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Book Introduction
The advancing K-beauty, a company standing tall at its center.
Cosmax's 33-year record of dedication
The K-beauty craze that has taken the world by storm continues unabated.
Korean cosmetics once again surprised the world by recording an astonishing export volume of approximately $10.2 billion last year alone.
But behind the dazzling success of Korean cosmetics, there is a hidden contributor that we were not aware of.
It is Cosmax, the world's number one ODM company.
This book fully captures the 33-year growth story of Cosmax, a beauty company that has quietly driven innovation behind the scenes of glamorous brands.
From luxury cushions to trending BB creams, it's shocking that global hit products that consumers consider completely different brands are all born in the same factory.
Even more surprising is the statistic that Cosmax's exports account for 26% of all Korean cosmetics exports as of 2024.
In fact, one company is supporting a quarter of K-beauty exports.
From a dramatic journey that began with just three people in 1992 to a company that produces 3.3 billion cosmetics annually, to a survival story that overcame the national crisis of the IMF with customer-centered management, to a bold global expansion that used its entry into China as a bridgehead, to the insight that fostered the K-beauty ecosystem itself by fostering indie brands, and finally, to a preemptive digital transformation that prepared ahead of the era of personalized cosmetics.
The path Cosmax has taken is truly a continuous one of innovation and challenge.
This book vividly reveals the true secrets of the K-beauty success story through the story of Cosmax, a company with "different brands but one manufacturer."
Cosmax's 33-year record of dedication
The K-beauty craze that has taken the world by storm continues unabated.
Korean cosmetics once again surprised the world by recording an astonishing export volume of approximately $10.2 billion last year alone.
But behind the dazzling success of Korean cosmetics, there is a hidden contributor that we were not aware of.
It is Cosmax, the world's number one ODM company.
This book fully captures the 33-year growth story of Cosmax, a beauty company that has quietly driven innovation behind the scenes of glamorous brands.
From luxury cushions to trending BB creams, it's shocking that global hit products that consumers consider completely different brands are all born in the same factory.
Even more surprising is the statistic that Cosmax's exports account for 26% of all Korean cosmetics exports as of 2024.
In fact, one company is supporting a quarter of K-beauty exports.
From a dramatic journey that began with just three people in 1992 to a company that produces 3.3 billion cosmetics annually, to a survival story that overcame the national crisis of the IMF with customer-centered management, to a bold global expansion that used its entry into China as a bridgehead, to the insight that fostered the K-beauty ecosystem itself by fostering indie brands, and finally, to a preemptive digital transformation that prepared ahead of the era of personalized cosmetics.
The path Cosmax has taken is truly a continuous one of innovation and challenge.
This book vividly reveals the true secrets of the K-beauty success story through the story of Cosmax, a company with "different brands but one manufacturer."
- You can preview some of the book's contents.
Preview
index
prolog
Standing at the center of the market without a brand
Part 1.
What only Cosmax does
1.
Shouting out K-Beauty from the Heart of Innovation
2.
Different brands, but one manufacturer
3. BTS, Cosmax, and Squid Game
4.
The center of Cosmax is the customer
Part 2.
Laying the Foundation: Cosmax 1.0
1.
Changes brought about by one-brand shops
2. The dawn of the ODM golden age
3.
Turning Crisis into Opportunity! Prepared Success
4.
The dream of becoming the world's best research institute
Part 3.
Expanding the Market: Cosmax 2.0
1.
Mixed fates in China
2.
Cosmax's Rush Begins in Shanghai
3.
The hidden 1cm that builds trust
4.
The Power of Trust Shining in a Crisis
5.
The Secret to Ranking No. 1 in the 100 Trillion-Won Chinese Market
6.
Beyond China, K-Beauty Expands into Asia
7.
The persistence that broke down the barriers between beauty powerhouses Japan and the United States
8.
Cosmax's 3 Principles of Localization
Part 4.
Moving Forward Together: Cosmax 3.0
1.
Indie brands on the rise
2.
The Secret to Indie Brand Success
3.
The faster, the more beautiful! The speed aesthetics of K-beauty.
4.
The Hidden Hero Behind Indie Brands
5.
The Secret Behind a Hit
6.
Openness, coexistence, and connection that breaks down boundaries
7.
