Yesterday, COSMAX released its full-year financial report for 2024. The group’s consolidated sales reached 2.1661 trillion KRW ($1.5 billion), marking a 21.9% year-on-year surge, setting a historic record.
By region, in South Korea, 2024 sales increased by 28.4% year-on-year to 1.3577 trillion KRW ($900 million). COSMAX stated in the report that due to the global popularity of K-Beauty, the company has strengthened its domestic market foundation by closely aligning with local independent brands, driving export business and achieving double-digit growth.
By product structure, skincare and makeup each accounted for half of the revenue, with skincare categories such as serums, creams, and sunscreens, as well as makeup categories like foundations, powders, and lip products, all showing balanced development.
In China, total sales for 2024 reached 574.3 billion KRW, a 4.9% year-on-year increase. In Q4, Shanghai sales were 95.3 billion KRW, reflecting a 14% decline year-on-year, with a net loss of 2.1 billion KRW. Guangzhou sales reached 48.7 billion KRW, showing a 43% year-on-year increase, with a net profit of 5.6 billion KRW. COSMAX stated that the growth in Guangzhou was mainly due to the launch of key products by new clients and the merger effect from its joint venture with Yatsen.
A COSMAX representative explained: “Surpassing the 2 trillion KRW milestone proves our leadership in the global ODM cosmetics sector. In the future, we will continue to enhance regionalized operations and deepen customer segmentation to further strengthen our core competitiveness as the world’s leading cosmetics R&D and manufacturing company.”
