Lee Byung-man, the second-generation owner of Cosmax Group, has become the largest shareholder of holding company Cosmax BTI, signaling a new phase of leadership for the global K-beauty ODM giant. With record-breaking Q1 2025 revenue and aggressive global expansion, the move underscores Cosmax's push to evolve from a contract manufacturer into a full-service K-beauty incubator for indie brands worldwide.
Leadership shift and succession context
Lee Byung-man, born in 1978 and eldest son of Chairman Lee Kyung-soo, joined Cosmax China in 2005 as a production staff member. He gained hands-on experience across logistics, procurement, production, and operations before becoming head of marketing for Cosmax China in 2014, stabilizing local operations and expanding the client base. In 2020, he was appointed CEO of Cosmax, overseeing the group's core cosmetics ODM business and leading global production expansion and digital transformation.
Record financial performance and global expansion
Cosmax posted its highest-ever quarterly revenue of 682 billion KRW (approx. USD 510 million) in Q1 2025. Direct exports to overseas clients surged over 30% year-on-year, while its U.S. subsidiary saw a 46% revenue increase. The company is accelerating global production capacity: it began full operations at its India facility this year, acquired a 51% stake in Italian cosmetics manufacturer Chemiova in February, and plans to complete a new Shanghai headquarters in the second half of 2025.
K-Beauty incubator strategy and indie brand focus
Lee Byung-man believes the rise of indie brands via social media and e-commerce requires ODM firms to go beyond manufacturing. Cosmax is building a "K-Beauty incubator" that supports brand planning, product development, and global market entry. This strategy has helped the company secure over 4,000 brand clients globally, covering R&D through production.
AI-driven beauty tech investment
Cosmax acquired AI beauty tech startup Artlab last year to advance customized cosmetics technology. Lee stated at the time, "AI is a key driver for customer-tailored solutions and innovative product development. We will redefine beauty tech and further strengthen ODM competitiveness."
What buyers should watch
For overseas importers and distributors, Cosmax's expanded global footprint—including new production in India and Europe—means more localized sourcing options and potentially shorter lead times. The company's focus on indie brand incubation also offers smaller buyers access to full-service product development and market entry support, not just contract manufacturing. The leadership consolidation under Lee Byung-man suggests strategic continuity in global expansion and digital innovation, which could benefit partners seeking long-term supply chain stability.
Source: Read the original report | Published: June 14, 2026