L’Oréal leans into K-beauty with Cosmax development partnership

L’Oréal and South Korean cosmetics manufacturer Cosmax have signed a memorandum of understanding (MOU), partnering to develop novel K-beauty-inspired cosmetics, ingredients, and sensorial formulations for global audiences. 

Under the partnership, L’Oréal offers its global brand portfolio and consumer knowledge, while Cosmax brings science-backed product development and agile R&D.

The partnership will focus on three main areas. First, the two companies will jointly develop products inspired by K-beauty for global markets, using L’Oréal’s consumer insights and beauty science.

Second, the duo will research and develop new cosmetic raw materials and active ingredients. Third, the partnership aims to create novel sensory signatures and product formats based on South Korean beauty trends and consumer preferences.

“Beauty serves as a vibrant bridge between our cultures and a strategic industry for both countries,” says L’Oréal CEO Nicolas Hieronimus. “By working closely together and combining our strengths, we will join forces to shape the future of beauty.”

The move comes as France and South Korea celebrate their 140th anniversary of diplomatic relations at a summit event in Paris, France.

L’Oréal is expanding its global beauty innovation through the partnership.Hieronimus and Cosmax vice chairman Choi Kyoung signed the agreement at the Paris event, with government representatives for both countries’ trade departments present. Their attendance indicates the strategic weight both countries place on the beauty sector in strengthening economic and cultural ties.

Collaborate or compete?

The partnership arrives as the French beauty market weighs its growth options. Earlier this year, tariffs and K-beauty’s global popularity led to a contraction in French beauty exports to the US for the first time since 2008, excluding the pandemic. The country’s Ministry of Customs said perfumes and cosmetics exports to the US fell by 25% between Q4 2024 and Q4 2025.

French exporters dropped prices by around 20% to attempt to even out the tariff blows, but the ministry said it did not prevent a drop in US demand, which then was, and still is, fixed on K-beauty instead. 

According to South Korea’s Ministry of Food and Drug Safety, the US was the country’s largest cosmetic export destination in 2025, with exports increasing by 15.1% to approximately US$2.2 billion.

At the time, France’s export declines aligned with the beauty industry’s financial reporting. L’Oréal experienced a 3.8% drop in North American sales in Q1 2025, but the business has since lifted, reporting positive financial growth in H1 2026 for North America.

Meanwhile, reports surfaced that French imports of beauty products rose around 6%, due to online purchases from China and South Korea.

L’Oreal underlines that it has worked with South Korean partners for over 30 years, including original design manufacturers, packaging partners, and raw material suppliers. However, the new deal marks a deeper shift where jointly created innovations will be directly K-beauty inspired — suggesting L’Oréal may see collaboration with K-beauty as more viable than competing with it.