Cosmax, a leading Korean original design manufacturer, announced plans to establish a local subsidiary in Mumbai by the end of the year, accelerating its push into the Indian cosmetics market.
According to industry sources Thursday, Chairman Lee Kyung-soo emphasized a “premium strategy” and reaffirmed the company’s commitment to top-tier R&D and expanded global partnerships.
“We want using Korean cosmetics to be a source of pride,” Lee said during an IR session held Wednesday in Seoul.
Cosmax currently operates production and sales hubs in over 10 countries, including the US, China, Indonesia and Thailand. Following the India launch, the company is also considering entering the Middle East.
While the Indian subsidiary is in its final planning stages, the company clarified that there are no immediate plans for a local manufacturing plant.
According to the Korea Cosmetic Industry Institute, India’s cosmetics market was valued at $31.7 billion in 2024, growing at an average annual rate of 4.7 percent since 2022.
Cosmax posted 2.17 trillion won ($1.54 billion) in sales last year, outperforming global competitors like Intercos and Kolmar. The company aims to leverage its production capacity — over 3.3 billion units annually — and partnerships with global beauty brands like L’Oreal and Estee Lauder to solidify its premium positioning.
hyelimchung@heraldcorp.com
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