What is a Memorandum of Understanding ?
A Memorandum of Understanding (MoU) is a document stating an agreement between several parties. It clearly outlines the commitments taken by each party towards the other and expresses a convergence of will between them, thereby indicating an intended common line of action.
EcoMundo becomes Cosmax's regulatory consultant
Pierre Garçon, President and founder of EcoMundo, and Sylvain De Backer, cosmetics expert, were there. They were accompanied by Emmanuel Fritsch, director of EcoMundo’s Canadian branch and several members of our Korean team, led by Sunmi Shin, were present as well.
Thanks to this MoU, EcoMundo is now identified as Cosmax’s preferred regulatory consultant. Thus, Cosmax will redirect its clients towards EcoMundo, according to their needs throughout their compliance process: CPNP notification, export to the USA etc.
From left to right: Doohyun LIM, Director Cosmax – Chulhee KIM, chief executive Cosmax – Myungsam PARK, R&I Director Cosmax – Jaechon KIM, vice-President Cosmax – Pierre GARÇON, founder and President of EcoMundo – Sunmi SHIN, head of EcoMundo’s Korean branch – Emmanuel FRITSCH, head of EcoMundo’s Korean branch – Sylvain DE BACKER, cosmetics department director at EcoMundo.
Cosmax: big player in the Korean cosmetics market
In Korea, ODMs (Original Design Manufacturers) and OEMs (Original Equipment Manufacturers) are the root of part of the products sold by big cosmetics brands.
Note: ODMs manufacture products according to their clients’ specifications whereas OEMs manufacture according their own specifications, the client being only responsible for distribution.
Cosmax is a multi-sectorial ODM which covers all fields of beauty. Thus, between January and September 2014, it achieved a 208 million euros turnover thanks to its sales in Korea, China and Indonesia. The company supplies about 150 brands – 120 Korean ones and 30 that are foreign. Among its most important clients: LG Household & Health Care Ltd. (THEFACESHOP), Amore Pacific (Innisfree, Etude), Johnson & Johnson or even L’Oréal.
This type of partnership is unprecedented in Cosmax’s history. As a matter of fact, it is the first time since its creation in 1992 that the company signs a Memorandum of Understanding.
To learn more about Cosmax, visit their website by clicking here.
Want to know more about cosmetic regulatory compliance?
For more information on EcoMundo's services and software for your cosmetic products' compliance, do not hesitate to contact our expert, Mr. Sylvain De Backer by phone at : +33 1 83 64 20 54 for Europe, or +1 (778) 234 1607 for North America or even send him an email at [email protected]
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