Cosmax China to build new headquarters in Shanghai
Sul-Li Jun
Oct 15, 2024 (Gmt+09:00)
Cosmax Inc., South Korea's cosmetics original development and design manufacturer (ODM), will build a new headquarters in Shanghai's Xinzhuang Industrial Park as part of its 20th-anniversary celebration in China, the company said on Tuesday.
Cosmax China hosted a ceremony on October 8 to mark the milestone, celebrating two decades since the company entered the Chinese market in 2004 as the first South Korean cosmetics ODM.
The company’s sales in China were below 10 billion won ($7.4 million) until 2008 but soared to over 100 billion won by 2014 and surpassed 660 billion won by 2021, driven by a localization strategy.
Cosmax now serves about 1,000 clients in China, its second-largest market after South Korea.
Cosmax China has begun constructing its new headquarters, slated for completion in 2026.
The facility will cover 13,000 square meters of land, with a total floor area of 73,000 square meters.
The new headquarters will serve as a comprehensive hub, integrating research, production, and marketing for its cosmetics ODM business.
Write to Sul-Li Jun at sljun@hankyung.com