Cosmax expands production base to Europe with acquisition of Italy’s Keminova

▲ Officials from Cosmax and Keminova pose for a commemorative photo during the SPA signing ceremony held in February 2026 at Cosmax’s Pangyo headquarters in Seongnam, Gyeonggi Province. From left: Lee Byung-joo, vice chairman and CEO of Cosmax BTI (second from L); Lee Kyung-soo, chairman of Cosmax Group (third from L); Choi Kyung, vice chairman and CEO of Cosmax (fourth from L); and Mauro Franzoni, CEO of Keminova (third from R), along with other officials from both companies.

SEOUL, Feb. 27 (Yonhap) — Cosmax said on Friday it has established its first production base in Europe by acquiring a stake in an Italian cosmetics original development manufacturing (ODM) company.

Cosmax signed a share purchase agreement (SPA) earlier this week to acquire a 51 percent stake in Keminova, an Italy-based cosmetics ODM firm.

Founded in 1985, Keminova posted sales of approximately 18 billion won ($13.5 million) last year and has an annual production capacity of around 20 million units.

According to Cosmax, Keminova has competitiveness in dermocosmetics, hair care and medical devices, securing major local Italian brands as key clients.

With the deal, Cosmax said it will expand its production network — previously concentrated in South Korea, China and the United States — into Europe, enabling it to better respond to growing global demand for K-beauty products.

The company also plans to develop innovative products tailored to European market trends through technology exchange with Keminova.

The transaction is expected to be finalized next month after receiving approval from the Italian government and other relevant procedures.

A Cosmax official said the two companies aim to create strong synergies by combining their strengths, adding that Cosmax will share its K-beauty technology and sales expertise, while Keminova will contribute its local manufacturing know-how and network in Europe.

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