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Cosmax Inc. is considered the biggest cosmetics firm in South Korea and the no.1 original design manufacturing (ODM) group for beauty & health products, boasting the most international certifications.
Cosmax has opened a cosmetics production plant in China, targeting the Chinese cosmetics industry. It has teamed up with Yatsen Holding Limited to set up the facility, now the biggest cosmetics factory in Asia.
The Korea Economic Daily reported that the companies formed a joint venture called Yatsen Biotechnology to start Cosmax's Chinese business. Their manufacturing facility is now complete and full-scale production has just started in Guangzhou, where it is located.
It was in 2020 when Cosmax and Yatsen Holding signed a partnership deal. They have split the JV into 51% and 49% ownership, with the Korean cosmetics firm owning the biggest share.
With the plant already producing cosmetics, Cosmax is now working for a smooth entry into the color makeup market by collaborating with Yatsen, a leader in China's beauty segment.
At any rate, the new plant covers 60,593 square meters of floor area and expects to employ around 2,500 workers. The facility is inside the Mingju Industrial Park, and initially, the target is to produce five million units per year. The capacity will gradually expand to 30 million or 400 million per year.
The opening ceremony of the plant was attended by Cosmax Group's chairman, Lee Kyung Soo; Vice chairman and co-CEO, Shim Sang Bae; Cosmax BTI's VP and co-CEO, Lee Byung Man; Yatsen Biotechnology's general manager, Lee Sang In, and founder and CEO of Yatsen Holding, Huang Jinfeng.
"The new plant will take the load off of existing cosmetics production plants and create additional production capacity for the two other factories in China," The Korea Herald quoted Cosmax.
CEO Lee Byung Man also said, "Cosmax will take responsibility for research and development of cosmetics products and production of them to stably supply cosmetics brands with makeup products."
Photo by: Cosmax Newsroom
