The cosmetics Original Development Manufacturing (ODM) company COSMAX is entering the Indian market. Following China, the United States, Southeast Asia, and Latin America, the company is accelerating its global business expansion by establishing a foothold in India.

According to the cosmetics industry on the 21st, COSMAX founder Chairman Lee Kyung-soo announced plans to enter the Indian market during a corporate briefing (IR) held for domestic and international securities firm analysts in Yeouido, Yeongdeungpo-gu, Seoul, the previous day. The plan is to establish a local subsidiary in Mumbai, India, by the end of this year to set up a base. A COSMAX representative stated, "We are hiring personnel to handle related tasks by traveling between India and Korea," and explained, "Currently, there are no plans to establish a factory, and it will be operated in the form of a sales office."

The reason behind COSMAX's choice of India lies in the growth potential of K-Beauty. According to the Korea Trade-Investment Promotion Agency, the Indian beauty market is expected to grow to USD 30 billion by 2027, accounting for about 5% of the global beauty market. A COSMAX representative said, "India is a promising emerging market with a large population and a significantly formed cosmetics market."

COSMAX has been steadily expanding its overseas production and sales bases. It continues direct production with factories in China and the United States while constructing new factories in Indonesia and Thailand. Sales offices are located in Ho Chi Minh City, Vietnam, and Kuala Lumpur, Malaysia, and last year, an office was established in Mexico to secure a sales network in Latin America. This year, a new base was added in France to target the European market.

The performance of overseas subsidiaries is also showing a clear growth trend. Last year, sales in Indonesia increased by 31.9% from the previous year to KRW 113.2 billion, and sales in Thailand grew by 70.4% to KRW 43.5 billion.

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