,000 cosmetic containers per month. Containers are sent to companies like Kolmar Korea or Cosmax through vendors, where the contents are filled and then distributed to brand companies. Famous domestic cosmetic companies such as Amorepacific, LG Household & Health Care, and Clio use containers made by New Ace. New Ace has obtained quality management system and environmental management system certifications from the International Organization for Standardization (ISO). In addition, it holds about 10 patents related to environment and technology.
New Ace recorded sales of about 3 billion KRW last year, mostly domestic sales, and plans to actively target overseas markets this year. CEO An said, "We plan to challenge direct exports rather than indirect exports through vendors. We expect our technology to be recognized mainly in the Indian market, where the 'K-Beauty' boom is happening."
CEO An is also actively involved in donation activities. In 2018, while working with the InnoBiz Women's Economic Committee, he participated in kimchi-making volunteer work at the Eli-El Nursing Facility for the Disabled. CEO An said, "At the end of the year, six company CEOs and I plan to join forces for social contribution activities. Whether the company does well or not, sharing with those around us and living together is my goal as an entrepreneur."
An Si-eun, CEO of New Ace (left), is delivering donated goods to the Eliel Dongsan care facility for the disabled.
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