At the center of global beauty technology
8.
The era of personalized cosmetics is fast approaching.
9.
The Age of the Consumer: From Manufacturing to Service
10.
K-Beauty Next 10-Year Plan
11.
Preparing for the fourth wave
Epilogue
Yes, You! Now you are the main character.
Beautify the world with COSMAX
A Chronicle of Challenge and Innovation Recorded by Cosmax
Standing at the center of the market without a brand
Part 1.
What only Cosmax does
1.
Shouting out K-Beauty from the Heart of Innovation
2.
Different brands, but one manufacturer
3. BTS, Cosmax, and Squid Game
4.
The center of Cosmax is the customer
Part 2.
Laying the Foundation: Cosmax 1.0
1.
Changes brought about by one-brand shops
2. The dawn of the ODM golden age
3.
Turning Crisis into Opportunity! Prepared Success
4.
The dream of becoming the world's best research institute
Part 3.
Expanding the Market: Cosmax 2.0
1.
Mixed fates in China
2.
Cosmax's Rush Begins in Shanghai
3.
The hidden 1cm that builds trust
4.
The Power of Trust Shining in a Crisis
5.
The Secret to Ranking No. 1 in the 100 Trillion-Won Chinese Market
6.
Beyond China, K-Beauty Expands into Asia
7.
The persistence that broke down the barriers between beauty powerhouses Japan and the United States
8.
Cosmax's 3 Principles of Localization
Part 4.
Moving Forward Together: Cosmax 3.0
1.
Indie brands on the rise
2.
The Secret to Indie Brand Success
3.
The faster, the more beautiful! The speed aesthetics of K-beauty.
4.
The Hidden Hero Behind Indie Brands
5.
The Secret Behind a Hit
6.
Openness, coexistence, and connection that breaks down boundaries
7.
At the center of global beauty technology
8.
The era of personalized cosmetics is fast approaching.
9.
The Age of the Consumer: From Manufacturing to Service
10.
K-Beauty Next 10-Year Plan
11.
Preparing for the fourth wave
Epilogue
Yes, You! Now you are the main character.
Beautify the world with COSMAX
A Chronicle of Challenge and Innovation Recorded by Cosmax
Detailed image
Into the book
“At one time, Korea’s cosmetics industry was in the position of a follower, following France, Japan, and the United States.
But now it's different.
K-beauty has now become the global standard for beauty.
People all over the world want to have Korean skin and learn Korean makeup techniques.
Guys, if it was 'Gangnam Style' in 2011, wouldn't it be more appropriate to call it 'K-style' or 'Korean style' now?
Laughter erupted here and there in the hall.
Chairman Lee Gyeong-su paused for a moment and looked around the theater.
The entrepreneurs and investors sitting here are also key players in innovation, creating change in their respective fields.
Chairman Lee Kyung-soo felt their passionate, energy-filled atmosphere, and memories of the past flashed through his mind like a film.
The moment I pledged to succeed as I made a fresh start in a small office with the three founding members in 1992, the days I spent chasing government offices to get a factory permit, the faces of employees who insisted on not accepting bonuses when the company was struggling due to the IMF crisis, and the moments in front of the first factory I built after overcoming the IMF crisis, when I dreamed of building a new factory every three years, flashed before my eyes like a panorama.
--- From "Shouting K-Beauty from the Heart of Innovation"
Let's go to the cushion corner at Olive Young right now and check the label on the back of the product like these three women did.
I can confidently say that you will continue to find the name Cosmax very easily.
This story is not limited to just one silk cushion.
More than a third of the products sold at Olive Young, known as the mecca of cosmetics shopping, are shipped from the Cosmax factory.
How is this possible?
How can Cosmax develop and produce products for competing brands?
To answer this question, it is necessary to explain the status and role of ODM in the cosmetics industry.
And that answer will ultimately be the most persuasive explanation for why K-beauty has been able to take center stage in the world.
--- From "Different brands, but one manufacturer"
Why do world-class brands forgo their own research and production facilities and instead outsource product development and production to ODM companies? Whether manufacturing in-house or outsourcing to an ODM, companies share a common goal: connecting directly with consumers through their products and services.
It is about introducing a 'better' product to the market 'cheaper' and 'faster' than the competition.
