With interest in Korean beauty products reaching new heights, South Korea’s Cosmax USA opened its inaugural U.S. factory in a former L’Oréal factory located in Solon, Ohio.
Company chairman Kyung-Soo Lee said Cosmax has a goal of becoming the largest supplier of skin care and cosmetics in the world by 2017. Cosmax is known for innovations in cosmetics such as jelly powders for face, cheeks and eyes and texture-changing formulations in skin care.
The ribbon cutting for the 330,000-square-foot facility took place on Jan. 27. Sok-Min Yu, chief executive officer of Cosmax USA, noted the company sank $28 million into converting the facility, which incorporates leading Korean technologies for all areas of skin care and color cosmetics. He noted annual production capacity is more than 100 million units for combined skin care and color cosmetics with space available for growth.
Cosmax, with annual revenues equivalent to more than $500 million in U.S. dollars, is already the leading supplier in Korea and China. The company hopes to capitalize on the burgeoning demand for Asian beauty products in the U.S. and Latin America. In addition to innovations, Cosmax capitalizes on strengths in offering high levels of quality and service, the company said.