Coloray Signs Strategic MOU with Wuxi Kolmar, Kolmar Korea's China Branch

On the 2nd, Coloray Vice President Zhu Zhongbiao, Coloray Korea CEO Jang Okdong, Wuxi Colma Vice President Kim Jeongho, and Research Director Gye Seongbong signed a strategic business agreement (MOU).

Coloray, a KOSDAQ-listed company, announced on the 4th that it signed a strategic business agreement (MOU) on the 2nd with Wuxi Kolmar (Kolmar Cosmetics (Wuxi) Co., Ltd), a cosmetics ODM manufacturer and local subsidiary of Korea Kolmar in Wuxi, China.

This agreement reflects the joint vision of both companies for technological cooperation in the field of special effect color raw materials, including pearl luster pigments, as well as the development of innovative color cosmetics products.

Through this agreement, the two companies plan to promote close cooperation in various areas such as the advancement of pearl luster pigment technology, application of special effect (temperature and light reactive) raw materials, joint development of innovative color formulas, and expansion of the global market. Through this, both companies aim to secure competitiveness in high value-added products and present innovative color cosmetics solutions that meet consumer needs.

Coloray possesses outstanding technological capabilities and production capacity in pearl luster pigments, temperature and light reactive special raw materials, and biomimetic film technology (protective/film technology that mimics skin structure or function in cosmetics). In particular, 3D pearl particles and color-changing chameleon pigments hold numerous patents and are already supplied as high-quality raw materials to various global cosmetics brands.

Wuxi Kolmar is Korea Kolmar’s second local subsidiary in China. Its factory, built in 2018 in Wuxi City, Jiangsu Province, China, covers a site area of 63,117㎡ and a total floor area of 74,600㎡. At the time of establishment, it was the largest cosmetics manufacturing plant in China among both local and global companies. With an annual production capacity of 400 million units, it is four times larger than the Beijing plant’s 100 million units. The products are supplied to both local Chinese cosmetics companies and global corporations.

Through this agreement, Coloray’s advanced pigment and special raw material technologies combined with Wuxi Kolmar’s excellent product realization and quality control capabilities are expected to set a new standard in the color cosmetics market. The two companies plan to secure integrated product competitiveness from raw materials to finished products through joint research and development and market strategies, targeting not only the Asian market but also the global market together.

A Coloray representative stated, “This agreement is significant in that it goes beyond simple product supply to jointly designing technology and creating the market together.” They added, “Through collaboration combining the expertise of both companies, we will create new value in the field of color cosmetics.”