Cosmax Inc., South Korea's biggest cosmetics original development and design manufacturer (ODM), is considering building a new offshore plant in Latin America to meet the burgeoning demand for its beauty products from around the world amid the ongoing Hallyu, or Korean Wave.“We are reviewing a plan to build a new factory in either Mexico or Brazil to cement our position in the Latin America and diversify our global supply chain,” Choi Kyoung, vice chairman of Cosmax, said on Thursday.
As more consumers care about cosmetics’ ingredients and reviews nowadays, beauty products manufactured by Korean ODMs are considered relatively high-quality products compared to their prices in fragmented cosmetics markets, making them rank higher in sales, said George Rivera, the chief executive officer of Kolmar USA.
They don’t have own manufacturing facilities or research and development capability but when their product and marketing ideas meet with Korea’s top two ODMs, Cosmax and Kolmar, they can debut their real beauty products in the market that sell well.
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