South Korean cosmetics manufacturer Cosmax is making its first manufacturing push into Europe, acquiring a controlling stake in an Italian cosmetics developer to gain access to one of the industry’s most influential markets amid the Korean beauty boom.
The company said Monday it signed a share purchase agreement to acquire a 51 percent stake in Keminova, an Italy-based cosmetics original design manufacturing firm, marking its first production foothold in Europe, alongside existing bases in Korea, China and the United States.
The deal is expected to close in March, pending Italian regulatory approval.
Cosmax plans to combine its beauty research and global sales capabilities with Keminova’s manufacturing expertise and customer network to generate new revenue from European clients.
Based in a cluster of cosmetics manufacturers and suppliers, Keminova maintains strong ties with dermocosmetics and pharmaceutical-affiliated brands, with an annual production capacity of about 20 million units. The Italian company also holds certifications aligned with Europe’s stringent quality and sustainability standards.
Technology collaboration will be central to the integration as well, with Keminova partnering with Cosmax’s global research network of about 1,100 scientists to develop products tailored to European consumer trends.
“The acquisition of Keminova goes beyond securing a physical foothold, combining Europe’s manufacturing expertise with Cosmax’s innovation capabilities,” said Lee Byung-joo, CEO of Cosmax BTI.
“We aim to quickly strengthen our presence in Europe and reinforce our position as the world’s leading cosmetics ODM company.”
On the same day, Cosmax reported record financial results for 2025, with revenue and operating profit both hitting new highs. Consolidated revenue rose 10.7 percent from a year earlier to 2.4 trillion won ($1.67 billion), while operating profit increased 11.6 percent to 195.8 billion won.
The performance rested largely on its Korean unit, which continued to ride sustained global demand for Korean beauty products, generating 1.53 trillion won in revenue and 154.6 billion won in operating profit.
A company official said growth across Asian operations, including China and Thailand, and a stronger footing in markets such as the US and Europe also helped underpin the record results.
minmin@heraldcorp.com