No matter how excellent a product is, if it is released to the market a step behind its competitors, it will be labeled a latecomer. And no matter how quickly a new product is released to the market, if it lacks innovation, it will quickly be ignored by consumers.
Also, no matter how excellent a product or service is, if the price is high compared to its performance or quality, it cannot succeed in the market.
Throughout this process, ODM serves as an excellent partner that enhances the brand's competitiveness.
Especially in the cosmetics industry, where market conditions and trends change rapidly, global brands are choosing and utilizing ODM to gain an edge in fierce competition through innovative technologies and rapid market response capabilities.
This is a choice to leave product development and production to experienced ODM companies, while the brand focuses on understanding market trends and marketing to enhance consumer responsiveness.
--- From "Different brands, but one manufacturer"
Cosmax's customer-centric value management became known in the cosmetics industry during the IMF crisis. During the Asian financial crisis, Cosmax also faced a crisis.
At the time, Cosmax's top two sales companies withdrew from the cosmetics business, causing sales to plummet.
The situation for other clients was not much different.
As order volumes dropped significantly, Cosmax's factories were down more days than they were running.
At a time when the company's survival was at stake, Chairman Lee Kyung-soo made three groundbreaking decisions.
First, we will freeze the supply prices of raw materials to share the pain of rising costs due to exchange rates.
Second, the minimum production quantity limit will be eliminated.
Third, we will unconditionally supply products on the delivery date requested by the customer, even if it means working overtime.
All three decisions were completely unprofitable for Cosmax. The IMF crisis had caused the won to depreciate, pushing the dollar above 1,800 won, sending the prices of raw materials, previously entirely imported, skyrocketing.
Moreover, as the minimum production quantity (MOQ) decreases, production costs naturally increase.
For economical production to occur, the tanks containing raw materials must be filled to a certain extent, but Cosmax has eliminated even this.
To ease the inventory burden on our customers during times of uncertainty, we have limited our customers to one or two months' worth of sales.
Even though there were many days when the factory could not operate on weekdays, the factory operated on weekends, even giving holiday pay to employees, to accommodate customers who wanted deliveries on Mondays.
There was strong opposition from executives and employees who said that the company could fall into crisis if it was too considerate of its customers, but Chairman Lee Kyung-soo stubbornly pushed through with his will at this time.
There was one reason.
It was because of the idea that ‘Cosmax can survive only if customers survive.’
--- From "Customers are the Center of Cosmax"
Let's turn back the clock to a few months before the opening of The Face Shop's first store.
At that time, a heated debate broke out within Cosmax.
New One Brand Shop The
There were mixed opinions among executives over whether to accept The Face Shop's partnership offer.
At the time, the domestic cosmetics market was dominated by comprehensive cosmetics stores in the form of shop-in-shops that sold products from multiple brands in one space.
Rather than improving the product, the brand adopted a strategy of changing the name or packaging, raising the price, and then selling it at a discount.
It was a supplier-centric market, not a consumer-centric one, and innovation had stalled.
At a time when the price of individual cosmetics exceeded 20,000 to 30,000 won, Cosmax was an ODM that would produce a product priced at 3,300 won from The Face Shop.
I received a partner offer.
--- From "Changes Brought About by One Brand Shops"
Stylenanda, currently ranked 10th in domestic cosmetics production (as of 2023), also produced 1,000 products at Cosmax in the early stages of its cosmetics business.
This would have been a decision that would never have been made if only profitability had been considered, but Cosmax recognized the originality and innovation of the Stylenanda brand and CEO Kim So-hee's outstanding insight into the cosmetics market, and has been a partner since the beginning.
And that decision played a significant role in helping Cosmax earn the reputation of being a ‘sponsor of indie brands.’
--- From "The Hidden Heroes Behind Indie Brands"
Cosmax's success in the Chinese market cannot be explained solely by its preemptive market entry or robust manufacturing capabilities.
Early Go
It is clear that this is the result of a combination of the management's clear vision that allowed them to endure the ordeal and the bold decision to choose the symbol of trust, "Made in Shanghai."
But there is a more important factor hidden there.
It is ‘trust.’
'Cosmax China is a Chinese company.' This is not just a rhetorical statement.
In fact, more than 90% of Cosmax China's sales come from local Chinese cosmetics companies.
