South Korea’s largest cosmetics original development manufacturer (ODM) Cosmax Inc. vows to increase the share of exports in its sales from current 28 percent to 50 percent by 2020 by making a bolder move to venture into South East Asian countries on top of the U.S., Japan and France.

Cosmax announced the plan on Monday after winning the $100 million Export Tower Award at a ceremony marking the 53rd Trade Day hosted by the Ministry of Trade, Industry and Energy and the Korea International Trade Association (KITA) in Seoul. The Export Tower Awards are presented to companies who achieve a great deal in exports and contribute to the nation’s economic growth.

The company exceeded $10 million in exports in 2005, $20 million in 2011 and $50 million in 2015 after it has successfully clinched contracts to supply its products to global cosmetics companies such as the world’s leading L’Oreal Group’s Lancome, Yves Saint Laurent and Nerium. The growth in exports was also attributed to big hits of its main items such as gel eyeliners, sun block pacts and eye shadows in the global market, according to the company.

Encouraged by the recent success, Cosmax aims to make half of its entire sales from exports by 2020. It has been already shipping its products to more than 100 countries and it expects to gain broader access to the cosmetics markets in emerging countries that are projected to rapidly grow.

Earlier this year, Coxmax set up its new consolidated supply chain management and global logistics integration system that has allowed it to simultaneously produce its products in Korea, China, the U.S. and Indonesia. It was also granted halal certifications for its products in Indonesia, a move that is expected to help pave the way for the company to expand its presence in the global halal beauty product market that is estimated to be 80 trillion won ($68 billion).

As of 2:50 p.m. on Tuesday, shares of Cosmax fell 1.9 percent, or 2,000 won, to 101,500 won in Seoul trading.

By Lee Young-wook

[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]