Tmall flagship store for Cosmax
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South Korean cosmetics developer/manufacturer Cosmax Inc is to run an online flagship store on China’s Tmall.com.
It has signed an agreement with online retail giant Alibaba Group Holding to establish the eCommerce platform to distribute Korean beauty products across China.
Under the contract, Cosmax will be Korea’s first multi-shop dealer for various cosmetics brands on Tmall.com, China’s largest third-party platform for brands and retailers.
The launch of the Cosmax platform is expected to help expedite the China Food and Drug Administration (CFDA) hygiene approval process for Korean cosmetics companies.
Cosmax, which entered China in 2003, has cosmetics factories in Guangzhou and Shanghai. It earned more than 200 billion won (US$181.1 million) in China alone last year.
Questions & Answers
Q.What is the primary purpose of Cosmax establishing a Tmall flagship store?
What is the primary purpose of Cosmax establishing a Tmall flagship store?
Cosmax is setting up an eCommerce platform on Tmall.com to distribute a variety of Korean beauty products across China. This initiative is a partnership with Alibaba Group Holding.
Q.How will Cosmax's new platform potentially assist other Korean cosmetics companies?
How will Cosmax's new platform potentially assist other Korean cosmetics companies?
The launch of the Cosmax platform is anticipated to help accelerate the China Food and Drug Administration (CFDA) hygiene approval process for other Korean cosmetics companies seeking to enter the market.
Q.What is Cosmax's role on Tmall.com under this new agreement?
What is Cosmax's role on Tmall.com under this new agreement?
Under the contract, Cosmax will operate as Korea’s first multi-shop dealer, offering products from various cosmetics brands on Tmall.com, which is China's largest third-party platform.
Q.What was Cosmax's financial performance in China last year?
What was Cosmax's financial performance in China last year?
Cosmax earned over 200 billion won in China alone last year, which equates to US$181.1 million. The company first entered the Chinese market in 2003.