From the time of its establishment in China, Cosmax promised to replicate the quality standards of Cosmax Korea in order to grow together with local Chinese cosmetics companies.
To this end, we dispatched a large number of experts from Korea to Shanghai, and also focused on developing local Chinese talent.
But now it's different.
K-beauty has now become the global standard for beauty.
People all over the world want to have Korean skin and learn Korean makeup techniques.
Guys, if it was 'Gangnam Style' in 2011, wouldn't it be more appropriate to call it 'K-style' or 'Korean style' now?
Laughter erupted here and there in the hall.
Chairman Lee Gyeong-su paused for a moment and looked around the theater.
The entrepreneurs and investors sitting here are also key players in innovation, creating change in their respective fields.
Chairman Lee Kyung-soo felt their passionate, energy-filled atmosphere, and memories of the past flashed through his mind like a film.
The moment I pledged to succeed as I made a fresh start in a small office with the three founding members in 1992, the days I spent chasing government offices to get a factory permit, the faces of employees who insisted on not accepting bonuses when the company was struggling due to the IMF crisis, and the moments in front of the first factory I built after overcoming the IMF crisis, when I dreamed of building a new factory every three years, flashed before my eyes like a panorama.
--- From "Shouting K-Beauty from the Heart of Innovation"
Let's go to the cushion corner at Olive Young right now and check the label on the back of the product like these three women did.
I can confidently say that you will continue to find the name Cosmax very easily.
This story is not limited to just one silk cushion.
More than a third of the products sold at Olive Young, known as the mecca of cosmetics shopping, are shipped from the Cosmax factory.
How is this possible?
How can Cosmax develop and produce products for competing brands?
To answer this question, it is necessary to explain the status and role of ODM in the cosmetics industry.
And that answer will ultimately be the most persuasive explanation for why K-beauty has been able to take center stage in the world.
--- From "Different brands, but one manufacturer"
Why do world-class brands forgo their own research and production facilities and instead outsource product development and production to ODM companies? Whether manufacturing in-house or outsourcing to an ODM, companies share a common goal: connecting directly with consumers through their products and services.
It is about introducing a 'better' product to the market 'cheaper' and 'faster' than the competition.
No matter how excellent a product is, if it is released to the market a step behind its competitors, it will be labeled a latecomer. And no matter how quickly a new product is released to the market, if it lacks innovation, it will quickly be ignored by consumers.
Also, no matter how excellent a product or service is, if the price is high compared to its performance or quality, it cannot succeed in the market.
Throughout this process, ODM serves as an excellent partner that enhances the brand's competitiveness.
Especially in the cosmetics industry, where market conditions and trends change rapidly, global brands are choosing and utilizing ODM to gain an edge in fierce competition through innovative technologies and rapid market response capabilities.
This is a choice to leave product development and production to experienced ODM companies, while the brand focuses on understanding market trends and marketing to enhance consumer responsiveness.
--- From "Different brands, but one manufacturer"
Cosmax's customer-centric value management became known in the cosmetics industry during the IMF crisis. During the Asian financial crisis, Cosmax also faced a crisis.
At the time, Cosmax's top two sales companies withdrew from the cosmetics business, causing sales to plummet.
The situation for other clients was not much different.
As order volumes dropped significantly, Cosmax's factories were down more days than they were running.
At a time when the company's survival was at stake, Chairman Lee Kyung-soo made three groundbreaking decisions.
First, we will freeze the supply prices of raw materials to share the pain of rising costs due to exchange rates.
Second, the minimum production quantity limit will be eliminated.
Third, we will unconditionally supply products on the delivery date requested by the customer, even if it means working overtime.
All three decisions were completely unprofitable for Cosmax. The IMF crisis had caused the won to depreciate, pushing the dollar above 1,800 won, sending the prices of raw materials, previously entirely imported, skyrocketing.
Moreover, as the minimum production quantity (MOQ) decreases, production costs naturally increase.
For economical production to occur, the tanks containing raw materials must be filled to a certain extent, but Cosmax has eliminated even this.
To ease the inventory burden on our customers during times of uncertainty, we have limited our customers to one or two months' worth of sales.
Even though there were many days when the factory could not operate on weekdays, the factory operated on weekends, even giving holiday pay to employees, to accommodate customers who wanted deliveries on Mondays.
