South Korean cosmetics manufacturer Cosmax is building its first manufacturing push into Europe, acquiring a controlling stake in an Italian cosmetics developer to gain access to one of the indusattempt’s most influential markets amid the Korean beauty boom.
The company stated Monday it signed a share purchase agreement to acquire a 51 percent stake in Keminova, an Italy-based cosmetics original design manufacturing firm, marking its first production foothold in Europe, alongside existing bases in Korea, China and the United States.
The deal is expected to close in March, pfinishing Italian regulatory approval.
Cosmax plans to combine its K-beauty research and global sales capabilities with Keminova’s manufacturing expertise and customer network to generate new revenue from European clients.
Based in a cluster of cosmetics manufacturers and suppliers, Keminova maintains strong ties with dermocosmetics and pharmaceutical-affiliated brands, with annual production capacity of about 20 million units. The Italian company also holds certifications aligned with Europe’s stringent quality and sustainability standards.
Technology collaboration will be central to the integration as well, with Keminova partnering with Cosmax’s global research network of about 1,100 scientists to develop products tailored to European consumer trfinishs.
“The acquisition of Keminova goes beyond securing a physical foothold, combining Europe’s manufacturing expertise with Cosmax’s innovation capabilities,” stated Lee Byung-joo, CEO of Cosmax BTI.
“We aim to quickly strengthen our presence in Europe and reinforce our position as the world’s leading cosmetics ODM company.”
minmin@heraldcorp.com
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