Cosmax, L'Oreal to co-develop innovative products reflecting K-beauty trends

South Korea and France, the world's top two cosmetics markets, will deepen cooperation in research and development, production and marketing. The countries plan to roll out innovative ingredients and products reflecting K-beauty trends.

Cosmax, the world's largest cosmetics research, development and manufacturing (ODM) company, announced Wednesday that it signed an MOU with L'Oreal Group, the world's largest beauty company, to this effect. The agreement was reached as part of a summit marking the 140th anniversary of diplomatic relations between South Korea and France.

Cosmax has supplied products to L'Oreal on an ODM basis since 2004. The two companies later expanded their partnership beyond a simple contract-manufacturing relationship into research and development. In 2023, they signed an agreement for joint research on skin microbiome ingredients and the development of eco-friendly formulations.

The latest agreement centers on combining the two companies' strengths across cosmetics brand marketing, research and development, and manufacturing. The aim is to strengthen economic and cultural ties between South Korea and France.

"We will leverage L'Oreal's global beauty science expertise, consumer insight and powerful brand portfolio," Cosmax said. "Combined with our product manufacturing and agile R&D capabilities, this will help us take on the global beauty market and lead next-generation innovation."

The two companies will jointly research and develop products for global expansion, building on L'Oreal's beauty science. Alongside this, they plan to pursue the development of innovative cosmetics ingredients and active substances, as well as formulation innovation. In particular, they plan to launch new products that reflect the K-beauty market and consumer trends.

The MOU was signed Tuesday (local time) in the presence of Kim Jung-kwan, minister of trade, industry and energy, and Nicolas Forissier, France's minister delegate for foreign trade and French nationals abroad. Choi Kyung, vice chairman and CEO of Cosmax, and Nicolas Hieronimus, CEO of L'Oreal, signed the agreement in person.