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Cosmax Group has set its sights on Thailand for the expansion of its K-beauty cosmetic formulations. The company is the largest cosmetics manufacturer in South Korea, specializing in original design manufacturing (ODM).
On Monday, Nov. 27, Cosmax said it is stepping up its business expansion in Southeast Asia and targeting Thailand. This is because there is an increased preference for Korean makeup and cosmetics despite the country's humid climate. In particular, K-style lip balms and cushion foundations are becoming really popular in the region.
Producing New Formulations for Thai Consumers
According to The Korea Economic Daily, as Cosmax becomes aware of the increase in the use of Korean cosmetics in Thailand, it will create new formulations to suit the hot weather there. This means it will cater to the needs of Thai customers so they can get the most out of the Korean cosmetics they buy.
For this plan, Cosmax will form new categories in the Southeast Asian beauty market by augmenting its makeup formulation lineup. The company will ensure that this new category will still reflect the K-beauty trend even if customized products are made especially for the locals.
"Based on Cosmax's unique technology and localization research, we are continuously introducing new types of K-beauty products that did not exist in the Thai market," Chosun Business quoted Lee Byung Man, chief executive officer of Cosmax Bio Technology Innovation (BTI) as saying in a statement. "We will contribute to expanding the K-beauty base by expanding collaboration with local indie brands in Thailand."
Collaboration with Local Companies in Thailand
Cosmax is able to rapidly develop new products for Thai customers through collaboration with local production firms. The company partnered with them to speed up product development and distribution in the country.
At this point, the focus of the production is K-beauty formulations for lip balms and cushions. Cosmax said that items produced in Thailand can also be exported to nearby countries where the popularity of Korean cosmetics is growing as well, such as India, Cambodia, Vietnam, and Myanmar.
Photo by: Cosmax Website
