COSMAX and Hyundai Home Shopping Establish Joint Development MOU

COSMAX has announced a Memorandum of Understanding (MOU) with Hyundai Home Shopping for the joint development of customized beauty products, as reported on the 24th. The signing ceremony took place at Hyundai Home Shopping's headquarters in Gangdong-gu, Seoul, attended by key figures including Lee Byung-joo, CEO of COSMAX, and Han Kwang-young, CEO of Hyundai Home Shopping.

This collaboration is designed to strengthen the competitiveness of Hyundai Home Shopping's offline beauty editing shop, Coasis, and to expand the ecosystem of hyper-personalized cosmetics. Under the agreement, COSMAX, a leader in the global cosmetics ODM market, will leverage its research and development capabilities and manufacturing technology to jointly pursue new product development. COSMAX will handle the manufacturing of the bespoke products, while Hyundai Home Shopping will oversee product planning, design, distribution, and marketing.

The first product to be developed in collaboration will be based on COSMAX's customized beauty platform, BYNIQ. BYNIQ aims to diagnose individual skin concerns and combine the optimal ingredients to create tailored beauty solutions. Utilizing BYNIQ's prescription algorithm, the two companies plan to introduce two high-functional basic skincare lines by the end of this year, with the goal of continuously expanding the customized product lineup.

The new products will initially be sold through the exclusive 'Only Coasis' product lineup at all Coasis locations, with plans to broaden distribution channels through Hyundai Home Shopping’s TV live and mobile live commerce platforms.

As part of this partnership, COSMAX and Hyundai Home Shopping plan to integrate the BYNIQ platform within Coasis offline stores, thus commencing a full-scale deployment of hyper-personalized beauty services. Customers will have the opportunity to experience bespoke beauty solutions tailored to their specific skin concerns, with the collaboration set to gradually extend its scope. This initiative is centered around providing not just product sales but an optimized beauty experience for consumers, aimed at enhancing consumer value jointly.

COSMAX has accumulated over 2 million personalized cosmetic consultations in the past three years, continuously advancing its AI prescription capabilities. BYNIQ is designed as a customized beauty solution platform aimed at the global market, enhancing accessibility and scalability. Through this collaboration with the Coasis channel, COSMAX plans to further refine its customized prescription algorithms based on collected offline consumer data and operational expertise.

The personalized beauty solutions from COSMAX are swiftly expanding beyond domestic markets. In July, COSMAX established a joint venture, TRINEX, with Japanese beauty distributor FUJISHIN, marking its first step into international markets focused on customized cosmetics. The company intends to expand its business model into major countries such as the USA and Italy to lead the global personalized cosmetics market.

Lee Byung-joo, CEO of COSMAX, expressed confidence that this MOU will provide Hyundai Home Shopping with differentiated product competitiveness and present COSMAX with valuable opportunities to broaden its customized beauty platform ecosystem. He emphasized a commitment to fostering a collaborative partnership to swiftly adapt to market and technological changes, ensuring mutual growth.