Cosmetics original design manufacturing (ODM) corporations COSMAX will work with the L'Oréal Group to jointly develop next-generation cosmetics and innovative ingredients.
COSMAX said on the 9th that it signed a memorandum of understanding (MOU) with the L'Oréal Group on the occasion of the 140th anniversary Korea-France summit.
The signing ceremony was held in France on the 8th (local time). With Minister Kim Jung-kwan of the Ministry of Trade, Industry and Resources and Nicolas Forissier, France's Minister Delegate for Foreign Trade at the Ministry for Europe and Foreign Affairs, in attendance, CEO Choi Kyung of COSMAX and L'Oréal Group CEO Nicolas Hieronimus signed the agreement.
Through this agreement, the two companies will expand cooperation in three areas: global products and innovative ingredients, and new formulations.
Based on L'Oréal's beauty science technology and consumer analysis, they plan to jointly research and develop cosmetics for the global market and to discover new cosmetic ingredients and active components.
They will also work on developing new formulations and product formats that reflect Korea's beauty market and consumer trends.
COSMAX has supplied cosmetics to L'Oréal since 2004, maintaining a partnership for more than 20 years. Recently, it has expanded the scope of cooperation beyond product supply to research and development (R&D).
The two companies also signed a memorandum of understanding in 2023 for joint research on skin microbiome ingredients and the development of sustainable, eco-friendly formulations.
COSMAX CEO Choi Kyung said, "Based on the trust and cooperation the two companies have built over the past 20-plus years, we will create next-generation innovation led by K-beauty together."