Cosmax (192820) said on the 13th that it will strengthen its artificial intelligence (AI)-based customized cosmetics business by establishing a joint venture (JV) with Fujishin, a Japanese beauty specialist. It marks the first case of Cosmax deploying its business model in an overseas market since it unveiled its customized cosmetics platform in 2023.
Cosmax signed an agreement on the 6th with Fujishin to establish the joint venture, Trynex. Cosmax will hold a 51% stake and Fujishin 49%. The plan is to apply a business model combining AI-based customized formulation technology with local distribution infrastructure to the Japanese market, and then to pursue overseas expansion. Founded in 1956, Fujishin has an offline distribution network that supplies hair care, skin care, and beauty devices to about 20,000 salons nationwide.
Cosmax explained that it judged Japan to be the most suitable market to first introduce an offline-based customized formulation and subscription model. The company determined that Japan is a suitable market for the business, given high consumer acceptance of premium beauty services and strong trust between beauticians and consumers.
Under the agreement, Cosmax will handle product planning and production management, while Fujishin will be responsible for marketing, distribution, and sales. Cosmax's customized cosmetics platform 3WAAU produces customized cosmetics through AI formulation based on one-on-one consultations. It has secured consumer data through more than 2 million cumulative consultations over the past three years. It later unveiled the BYNIQ platform, which targets the global market with a simplified customization system.
Trynex plans to localize its customized cosmetics operating system to establish itself in the Japanese market, covering AI consultation and formulation and customized manufacturing; local filling, packaging, and delivery; post-use feedback collection; and algorithm enhancement. In addition, Cosmax plans to advance its customized cosmetics business based on its operating experience and accumulated data in Japan, and to expand the supply of its business model to major countries such as the United States and Italy going forward.
"Based on the data accumulated in the trust-based channel of salons, we will continue to enhance our formulation competitiveness and create a new standard for the customized cosmetics business in the global market," said Lee Byung-joo, CEO of Cosmax BTI.
