[New Year's Message] Byeongman Lee, CEO of Cosmax BTI, "Accelerating the Globalization of K-Beauty"

"Creating Joint Success Stories with Clients... Expanding New Business Opportunities"

Cosmax Group has expressed its ambition to accelerate the globalization of K-Beauty this year. To achieve this, the company plans to create successful cases with promising indie brand clients in the global market and speed up entry into new regions.

On the 3rd, Lee Byung-man, CEO of Cosmax BTI, reflected on last year during the Cosmax Group’s New Year ceremony held at the Pangyo headquarters in Seongnam, Gyeonggi Province, stating, "Last year, Cosmax experienced a year of co-growth with indie brands."

Lee Byung-man, CEO of Cosmax BTI. Provided by Cosmax

CEO Lee continued, "In particular, the Korean subsidiary contributed significantly to K-Beauty exports by achieving the highest production volume and receiving the industry's first $200 million export tower award," adding, "We secured internal capabilities for the future growth engine of customized cosmetics and spent time expanding our business into the global market in the health functional food sector as well."

Regarding this year’s business outlook, he emphasized, "With new growth opportunities arising for K-Beauty, Cosmax will stand at a strategic inflection point at the center of all beauty." He then set the management strategy directions for this year as ▲creating co-success cases with customers and partners ▲achieving the highest overall level through capability enhancement ▲and expanding new business areas.

First, aligned with Cosmax Group’s management principles, the company will pursue co-growth with indie brand clients. Services will be provided according to the size and importance of clients, and overseas subsidiaries in China, the United States, and Southeast Asia will also implement strategies focused on nurturing indie clients.

To secure clients in emerging markets such as India, Latin America, and Africa, the 'LOCO Project' will be promoted. The LOCO Project is designed to maintain core functions tailored to local consumer demands while securing a diverse pool of raw materials and auxiliary materials to enhance cost-effectiveness (performance relative to price).

In the research and development (R&D) sector, research capabilities will be strengthened through open research collaborations established last year with Seoul National University, Harvard University in the U.S., and Fudan University in China. In production, profitability and productivity will be improved by expanding automation using robotic technology, while also pursuing an increase in domestic and overseas production capacity (CAPA).

The customized cosmetics business aims for overseas expansion, planning to discover global collaboration partners in the U.S., Europe, Japan, and other regions.

CEO Lee stated, "The most important competitive edge has become how quickly and valuably we can deliver products and services that consumers want," emphasizing, "This year will be a turning point to solidify leadership in the global cosmetics and health functional food original design manufacturing (ODM) market and to develop innovative business models."