Cosmax, Hyundai Home Shopping to Co-Develop Customized Skincare Line for Year-End Launch — BigGo Finance

Cosmax, Hyundai Home Shopping to Co-Develop Customized Skincare Line for Year-End Launch
Add to Google Preferred Sources
South Korea’s Cosmax and Hyundai Home Shopping have signed a memorandum of understanding to co-develop customized beauty products. The two companies plan to launch two high-performance skincare products by the end of this year, built on Cosmax’s customized beauty platform “Bynic.” The new products will be sold exclusively as part of the “Only Coasis” lineup at four Coasis stores—Hyundai Home Shopping’s offline beauty select shop—before expanding to TV live and mobile live commerce channels. Hyundai Home Shopping will handle product planning, distribution, and marketing, while Cosmax will oversee product development and manufacturing. This marks the first time Cosmax has partnered with an external distribution channel to launch customized products.

Key Elements

Customized cosmetics, with formulations tailored to individual skin conditions, will hit the South Korean market by year-end. Cosmetics ODM company Cosmax and Hyundai Home Shopping have joined forces to co-develop high-performance skincare products exclusively for Coasis, an offline beauty select shop

On the 24th, Cosmax announced it had signed a memorandum of understanding (MOU) with Hyundai Home Shopping for the joint development of customized beauty products. The signing ceremony, held at Hyundai Home Shopping’s headquarters in Gangdong-gu, Seoul, was attended by key executives from both companies, including Lee Byung-joo, CEO of Cosmax BTI, and Han Kwang-young, CEO of Hyundai Home Shopping.

The agreement aims to strengthen the competitiveness of Coasis’s co-developed private brand (NPB) products and expand the hyper-personalized cosmetics market. The two companies will first introduce two high-performance skincare products focused on skin concerns such as wrinkles and dark spots under the “Only Coasis” lineup, exclusive to Coasis. After launching the first products by the end of this year, they plan to continuously expand the customized product lineup.

The first co-developed products will be built on Cosmax’s customized beauty platform “Bynic.” Bynic is a customized beauty solution that Cosmax developed in 2023 by adapting its proprietary platform “3WAAU” for global market application. Through 3WAAU, Cosmax has established a customized cosmetics manufacturing system with approximately 3,500 formulation combinations and has accumulated over 2 million customized cosmetics consultation records over three years, enhancing its AI prescription capabilities.

While Cosmax has sold some customized cosmetics through its own platform, this is the first time it has partnered with an external distribution channel to launch customized products. The new products will be sold exclusively at four Coasis stores—Hyundai Premium Outlet Space One, Hyundai Department Store Cheonho, and Hyundai Outlet Garden Five and Dongdaemun locations—before expanding to online and offline channels including Hyundai Home Shopping’s TV live and mobile live commerce.

The roles of the two companies are clearly divided. Hyundai Home Shopping will leverage customer data collected from Coasis stores to handle new product planning, package design, distribution, and marketing. Cosmax will oversee the full scope of product development and production, including raw material selection and formulation development

Hyundai Home Shopping plans to expand the “Only Coasis” lineup from the current 40-plus products to 60 by year-end. The company also intends to pursue additional new product development with Cosmax while strengthening collaborations with various other partners

Han Kwang-young, CEO of Hyundai Home Shopping, said, “We have partnered with Cosmax to move beyond simply curating and selling various brands to securing differentiated products unique to Coasis. We will not only discover promising beauty brands but also directly plan and launch exclusive products tailored to customer needs, providing a differentiated shopping experience.”

Lee Byung-joo, CEO of Cosmax BTI, said, “Through close collaboration, we will respond swiftly to market and technological changes and build an exemplary partnership where both companies grow together.”

Cosmax is also accelerating the overseas expansion of its customized cosmetics business. In Japan, the company established a joint venture called Trinex with Fujishin, a beauty-specialized trading company, in July, marking the start of its customized cosmetics overseas operations. The strategy is to subsequently enter major markets including the United States and Italy to lead the global customized cosmetics market.

This agreement is significant as the first case in South Korea’s home shopping industry where an offline beauty select shop and a customized cosmetics ODM company have joined forces. For Hyundai Home Shopping, it is expected to serve as an opportunity to strengthen its differentiation strategy by leveraging product planning capabilities and data expertise beyond simple distribution. For Cosmax, industry observers note that the company has secured a validated model for expanding its customized cosmetics business—previously confined to its own platform—into external distribution networks.

Add to Google Preferred Sources

Once added, BigGo Finance appears first in Google Search Top Stories, so you get the broadest, most up-to-the-minute, and most comprehensive global financial news first