Prime Highlights-
- Cosmax, L’Oréal partnership dates back to 2004, expanding from manufacturing into joint R&D.
- Companies previously partnered on skin microbiome research and sustainable formulations.
Key Facts-
- Cosmax and L’Oréal sign MOU to expand global beauty product development.
- Collaboration to span product development, cosmetic ingredients and formulation innovation.
Background-
Cosmax and L’Oréal Group have decided to expand their two decade partnership, moving into joint development of beauty products, ingredients and formulations for markets worldwide.
The companies signed a memorandum of understanding in Paris during events marking the 140th anniversary of diplomatic relations between Korea and France, Cosmax announced.
The deal was signed by Cosmax Vice Chairman and CEO Choi Kyoung alongside L’Oréal Group CEO Nicolas Hieronimus, with Korean Minister of Trade, Industry and Energy Kim Jung-kwan and France’s minister delegate for foreign trade and economic attractiveness, Nicolas Forissier, in attendance. Their business relationship began in 2004, when Cosmax started supplying cosmetics to L’Oréal, later growing into joint research and development.
Cosmax and L’Oréal had previously agreed to explore skin microbiome ingredients and sustainable formulations together. Their latest agreement extends the partnership across three fronts, global product development, cosmetic ingredients and formulation innovation, bringing together L’Oréal’s beauty science expertise and Cosmax’s research and manufacturing abilities.
The two firms had earlier reached an agreement covering skin microbiome ingredient research and sustainable formulations. The new deal broadens that work into three areas, global product development, cosmetic ingredients and formulation innovation, pairing L’Oréal’s beauty science with Cosmax’s research and manufacturing strengths.
Choi called the collaboration a new chapter built on two decades of trust, aimed at driving innovation led by K-beauty. Hieronimus called beauty a bridge linking the two nations’ cultures, saying the companies’ combined strengths will bring new beauty experiences to consumers around the world.
