Global cosmetics manufacturer Cosmax is partnering with Hyundai Home Shopping to develop personalized beauty products.
On August 24, Cosmax announced that it has signed a memorandum of understanding (MOU) with Hyundai Home Shopping for the joint development of customized beauty products. The signing ceremony, held on August 20 at Hyundai Home Shopping's headquarters in Gangdong-gu, Seoul, was attended by key officials from both companies, including Cosmax CEO Lee Byeong-joo and Hyundai Home Shopping CEO Han Kwang-young.
The agreement aims to enhance the competitiveness of Hyundai Home Shopping's offline beauty concept store, Coasis, and to expand the ultra-personalized cosmetics market.
The two companies will collaborate to develop new products by utilizing Cosmax's research and development capabilities and manufacturing technology. Cosmax will handle the production of exclusive products based on customized solutions, while Hyundai Home Shopping will manage product planning, design, distribution, and marketing.
The first jointly developed products will utilize Cosmax's personalized beauty platform, BYNIQ. The companies plan to launch two high-functionality skincare products by the end of this year and gradually expand the range of customized products thereafter.
The new products will initially be sold through Coasis's exclusive product line, Only Coasis, at all locations. Sales will later be expanded to Hyundai Home Shopping's online and offline channels, including TV live and mobile live commerce.
Lee Byeong-joo, CEO of Cosmax, stated, "Through close collaboration, we will quickly respond to market and technological changes and create a partnership that fosters mutual growth for both companies."
Meanwhile, Cosmax reported a consolidated operating profit of 73.7 billion won for the second quarter of this year, a 21.3% increase compared to the same period last year. During the same period, sales rose by 27.5% to 794.9 billion won, while net profit surged by 129.0% to 50 billion won.
* This article has been translated by AI.
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