Cosmetics equipment manufacturer Cosmax announced Aug. 14 that it will sell its private brand products at L’etoile’s stores in Russia.
L’etoile is the top cosmetics retailer in Russia with more than 1,000 health and beauty stores in 280 cities worldwide. The Russian company’s stores offer over 10,000 products across more than 200 different brands.
“We will further expand our presence in Russia with our quality product and competitive price,” Cosmax Overseas Marketing Director Lee Byung-man said in a statement. “Besides L’etoile, we are also in talks with other retailers in Russia as well.”
The Korean company will supply 42 different skin care products, including lotions and serums.
Russia’s skin care cosmetics market has grown dramatically from 67 billion won ($55.21 million) in 2017 to 2.5 trillion won last year.
The Korean company has been expanding its presence in different countries due to increasing competition in the local market. Cosmax first entered China in 2004. Moreover, at the end of 2017, it acquired NuWorld Beauty to expand its presence in the US.
Established in 1992, Cosmax is a key producer for global beauty giants such as Johnson & Johnson, Estee Lauder and L’Oreal. Its sales in 2018 increased 42.5 percent to 1.25 trillion won, with 52.3 billion won in operating profit.
By Song Seung-hyun (firstname.lastname@example.org)