• 구독신청
  • My스크랩
  • 지면신문
FNTIMES 대한민국 최고 금융 경제지
ad

Localization in Full Swing... Why Kolmar Korea and COSMAX Are Smiling Despite U.S. Tariff Bomb

김나영 기자

steaming@fntimes.com

기사입력 : 2025-04-09 08:18 최종수정 : 2025-04-09 08:28

◇ One day before reciprocal tariffs take effect… Kolmar Korea and COSMAX sidestep the tariff impact zone
◇ Opportunity to shed ‘chronic loss’ label at U.S. subsidiaries… Client exits from local markets remain a risk

Kolmar Korea (left) and COSMAX. / Photo provided by each company

Kolmar Korea (left) and COSMAX. / Photo provided by each company

이미지 확대보기
[Korea Financial Times, Kim Nayoung] Amid growing concerns over a U.S.-led "tariff war," Korean cosmetics ODM (Original Design Manufacturing) firms Kolmar Korea and COSMAX have positioned themselves as insulated players. Their early investments in U.S. production bases and localization strategies are now paying dividends.

According to industry sources on April 8, U.S. President Donald Trump announced on April 2 that a 25% reciprocal tariff would be imposed on all products imported from South Korea. A baseline 10% tariff has already been in effect since April 5, with the reciprocal tariff set to apply from April 9.

While fears of a "tariff bomb" ripple across industries, Kolmar Korea and COSMAX appear largely shielded. Analysts suggest the tariff policy could even create opportunities for these ODM leaders, given their accelerated localization plans and existing U.S. production infrastructure.

Kolmar Korea is nearing completion of its second U.S. factory in Pennsylvania this month, with operations expected to begin in the first half of the year. Once operational, Kolmar USA’s production capacity will expand to 300 million units annually.

COSMAX, through its U.S. subsidiary COSMAX USA, is also ramping up local production. Its New Jersey facility boasts an annual capacity exceeding 270 million units.

Industry observers anticipate positive momentum for both subsidiaries, which have long struggled with losses. In 2024, Kolmar USA reported a KRW 50.3 billion net loss, while COSMAX USA recorded a KRW 32.2 billion net loss. However, expectations are rising that the current tariff war landscape could accelerate a turnaround, as more clients outsource production to local facilities.

A Kolmar Korea representative stated, “While labor costs in the U.S. are higher, clients seeking to avoid reciprocal tariffs may increasingly turn to local production, benefiting our U.S. subsidiary.”

Production capacity also remains robust. The company asserts there will be no strain in fully manufacturing export-bound products locally, even if orders surge in the region. He added, 'Even if U.S. production volumes increase significantly, we can comfortably handle the load.'

Additionally, most K-beauty products are currently distributed through a 'reverse direct purchasing' model, where local consumers buy directly from domestic platforms. If brands were to export cosmetics directly to the U.S., they would be subject to tariffs. However, when products are sold via reverse purchasing, the tariff burden may instead fall on local consumers.

A COSMAX official explained, "K-beauty brands often rely on individual reverse direct purchasing rather than direct market entry by client companies". Under current policies, cosmetics purchased from countries other than China are generally exempt from tariffs if the transaction amount is below $800.

However, uncertainties remain. Some clients may abandon the U.S. market entirely due to tariff pressures. An industry insider noted, “The possibility of clients exiting U.S. operations remains a variable. Clear impacts will likely emerge after Q2 2025.”

Meanwhile, K-beauty claimed 22.4% of the U.S. cosmetics import market in 2024, surpassing France to take the top spot. Exports reached an all-time high of $1.9 billion (approximately KRW 2.7981 trillion).

Kim Nayoung, Korea Finacial Times (steaming@fntimes.com)

데일리 금융경제뉴스 FNTIMES - 저작권법에 의거 상업적 목적의 무단 전재, 복사, 배포 금지
Copyright ⓒ 한국금융신문 & FNTIMES.com

기자의 기사 더보기 전체보기

가장 핫한 경제 소식! 한국금융신문의 ‘추천뉴스’를 받아보세요~

KFT Topic 다른 기사

1 "LG Innotek's Stock Rally Leaves Dividend Yield Behind" LG Innotek's dividend yield is projected to fall below 0.1% as its stock price has surged nearly fourfold over the past year. The company has set a plan to raise its payout ratio by 10 percentage points going forward, but because its share price has climbed far faster than its net profit, shareholders are seeing the appeal of its dividends sharply diminished.Since 2022, LG Innotek's dividend policy has been to return "at least 10% of consolidated net income (excluding one-off, non-recurring gains)" — that is, a payout ratio of at least 10%. Furthermore, in a Value-up disclosure in November 20 2 Korea's New Inheritance Tax Rule Targets Just 130 of 1,500 Undervalued Stocks The South Korean government has unveiled a "stock price suppression prevention act" aimed at normalizing the capital market and resolving the "Korea discount." However, the measure is facing fierce criticism over concerns about its effectiveness. Contrary to market expectations, only a small number of companies would actually be subject to the regulation, and critics point out that it could instead give controlling shareholders an incentive to keep stock prices low over the long term.On Aug. 4, the Ministry of Economy and Finance announced that, as part of the tax reform package unveiled the p 3 "Hanwha's Youngest Son Promoted, Puts New Holding Company to the Test" Kim Dong-seon, vice chairman of Hanwha Vision, has been abruptly promoted to president ahead of the launch of a new holding company. The move is interpreted as reinforcing his responsibilities and authority as he moves into independent management. Market attention now turns to how President Kim will flesh out a growth strategy for the new holding company, which spans both tech and life businesses.According to industry sources on the 31st, Hanwha Group will carry out a reshuffle of key executives and some subsidiary CEOs effective August 1. At the center of the reshuffle are personnel changes i
ad
ad
ad

한국금융 포럼 사이버관

더보기

FT카드뉴스

더보기
[그래픽 뉴스] ISA 대개편! 나에게 유리한 계좌는?
[그래픽 뉴스] 미국 증시 새로운 키워드 'MANGOS'
환전·로또·육아휴직까지 하반기부터 달라지는 제도 TOP11
[그래픽 뉴스] 은퇴후 30년 부모님 세대의 생존전략
[그래픽 뉴스] 퇴근 후 주차했는데 수익 발생? V2G의 정체

FT도서

더보기