The ODM cosmetics major is set to celebrate its 30th anniversary this year and has lined up plans to expand its cosmetics and food businesses.
“In 2022, the group's sales will exceed KRW3 trillion (U$2.5bn), laying the foundation for a new leap forward,” said CEO Lee Byung-man.
In beauty and personal care, Cosmax is eyeing opportunities in customised cosmetics and is set to unveil a smart factory that will be equipped to fulfil personalised beauty requests.
The company has signed a memorandum of understanding with online shopping platform CJ OnStyle to develop a personalised hair care brand that is expected to launch in the first half of this year.
South Korea implemented the world’s first customised cosmetic regulations on March 14, 2020. Since then, K-beauty players like Amorepacific have invested heavily into personalised beauty products and services.
Cosmetics for pets
Cosmax is also targeting the rapidly growing pet care market with grooming products as well as food.
According to Lee, roughly one in four households in South Korea has a pet, signalling “great growth potential” for the firm to tap into, especially in the premium pet care segment.
The firm said it has spent three years building a data base of ingredients and raw materials to develop pet care products. It also has obtained permission from the authorities to produce medical-grade products for pets.
It has already introduced grooming products in the shampoo, conditioner, toothpaste, ear cleaner, and fragrance categories.
For instance, it has developed a dental care product that helps to maintain the oral microbiome, as well as and mud pack made with Moroccan rhassoul clay to cleanse and clean skin.
Additionally, the company said it plans to develop pet food, snacks and supplements as well.
In November last year, Amorepacific launched its first pet grooming brand, Poopoo Monster.
The premium brand launched with two vegan shampoos that were formulated to care for skin while effectively cleansing fur and conditioning it at the same time.
This follows a successful year for the company despite the impact of the COVID-19 pandemic.
"It was a year in which growth was maintained despite the challenging environment such as the COVID-19 pandemic,” said Lee.
This was partially fuelled by its business in China. In November 2021, Cosmax announced that its Cosmax China factory produced 54 million cosmetic products the month before.
The surge was driven by the ‘revenge spending’ phenomenon in China, the recovery of colour cosmetics and the accelerated interest in skin care.