COSMAX Group announced on the 5th that it has hired former CJ ENM Commerce Division CEO (Vice Chairman) Heo Min-ho as CEO of COSMAX BTI.
CEO Heo is an expert in cosmetics and distribution. He joined the Samsung Group in 1989 and worked at Shinsegae Group and Donghwa Duty Free, before serving as CEO of CJ Olive Young for 10 years starting in 2008.
Under CEO Heo's leadership, Olive Young achieved a turnaround to profitability in its first year and began significant growth in revenue. The number of stores, which was 40 at the time of CEO Heo's appointment, has increased to 1,100.
During his tenure as head of CJ ENM's Commerce Division, he launched 'CJ OnStyle,' which integrated TV home shopping and online malls, presenting a mobile-centric live commerce strategy.
CEO Heo noted, 'The next 10 years for COSMAX, the world's No. 1 cosmetics ODM (Original Design Manufacturer) corporation, will bring even more changes,' and added, 'I will do my best in management to ensure that COSMAX can stand at the center of K-beauty growth momentum, valuing innovation and speed as our highest priorities.'
CEO Heo is set to officially take office at the regular shareholders' meeting this month. A COSMAX Group official stated, 'Through the hiring of Vice Chairman Heo, we will expand new businesses in the global market and become a COSMAX loved by people around the world.'