There was strong opposition from executives and employees who said that the company could fall into crisis if it was too considerate of its customers, but Chairman Lee Kyung-soo stubbornly pushed through with his will at this time.
There was one reason.
It was because of the idea that ‘Cosmax can survive only if customers survive.’
--- From "Customers are the Center of Cosmax"
Let's turn back the clock to a few months before the opening of The Face Shop's first store.
At that time, a heated debate broke out within Cosmax.
New One Brand Shop The
There were mixed opinions among executives over whether to accept The Face Shop's partnership offer.
At the time, the domestic cosmetics market was dominated by comprehensive cosmetics stores in the form of shop-in-shops that sold products from multiple brands in one space.
Rather than improving the product, the brand adopted a strategy of changing the name or packaging, raising the price, and then selling it at a discount.
It was a supplier-centric market, not a consumer-centric one, and innovation had stalled.
At a time when the price of individual cosmetics exceeded 20,000 to 30,000 won, Cosmax was an ODM that would produce a product priced at 3,300 won from The Face Shop.
I received a partner offer.
--- From "Changes Brought About by One Brand Shops"
Stylenanda, currently ranked 10th in domestic cosmetics production (as of 2023), also produced 1,000 products at Cosmax in the early stages of its cosmetics business.
This would have been a decision that would never have been made if only profitability had been considered, but Cosmax recognized the originality and innovation of the Stylenanda brand and CEO Kim So-hee's outstanding insight into the cosmetics market, and has been a partner since the beginning.
And that decision played a significant role in helping Cosmax earn the reputation of being a ‘sponsor of indie brands.’
--- From "The Hidden Heroes Behind Indie Brands"
Cosmax's success in the Chinese market cannot be explained solely by its preemptive market entry or robust manufacturing capabilities.
Early Go
It is clear that this is the result of a combination of the management's clear vision that allowed them to endure the ordeal and the bold decision to choose the symbol of trust, "Made in Shanghai."
But there is a more important factor hidden there.
It is ‘trust.’
'Cosmax China is a Chinese company.' This is not just a rhetorical statement.
In fact, more than 90% of Cosmax China's sales come from local Chinese cosmetics companies.
From the time of its establishment in China, Cosmax promised to replicate the quality standards of Cosmax Korea in order to grow together with local Chinese cosmetics companies.
To this end, we dispatched a large number of experts from Korea to Shanghai, and also focused on developing local Chinese talent.
--- From "The Hidden 1cm That Creates Trust"
Publisher's Review
The real story behind the K-beauty success story!
The 33-Year Innovation Journey of a Company That Became World's No. 1 Without a Brand
When news broke that South Korea's cosmetics exports in 2024 would hit a record high of $10.2 billion, many were once again astonished by the remarkable growth of K-beauty.
But not many people know the name of the company that is at the center of this success.
It is 'Cosmax'.
"Let's Dream Together" tells the story of Cosmax, which has maintained the top spot in the global cosmetics ODM industry for 10 years, recording tremendous growth over the past 33 years since its founding in 1992.
What makes this book interesting is that it presents a completely different perspective from the K-beauty success stories we know.
Rather than focusing on flashy brand marketing or the influence of K-pop stars, we focus on the role of ODM (original design manufacturer) companies that have quietly built up their technological prowess behind the scenes.
And it vividly reveals the secret of how they became the world's best without a brand.
The amazing success of hidden helpers
Even if the name Cosmax is unfamiliar, everyone has probably used Olive Young.
But did you know that more than a third of the products sold at Olive Young are shipped from the Cosmax factory?
Products from competing brands are actually made by the same company.
In 2024, 26% of Korea's cosmetics exports were directly or indirectly produced by Cosmax, and Cosmax has collaborated with 4,500 brands worldwide to date.
These figures demonstrate that Cosmax is not simply a manufacturer, but a core infrastructure of the K-beauty ecosystem.
One of the impressive stories in this book is the case of TirTir's 'Mask Fit Red Cushion'.
When Miss Darcy, a Black beauty creator, posted a video expressing her disappointment that “even the darkest shade of Korean foundation is too light for me,” TirTir sent her cushion samples in 20 shades in just two months.
