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Cosmax headquarters. (Photo courtesy of Cosmax) |
[Alpha Biz= Kim Jisun] Cosmax, the world’s largest cosmetics ODM (original development and manufacturing) company, has selected Italy as a strategic foothold to accelerate its expansion into Europe—the birthplace of the global cosmetics industry.
Cosmax announced on Sunday that it has signed a share purchase agreement (SPA) to acquire a 51 percent stake in Italian cosmetics ODM company Keminova, securing a local production base in Europe and strengthening its global market presence.
Founded in 1985, Keminova brings nearly 40 years of accumulated expertise and robust technological capabilities. The company is located in Brescia, approximately 100 kilometers from Milan, within Europe’s so-called “Beauty Valley,” a hub where many global cosmetics companies are concentrated. Its location offers strong advantages in leveraging the regional cosmetics value chain and attracting highly skilled talent.
Keminova posted revenue of approximately KRW 18 billion (about EUR 12 million) last year and has an annual production capacity of around 20 million units, making it a key asset for Cosmax’s European expansion.
Through the acquisition, Cosmax aims to generate strong synergies by combining the strengths of both companies. Cosmax plans to transfer its advanced K-beauty formulation technologies and global sales expertise to Keminova, while Keminova will contribute its deep understanding of European manufacturing practices and local networks. Together, the two companies are expected to enhance competitiveness across the European market.
The deal enables Cosmax to expand its production footprint—previously concentrated in Korea, China, and the United States—into Europe, allowing it to respond more swiftly to growing global demand for K-beauty. Cosmax also plans to introduce its innovative formulations and proprietary technologies to Keminova’s existing European clients and other local companies, creating new revenue opportunities.
Technological collaboration is also expected to deepen. Keminova has been strengthening its internal research and innovation capabilities since 2023, including the establishment of a microbiology laboratory. By working with Cosmax’s global R&D network of approximately 1,100 researchers, the companies plan to accelerate the development of innovative products tailored to European market trends.
Keminova has established strong competitiveness in dermocosmetics, hair care, and medical device-related products, serving prominent Italian dermo-cosmetic brands, skincare companies, and pharmaceutical-based brands as key clients. Cosmax plans to further solidify partnerships with these existing customers while introducing Keminova’s technologies to Korean clients, contributing to the technological advancement of K-beauty.
Notably, Keminova holds key international certifications, including ISO 9001 (quality management systems), ISO 22716 (cosmetics GMP), and COSMOS organic certification, meeting the stringent standards of European consumers. With additional space available at its production facility, Cosmax plans to expand equipment capacity to proactively meet future demand from European clients.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
