– Merging K-Beauty technological prowess with Europe’s clean and vegan manufacturing expertise… Fortifying the ‘Premium’ foundation
– Running manufacturing facilities in six nations throughout Asia, North America, and Europe… Broadening the ‘K-Beauty’ identity
– Optimizing research and marketing collaboration between both firms… Growing the worldwide customer portfolio, with a focus on Europe
On February 20, 2026, at COSMAX’s Pangyo headquarters in Seongnam, Gyeonggi Province, executives including Kyung-soo Lee, Chairman of COSMAX Group (third from left); Kyoung Choi, Vice Chairman & CEO of COSMAX (fourth from left); Byung-joo Lee, Vice Chairman & CEO of COSMAX BTI (second from left); and Mauro Franzoni, CEO of Keminova (third from right), along with other representatives from both organizations, gather for a commemorative photograph during the SPA signing ceremony.
SEOUL, South Korea, Feb. 23, 2026 — COSMAX, the world’s leading cosmetics ODM (Original Development Manufacturing) company, has selected Italy as its strategic hub to increase its footprint in Europe, the birthplace of cosmetics. The company aims to reinforce its worldwide market leadership by establishing a European manufacturing presence through acquiring a regional ODM firm.
On February 23, COSMAX disclosed that it has executed a Share Purchase Agreement (SPA) to purchase a 51% ownership interest in the Italian cosmetics ODM enterprise Keminova.
Founded in 1985, Keminova possesses robust technical knowledge accumulated over four decades. Situated in Brescia, approximately 100 kilometers from Milan, the company is strategically positioned within the “Beauty Valley”—the epicenter of Europe’s cosmetics sector where numerous international beauty corporations are clustered, facilitating seamless access to the cosmetics supply chain and recruitment of qualified professionals.
In the previous year, Keminova generated revenues of roughly €10.5 million, with an annual production capacity (CAPA) of approximately 20 million skincare units. The acquisition is anticipated to serve as a critical resource for COSMAX’s European market growth.
Through this transaction, COSMAX intends to harness the complementary strengths of both entities to generate substantial synergies. The company will impart its unparalleled K-Beauty technical capabilities and commercial expertise to Keminova, while Keminova will contribute its well-established European manufacturing proficiency and professional networks, thus elevating COSMAX’s regional competitive advantage.
Specifically, COSMAX will expand its manufacturing footprint beyond its current concentration in Korea, China, and the U.S. into Europe, allowing for more nimble responses to worldwide K-Beauty demand. Additionally, the company intends to introduce its innovative formulations and technologies to Keminova’s current European clientele and other regional businesses to develop new income sources.
Regarding technology, multifaceted collaborations are expected. Since 2023, Keminova has enhanced its internal research and innovation capabilities, including launching a microbiology laboratory. Through partnership with COSMAX’s global R&D network—which includes approximately 1,100 scientists—the firms will expedite the creation of innovative products customized for European market preferences.
Keminova maintains specialized expertise in derma cosmetics, hair care, and medical device categories. The company has established a strong customer foundation among premier derma/skincare brands and pharmaceutical corporations in Italy. COSMAX aims to strengthen partnerships with these existing clients while also showcasing Keminova’s technical capabilities to Korean partners, fostering K-Beauty’s technological evolution.
Notably, Keminova holds ISO 9001 (Quality Management Systems), ISO 22716 (Cosmetics GMP), and COSMOS (organic cosmetics) certifications, positioning it favorably to meet the stringent requirements of European consumers. With surplus capacity at its production site, COSMAX intends to enlarge facilities to proactively address demand from European customers.
Lee Byungjoo, Vice Chairman and CEO of COSMAX BTI, stated, “The Keminova acquisition transcends simply securing a physical manufacturing site; it represents a strategic merging of Europe’s time-honored cosmetics production expertise with the innovative prowess of the world’s largest ODM corporation. Through integrating our combined strengths, we will swiftly enhance our European market presence and further cement our standing as the global number one cosmetics ODM.”
Meanwhile, COSMAX intends to fulfill all conditions precedent, including obtaining approval from Italian authorities, by March to complete the transaction.
Media Contact:
Seongwoong Lee
PR Communications Team
Cosmax BTI
swlee@cosmax.com | +82 10-7728-0774
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