Vice Chairman Choi Kyung Appointed as New CEO of Cosmax... Vice Chairman Shim Sang-bae of Cosmax China

Vice Chairman Position Mutual Exchange Personnel
"Achieving Double-Digit Growth Momentum"

Cosmax Group has executed an executive reshuffle, swapping the positions of Sim Sang-bae, Vice Chairman and CEO of Cosmax, and Choi Kyung, Vice Chairman and CEO of Cosmax China. The company plans to leverage the successful experiences of the two vice chairmen in both domestic and Chinese subsidiaries to achieve double-digit growth this year.

Vice Chairman Sim Sang-bae (left), Vice Chairman Choi Kyung.

On the 28th, Cosmax appointed Sim Sang-bae, former CEO of Cosmax, as CEO of Cosmax China, and Choi Kyung, former CEO of Cosmax China, as CEO of Cosmax. Vice Chairman Sim joined Taepyeongyang in 1980 and is a cosmetics industry expert with extensive experience in production, logistics, and research & development at Amorepacific. He joined Cosmax Group in 2020 and was appointed CEO of Cosmax in 2021.

Last year, Vice Chairman Sim actively responded to the growth of indie brands in the domestic and international cosmetics markets, contributing to the domestic subsidiary surpassing 1 trillion won in sales. He plans to establish a customer satisfaction-centered management system at the Chinese subsidiary. He will also apply his know-how that led the revival of K-Beauty to the Original Brand Manufacturing (OBM) business.

Cosmax evaluated Vice Chairman Choi Kyung as the right person to respond to the rapidly changing Korean cosmetics market. Vice Chairman Choi has emphasized the ‘DNA of speed’ to develop and produce products that satisfy the tastes of 1.4 billion Chinese consumers. Sales were only 1.5 billion won in 2006, when the company first entered China, but grew to 550 billion won last year. During the COVID-19 period, sales reached 631 billion won.

Currently, Cosmax’s China business has expanded to three subsidiaries: Cosmax China (Shanghai), Cosmax Guangzhou (Guangzhou), and Easen Biotechnology Co., Ltd. (Guangzhou).

A Cosmax Group official stated, “Vice Chairmen Sim Sang-bae and Choi Kyung are widely recognized experts in the cosmetics industry in both Korea and China,” adding, “This reshuffle will serve as an opportunity for Cosmax’s Korean and Chinese businesses to evolve into more advanced ODM and OBM companies.”