As the person in charge of COSMAX Asia, including COSMAX China, Vice President Gyeong Choi was an early member of COSMAX from the start of its 27-year history. COSMAX China, which has been experiencing high growth every year, is a driving force in the success story in China.
Q. 중국법인의 설립부터 시작하여 매년 30% 이상의 성장을 만드는 코스맥스 중국 성공 신화의 주역이신데, 중국에서의 성공비결이 궁금합니다.
"Previously, Japanese cosmetics brands believed that Korean companies were always one step behind them. That’s because, in the early days, Korean cosmetics companies marketed their products by emphasizing their technical partnership with Japanese companies. However, a proud, world-class Japanese brand recently paid a visit to COSMAX, seeking to secure products developed by COSMAX. It was an incredible experience. At the time, I felt great pride for the development that COSMAX has achieved.
I believe that there are three secrets behind the success of COSMAX China.
The first is that many companies have made every decision in their headquarters in Korea and unilaterally notified those decisions to their Chinese subsidiaries without considering any local circumstances. Such tendencies often results in poor responses to fast-changing local markets and missed timing. Also many companies quickly grew impatient and just gave up if their business performance did not meet their expectations. On the other hand, our company ensured that the local subsidiary in China would adapt to the local environment from the beginning, rather than placing it under pressure to rapidly deliver an outcome. Furthermore, our full support for any subsidiary in China allowed the company to quickly settle in the local environment.
The second secret is the development of the cosmetics industry in China, and the increase in consumption.
The cosmetics market in China continues to record surprisingly rapid growth. In particular for COSMAX, the growth of the Chinese cosmetics market also resulted in the growth of the company, as local brands were our main customers.
Third, I believe it was because we fostered excellent local talent in China.
Inevitably, we had to dispatch many employees from Korea to carry out various tasks at the beginning. However, as the local subsidiary began to establish itself, we converted to hiring local people in China who were familiar with local circumstances to drive the growth of the company as core personnel.
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