Cosmax and L’Oréal Group have signed a memorandum of understanding (MOU) to advance next-generation beauty innovation and strengthen cooperation for the future global beauty market.
The agreement was one of three business MOUs signed during a summit marking the 140th anniversary of diplomatic relations between Korea and France. Immediately after the Korea-France business leaders’ meeting on the afternoon of the 8th (local time), Choi Kyung, representative director and vice chairman of Cosmax, and Nicolas Hieronimus, CEO of L’Oréal Group, signed the agreement at Hôtel de Marigny in the presence of key officials from both countries, including Kim Jung-kwan, Minister of Trade and Industry, and Nicolas Forissier, France’s Minister Delegate for Foreign Trade at the Ministry for Europe and Foreign Affairs.
Cosmax and L’Oréal have maintained a partnership for more than 20 years since beginning to supply products in 2004. The two companies have since expanded their cooperation beyond simple product supply into research and development. In 2023, they also signed an MOU to jointly research skin microbiome ingredients and develop sustainable, eco-friendly formulations.
The latest cooperation will focus on three main areas: ▲global product development—joint research and development of products for global expansion based on L’Oréal’s beauty science and consumer insights; ▲innovative ingredients—the discovery and development of innovative cosmetic ingredients and active compounds; and ▲formulation innovation—the development of new formulations and product formats inspired by the Korean beauty market and consumer trends.
The two companies expect the MOU to serve as an important milestone in accelerating next-generation beauty innovation worldwide by combining the strengths of Korea and France.
Choi Kyung, vice chairman of Cosmax, emphasized, "As we mark the 140th anniversary of diplomatic relations between Korea and France, I am deeply honored to open a new chapter of cooperation with L’Oréal as a cosmetics company representing Korea. Building on the trust and cooperation our two companies have developed over the past 20-plus years, we will work together to create the next generation of innovation led by K-beauty."
Nicolas Hieronimus, CEO of L’Oréal, added, "Beauty is a living bridge connecting the cultures of our two countries, as well as a strategically vital industry. As we celebrate the 140th anniversary of diplomatic relations between Korea and France this year, we are extremely proud to further deepen our partnership with Cosmax. By working closely together and combining our strengths, we will shape the future of beauty and deliver a new level of beauty experiences to consumers around the world."
Reporter Kim So-hyung compact@sportschosun.com
This article has been translated by GripLabs Mingo AI.
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