Increasing the color of a color product is a complex process that requires more than simply changing the pigment.
Nevertheless, this speed battle was possible thanks to Cosmax's technological prowess.
This case clearly demonstrates where K-beauty's competitiveness, which allows it to quickly respond to global trends, comes from.
Strategic Insights that Turned Crisis into Opportunity
Another compelling aspect of this book lies in the passages that illustrate how Cosmax turned a crisis into an opportunity.
During the 1997 IMF foreign exchange crisis, Cosmax decided to share the cost burden caused by the rising exchange rate with its customers.
They froze raw material supply prices, eliminated minimum production quantity limits, and even worked overtime on weekends to meet delivery deadlines.
At a time when many companies were distancing themselves from their clients to cut costs, Cosmax actually got closer to them.
Although it was a loss for Cosmax at the time, it was an example of sticking to the belief that “Cosmax can only survive if its customers survive,” and the result was a doubling of sales in just three years.
Was Cosmax simply lucky?
No, it isn't.
It was a triumph of a management philosophy that did not lose sight of the coexistence perspective even in times of crisis.
The decision to enter China in 2004 was the same.
At the time, when many companies viewed China only as a cheap production market, Cosmax viewed China as a huge consumer market.
Focusing on the brand value of "Made in Shanghai," the company built a factory in the expensive city of Shanghai, built close partnerships with local customers, and focused on developing products tailored to the characteristics of the Chinese market.
Through this strategic approach and continuous investment, Cosmax currently holds the overwhelming lead in the Chinese cosmetics ODM market.
A philosophy of mutual growth that fosters the K-beauty ecosystem
What's most unique about Cosmax is that it rejects the very concept of competition.
“We have no competitors.
The philosophy that “there are only partners” is not just a slogan, but is directly reflected in the actual management style.
This is proven by the fact that all 24 'mega indie brands' with sales of over 100 billion won, including Rom&nd, Joseon Beauty, Manyo Factory, TirTir, and Stylenanda, are partners of Cosmax.
What's particularly impressive is Cosmax's policy of supporting indie brands. Although mass production is far more profitable for an ODM company, Cosmax accepts small orders of 3,000 units or less.
Although it may be a loss from an economic standpoint, Cosmax sees it as an investment in the future.
Stylenanda, now the 10th largest cosmetics manufacturer, initially ordered only 1,000 products from Cosmax.
This flexibility and inclusiveness is enriching the entire K-beauty ecosystem, ultimately leading to the growth of Cosmax itself.
Technological innovations preparing for the future
The latter half of the book is about the future that Cosmax is preparing for.
In keeping with the digital transformation and personalization trends, Cosmax is moving beyond traditional mass production methods.
Launched in 2023 to prepare for the era of personalized cosmetics, '3WAAU' is a one-on-one customized hair care service with 12.6 million recipes available.
It is showing remarkable results with a consumer rating of 4.92 points and a repurchase rate of 30%.
This means that we go beyond simply manufacturing products and provide total solutions that take into account individual lifestyles.
In 2024, the company completed the development of the beauty industry's first AI-powered "Smart Color Matching AI System." Because AI digitizes all color values, it allows researchers to accurately match colors without the need for individual color matching.
Such technological innovations are becoming a core competitive advantage that enables us to respond quickly and accurately to the diverse demands of the global market.
New Insights into the Sustainability of K-Beauty
One of the meaningful questions this book raises is, "How long will the K-beauty craze last?"
While many experts view K-beauty as a temporary trend, Cosmax offers a different perspective.
Cosmax presents three conditions for sustainability.
Beautiful nature, beautiful people, beautiful products.
Just as these conditions weren't created overnight, K-beauty's reputation is also the result of decades of collaboration between countless companies and innovators.
Cosmax particularly emphasizes the uniqueness of the K-beauty ecosystem.
It is not a market dominated by a few large corporations, like automobiles or semiconductors, but an ecosystem in which everyone, from large corporations to startups, and from brands to materials, raw materials, and packaging companies, participates.
This diversity and dynamism is what drives K-beauty to continue creating new trends, the analysis says.
Just as Paris became a beautiful city thanks to countless artists, K-beauty is a cultural asset created through the challenges and innovations of countless entrepreneurs.
