L’Oréal partners with Cosmax to globalise K-beauty innovation

FRANCE – L’Oréal and South Korean cosmetics manufacturer Cosmax have signed a memorandum of understanding (MOU) to jointly develop K‑beauty‑inspired cosmetics, ingredients, and sensory formulations for global audiences. 

Under the partnership, L’Oréal will contribute its worldwide brand portfolio and consumer insights, while Cosmax will bring science‑backed product development and agile R&D capabilities. 

The collaboration will focus on three main areas: first, the two companies will co‑develop K‑beauty‑inspired products for global markets using L’Oréal’s consumer data and beauty science; second, they will research and develop new cosmetic raw materials and active ingredients; and third, they will create novel sensory signatures and product formats shaped by South Korean beauty trends and consumer preferences.

L’Oréal CEO Nicolas Hieronimus stated, “As we celebrate 140 years of diplomatic relations between France and South Korea, I am proud to deepen our partnership with Cosmax.”

“By working closely together and combining our strengths, we will join forces to shape the future of beauty and create exceptional new experiences for consumers worldwide.”

The deal was signed in Paris by Hieronimus and Cosmax Vice Chairman Choi Kyoung during a summit event marking the 140th anniversary of France–South Korea diplomatic relations, with trade ministry representatives from both governments present.

The partnership arrives as the French beauty market reassesses its growth strategy amid trade headwinds and shifting consumer demand. 

Earlier this year, tariffs and K‑beauty’s global popularity helped drive a contraction in French beauty exports to the US for the first time since 2008 (excluding the pandemic), with perfumes and cosmetics exports to the US falling by 25% between Q4 2024 and Q4 2025, according to France’s Ministry of Customs. 

French exporters cut prices by around 20% to try to offset the tariff impact, but the ministry said this did not prevent a drop in US demand, which has remained focused on K‑beauty.

By contrast, South Korea’s Ministry of Food and Drug Safety reported that the US was its largest cosmetics export destination in 2025, with shipments rising 15.1% to approximately US$2.2 billion. 

France’s export declines mirrored broader industry trends: L’Oréal recorded a 3.8% drop in North American sales in Q1 2025, though the business later returned to positive growth in H1 2026 for the region. 

At the same time, reports indicated that French imports of beauty products increased by around 6%, driven by online purchases from China and South Korea.

L’Oréal emphasizes that it has worked with South Korean partners for more than 30 years, including original design manufacturers, packaging suppliers, and raw‑material providers. 

However, the new deal marks a deeper strategic shift: instead of merely sourcing or competing, the companies will co‑create innovations explicitly inspired by K‑beauty, suggesting L’Oréal sees collaboration with K‑beauty leaders as a more viable path than competing directly with them in key markets.

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