Cosmax secures product supply contract from Shiseido

Japan-based cosmetic products producer Shiseido Group has signed a product supply contract with Korea-based cosmetics original development manufacturer (ODM) Cosmax.

Under the terms of the contract, Cosmax will supply skincare and colour cosmetic products to Shiseido, as well as to cosmetics brand Za, reported pulsenews.co.kr.

Cosmax intends to supply anti-aging creams, colour control creams, and organic skincare products. In 2015, the Japanese market was estimated at $22.1bn, representing 8.9% of the global market, reported english.donga.com.

Cosmax's chief executive officer Lee Kyung-soo was quoted by English.donga.com as saying: “This reflects a growing interest in made-in-Korea cosmetics products even in Japan, which was believed to be ahead of Korea in the cosmetics industry.”

Cosmax's overseas business division head Kim Joon-bae was quoted by the website as saying: “As some 30 Japanese leading cosmetics companies have been contacting our company, we are considering increasing supply channels to Japan."

The contract is intended to increase Cosmax's supply to the Japanese cosmetics market while Shiseido will benefit from the advanced cosmetics technology and logistics networks of Cosmax.

Cosmax has manufacturing bases across countries such as Korea, Japan, China, the US and South East Asia.