- 2024-03-29
- 阅读量：4358
- 来源｜Cosmetic Business Online
- 作者｜Zhu Sheng Qian
Grafting the experience of K-Beauty's revival to the Chinese region.
On March 28th, COSMAX announced on its official website that the Group will appoint COSMAX Representative Director Shim Sang-bae (Vice Chairman of the Group) as CEO of COSMAX China, and COSMAX China CEO Choi Kyung as COSMAX Representative Director (Vice Chairman of the Group) in Korea.
● Left: Vice President Shen Xiang Pei, Right: Vice President Cui Jing
The announcement mentioned that Lee Kyung-soo, chairman of the COSMAX Group, made the swap appointment in order to transfer the successful experience of the two vice presidents to the Korean and Chinese markets, respectively, with a view to realizing double-digit growth this year.
According to COSMAX's latest financial data, in 2023, COSMAX's sales amounted to KRW 1,777.5 billion (roughly RMB 9,527 million), up 11 percent year-on-year, while its operating profit amounted to KRW 115.7 billion (roughly RMB 620 million), a 118 percent jump year-on-year.
In 2022, COSMAX reported sales of KRW 1,600.1 billion (approximately RMB 8,561 million), up 0.54% year-on-year, the lowest in the last four years; net profit loss amounted to KRW 16.4 billion (approximately RMB 88 million). Both in terms of sales and net profit, COSMAX achieved the best result in five years in 2023.
By region, COSMAX accounted for 59% of the business in the South Korean region last year, with sales of about KRW105.75 billion (roughly RMB5.658 billion), while sales in the Chinese market amounted to KRW547.5 billion (roughly RMB2.929 billion), a decline of 2% compared to 2022, and accounted for 31% of the group's overall business, making it the second-largest market.
In COSMAX's 2022 financial results announced by COSMAX, sales of COSMAX (China) Cosmetics Co. and COSMAX (Guangzhou) Cosmetics Co. totaled KRW 550.5 billion (roughly Rs. 2.945 billion), a year-on-year decline of 15.3%, and accounted for 38% of the COSMAX Group's total sales in 2022.
The China region, COSMAX's second largest market in the world, is under pressure and in need of transformation. The Korean region, on the other hand, has successfully achieved growth under the leadership of Shim Sang-bae, which is why the Group has made this adjustment.
According to the introduction, Shim Sang-bae joined Amore Pacific Group since 1980, served in production, logistics, R&D and other departments, is an expert in access to the various businesses of cosmetic ODM, and served as a representative director of Amore (Co., Ltd.) for 11 years. 2020, Shim Sang-bae joined COSMAX, and began to take the helm in 2021, leading the South Korean COSMAX to buck the trend of growth in the period of the new crown, and was promoted to the vice-presidency from the president. During the past year, he responded positively to the growth situation of new global brands and led the Korean corporation to surpass the trillion won sales target.
Shim Sang-bae said that he plans to combine his many years of practical experience in management with the operational realities of Chinese corporations, establish a management system centered on customer satisfaction, and graft the experience of the K-Beauty revival pusher onto the OBM business to lead COSMAX (China) to a higher level.
Cui Jing, as a veteran of COSMAX's entry into China, has been at the helm of COSMAX China for 20 years since its inception in 2004, leading COSMAX to grow from more than 8 million to 3.4 billion yuan in volume (2022 figures), and in addition to servicing international brands, has also established close cooperation with many local brands in China.
It is reported that Choi Kyung, who returned to the group's headquarters, will lead COSMAX to create a multi-faceted grid difference, strengthen the group's advantage of being the world's number one, and with its understanding of the Chinese market, help COSMAX headquarters to interoperate with China and realize new growth.
At the recent Cosmoprof Worldwide Bolona Beauty Expo, COSMAX received the Cosmopack Awards 2024 Innovation Technology Award for its cationic liposomal skin delivery body technology, Plussome™. COSMAX will continue to lead the way in technological innovation based on its global network in more than 10 countries around the world, including the U.S. and China.
Speaking of the Chinese market, COSMAX Group President Lee Kyung-soo has publicly stated that the company continues to be optimistic about the development potential of the Chinese market.2023 In August, COSMAX and Yixian E-commerce jointly built a factory that was officially put into operation. At the end of last year, COSMAX entered into a partnership with China's Qilu Normal College to professionally empower enterprises and help COSMAX accelerate the transformation of its achievements in the field of cosmetics. The future development of COSMAX in China is still worth looking forward to.
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