Cosmax, an original design manufacturer (ODM) of cosmetics, has acquired an Italian cosmetics company and secured its first production base in Europe. The company plans to further strengthen its dominance in the global market through this move.

Cosmax announced on the 23rd that it has signed a share purchase agreement (SPA) to acquire a 51% stake in Chemnova, a local Italian ODM company. Established in 1985, Chemnova recorded sales of approximately KRW 18 billion last year, and its annual production capacity reaches about 20 million units on an individual product basis. The company is located within a “beauty valley” where global cosmetics companies are concentrated, which Cosmax said is expected to facilitate the recruitment of highly skilled personnel and the utilization of the cosmetics value chain.

Through this acquisition, Cosmax has expanded its production bases, which had been concentrated in Korea, China, and the United States, to Europe and gained access to Italian manufacturing know-how and networks. Chemnova has competitiveness in derma cosmetics, hair care, and medical devices, and counts leading brands in Italy among its major clients. The two companies plan to develop innovative products suited to local European trends through future technology exchanges.

Lee Byung-joo, CEO of Cosmax BTI, said, “The acquisition of Chemnova is more than just securing a physical base; it is a strategic combination of the manufacturing know-how of the European cosmetics market and the innovativeness of the world’s largest ODM company,” adding, “By integrating the capabilities of both companies, we will solidify our status as the No. 1 global cosmetics ODM company.”

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