Cosmax Strengthens its e-commerce Business in Southeast Asia

Cosmax (CEO Lee Byung-man and Shim Sang-bae) acquired a startup operating an e-commerce platform in Southeast Asia. It is expected to be able to strengthen sales activities in the Southeast Asian market.

According to Cosmax on the 31st, the company acquired a 100% stake in ‘madsquare’, which operates ‘CHARIS’, a social media e-commerce platform based in Southeast Asia, for 2.599 million won in June last year as a subsidiary. incorporated

Mad Square was established in 2015. It is known that key personnel, including CEO Ahn Joon-hee, who founded Mad Square, had experience in founding and selling ‘Hand Studio’, a content development company for smart TVs, to Yellow Mobile in 2015.

Mad Square operates ‘Charis’ in Southeast Asia such as Indonesia, Malaysia, the Philippines, Thailand, Vietnam, and Singapore. Charis provides an e-commerce service that matches a brand with a famous person online to generate a purchase. When a famous celebrity belongs to the platform and then opens a ‘Seller Shop’, followers proceed with purchases at the celebrity’s online shop ‘Seller Shop’. Proceeds are distributed according to which celebrity the product buyers came from.

The company explained that it acquired Madsquare to expand related businesses such as supporting customers in the Southeast Asian market where Charis is based.

An official from Cosmax said, “Cosmax operates subsidiaries in Thailand and Indonesia, and we believe that the market in this region has high growth potential. explained.
He added, “We are also engaged in OBM (Original Brand Manufacturing) business, with the intention of strengthening our OBM business in overseas markets.”

OBM is a method in which a manufacturer directly plans and develops a brand of a product beyond simply consigning production of a product.

In the first half of this year, Cosmax’s consolidated sales by region recorded KRW 452 billion (53.4%) in Korea, KRW 329.1 billion in Asia (38.9%), and KRW 65.4 billion (7.7%) in the US. Consolidated and adjusted total sales amounted to 775.3 billion won, up 9.6% from the same period last year. During the same period, operating profit increased 59.0% to 67.2 billion won.

 

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Cosmax Strengthens its e-commerce Business in Southeast Asia - /10

Summary

Cosmax (CEO Lee Byung-man and Shim Sang-bae) acquired a startup operating an e-commerce platform in Southeast Asia. It is expected to be able to strengthen sales activities in the Southeast Asian market.

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