The Value of Invisible Leadership
The story of Cosmax, which has been at the center of the global market for 33 years without a brand, also offers many insights into leadership.
In modern society, most of the attention is given to the stars on the stage, but it is the leaders behind the scenes who create real change.
These include the value of playing a silent supporting role behind the scenes rather than being the main character on a flashy stage, a management philosophy that prioritizes long-term trust over short-term profits, and an ecological mindset that pursues coexistence rather than competition.
The case of Cosmax offers a new definition of what "true leadership" is.
After reading this book, your perspective on K-beauty will completely change.
Rather than focusing on the success stories of individual brands, we focus on the innovative capacity of the entire industry ecosystem, and we realize the importance of the technological prowess hidden behind flashy marketing.
In particular, Cosmax's success story, which shakes up the conventional wisdom that "brand is competitiveness," presents new possibilities for many companies.
Above all, Cosmax's proof that "you can be at the center of the market without a brand" resonates greatly.
For those interested in the future of K-beauty or curious about Cosmax's true competitive edge, this book will provide a fresh perspective.
Furthermore, you will gain insight into where the real innovation of our time is happening and who is leading it.
This book contains stories of real protagonists who change the world behind the scenes.
The 33-Year Innovation Journey of a Company That Became World's No. 1 Without a Brand
When news broke that South Korea's cosmetics exports in 2024 would hit a record high of $10.2 billion, many were once again astonished by the remarkable growth of K-beauty.
But not many people know the name of the company that is at the center of this success.
It is 'Cosmax'.
"Let's Dream Together" tells the story of Cosmax, which has maintained the top spot in the global cosmetics ODM industry for 10 years, recording tremendous growth over the past 33 years since its founding in 1992.
What makes this book interesting is that it presents a completely different perspective from the K-beauty success stories we know.
Rather than focusing on flashy brand marketing or the influence of K-pop stars, we focus on the role of ODM (original design manufacturer) companies that have quietly built up their technological prowess behind the scenes.
And it vividly reveals the secret of how they became the world's best without a brand.
The amazing success of hidden helpers
Even if the name Cosmax is unfamiliar, everyone has probably used Olive Young.
But did you know that more than a third of the products sold at Olive Young are shipped from the Cosmax factory?
Products from competing brands are actually made by the same company.
In 2024, 26% of Korea's cosmetics exports were directly or indirectly produced by Cosmax, and Cosmax has collaborated with 4,500 brands worldwide to date.
These figures demonstrate that Cosmax is not simply a manufacturer, but a core infrastructure of the K-beauty ecosystem.
One of the impressive stories in this book is the case of TirTir's 'Mask Fit Red Cushion'.
When Miss Darcy, a Black beauty creator, posted a video expressing her disappointment that “even the darkest shade of Korean foundation is too light for me,” TirTir sent her cushion samples in 20 shades in just two months.
Increasing the color of a color product is a complex process that requires more than simply changing the pigment.
Nevertheless, this speed battle was possible thanks to Cosmax's technological prowess.
This case clearly demonstrates where K-beauty's competitiveness, which allows it to quickly respond to global trends, comes from.
Strategic Insights that Turned Crisis into Opportunity
Another compelling aspect of this book lies in the passages that illustrate how Cosmax turned a crisis into an opportunity.
During the 1997 IMF foreign exchange crisis, Cosmax decided to share the cost burden caused by the rising exchange rate with its customers.
They froze raw material supply prices, eliminated minimum production quantity limits, and even worked overtime on weekends to meet delivery deadlines.
At a time when many companies were distancing themselves from their clients to cut costs, Cosmax actually got closer to them.
Although it was a loss for Cosmax at the time, it was an example of sticking to the belief that “Cosmax can only survive if its customers survive,” and the result was a doubling of sales in just three years.
Was Cosmax simply lucky?
No, it isn't.
It was a triumph of a management philosophy that did not lose sight of the coexistence perspective even in times of crisis.
The decision to enter China in 2004 was the same.
At the time, when many companies viewed China only as a cheap production market, Cosmax viewed China as a huge consumer market.
Focusing on the brand value of "Made in Shanghai," the company built a factory in the expensive city of Shanghai, built close partnerships with local customers, and focused on developing products tailored to the characteristics of the Chinese market.
