SEOUL, August 21 (AJP) - Cosmax, the world’s largest cosmetics manufacturer, said it will establish a subsidiary in Mumbai, India, by the end of 2025, underscoring the company’s ambitions to make India a key pillar of its next stage of global expansion.
The South Korean company, a leading provider of original design manufacturing (ODM) services for international brands, outlined the plan during an investor relations meeting in Seoul on Wednesday. Founder and Chairman Lee Kyung-soo described the India venture as part of Cosmax’s “new leap” strategy.
A senior Cosmax executive said the move is in its final stages, pointing to the rapid growth of India’s cosmetics industry and the opportunity to leverage Korean skin care expertise in a market of 1.5 billion people.
India’s beauty and personal care market was valued at $31.7 billion in 2024, expanding at an average annual rate of 4.7 percent since 2022, according to data from the Korea Cosmetic Industry Institute.
Cosmax currently operates in 10 countries, including production hubs in China, the United States and Indonesia. Officials said the company may explore a Middle East presence after launching in India.
The company’s strategy increasingly aims to compete with France’s luxury beauty houses through partnerships with global giants such as L’Oréal and Estée Lauder, while advancing its own premium positioning.
Chairman Lee stressed that Cosmax’s growth will depend not only on scale but also on building world-class research capabilities and aligning with the most competitive international players.
reporter
Candice Kim
candicekim1121@ajupress.com
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