Cosmax to conduct joint research with Universitas Indonesia

Cosmax Inc. announced Tuesday it recently signed a memorandum of understanding (MOU) with Universitas Indonesia’s Department of Pharmacy to conduct joint research on extracting all-natural ingredients to develop new products. 

Cosmax is a major South Korean original design manufacturer (ODM) for L'Oréal and other global cosmetics giants.

The two entities will collaborate over the next three years on utilizing plants native to Indonesia as the main ingredients for the company's new skincare and cosmetics line-up. 

The end product, the result of combining the local vegetation and K-beauty technology, will be introduced to the Southeast Asian market. 

Cheong Min-kyoung, president and director of Cosmax Indonesia said, “It is quite meaningful to conduct joint research with Universitas Indonesia, the country’s highest-ranking university.”

He added the company will launch a number of hybrid products that are in line with clean beauty and environmentally friendly trends.

Experts say Indonesia’s cosmetics and skincare market have high growth potential. 

The local customer base is sensitive to the latest trends, showcasing a strong preference for items with the latest ingredients. 

The South Korean ODM giant entered Indonesia in 2012. 

The local corporation recorded 39.2 billion won ($30 million) in revenue last year. 

Write to Jung-Eun Kim at likesmile@hankyung.com
Jee Abbey Lee edited this article.