Through this strategic approach and continuous investment, Cosmax currently holds the overwhelming lead in the Chinese cosmetics ODM market.
A philosophy of mutual growth that fosters the K-beauty ecosystem
What's most unique about Cosmax is that it rejects the very concept of competition.
“We have no competitors.
The philosophy that “there are only partners” is not just a slogan, but is directly reflected in the actual management style.
This is proven by the fact that all 24 'mega indie brands' with sales of over 100 billion won, including Rom&nd, Joseon Beauty, Manyo Factory, TirTir, and Stylenanda, are partners of Cosmax.
What's particularly impressive is Cosmax's policy of supporting indie brands. Although mass production is far more profitable for an ODM company, Cosmax accepts small orders of 3,000 units or less.
Although it may be a loss from an economic standpoint, Cosmax sees it as an investment in the future.
Stylenanda, now the 10th largest cosmetics manufacturer, initially ordered only 1,000 products from Cosmax.
This flexibility and inclusiveness is enriching the entire K-beauty ecosystem, ultimately leading to the growth of Cosmax itself.
Technological innovations preparing for the future
The latter half of the book is about the future that Cosmax is preparing for.
In keeping with the digital transformation and personalization trends, Cosmax is moving beyond traditional mass production methods.
Launched in 2023 to prepare for the era of personalized cosmetics, '3WAAU' is a one-on-one customized hair care service with 12.6 million recipes available.
It is showing remarkable results with a consumer rating of 4.92 points and a repurchase rate of 30%.
This means that we go beyond simply manufacturing products and provide total solutions that take into account individual lifestyles.
In 2024, the company completed the development of the beauty industry's first AI-powered "Smart Color Matching AI System." Because AI digitizes all color values, it allows researchers to accurately match colors without the need for individual color matching.
Such technological innovations are becoming a core competitive advantage that enables us to respond quickly and accurately to the diverse demands of the global market.
New Insights into the Sustainability of K-Beauty
One of the meaningful questions this book raises is, "How long will the K-beauty craze last?"
While many experts view K-beauty as a temporary trend, Cosmax offers a different perspective.
Cosmax presents three conditions for sustainability.
Beautiful nature, beautiful people, beautiful products.
Just as these conditions weren't created overnight, K-beauty's reputation is also the result of decades of collaboration between countless companies and innovators.
Cosmax particularly emphasizes the uniqueness of the K-beauty ecosystem.
It is not a market dominated by a few large corporations, like automobiles or semiconductors, but an ecosystem in which everyone, from large corporations to startups, and from brands to materials, raw materials, and packaging companies, participates.
This diversity and dynamism is what drives K-beauty to continue creating new trends, the analysis says.
Just as Paris became a beautiful city thanks to countless artists, K-beauty is a cultural asset created through the challenges and innovations of countless entrepreneurs.
The Value of Invisible Leadership
The story of Cosmax, which has been at the center of the global market for 33 years without a brand, also offers many insights into leadership.
In modern society, most of the attention is given to the stars on the stage, but it is the leaders behind the scenes who create real change.
These include the value of playing a silent supporting role behind the scenes rather than being the main character on a flashy stage, a management philosophy that prioritizes long-term trust over short-term profits, and an ecological mindset that pursues coexistence rather than competition.
The case of Cosmax offers a new definition of what "true leadership" is.
After reading this book, your perspective on K-beauty will completely change.
Rather than focusing on the success stories of individual brands, we focus on the innovative capacity of the entire industry ecosystem, and we realize the importance of the technological prowess hidden behind flashy marketing.
In particular, Cosmax's success story, which shakes up the conventional wisdom that "brand is competitiveness," presents new possibilities for many companies.
Above all, Cosmax's proof that "you can be at the center of the market without a brand" resonates greatly.
For those interested in the future of K-beauty or curious about Cosmax's true competitive edge, this book will provide a fresh perspective.
Furthermore, you will gain insight into where the real innovation of our time is happening and who is leading it.
This book contains stories of real protagonists who change the world behind the scenes.
GOODS SPECIFICS
- Date of issue: September 15, 2025
- Format: Hardcover book binding method guide
- Page count, weight, size: 296 pages | 548g | 145*210*20mm
- ISBN13: 9788947501927
- ISBN10: 8947501921
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