South Korean cosmetics OEM giant Cosmax reported a 22% YoY rise in 1H 2024 sales to 10.783 trillion Korean won ($40 billion). Second-quarter revenue surged 15% to 551.5 billion won ($20 billion), setting a new quarterly record. Profit increased 15% to 46.7 billion won ($350 million). Sales in South Korea grew 25%, while sales in China fell 4% to 147.6 billion won ($1070 million). The company cited that the popularity of small to medium-sized Korean independent brands in overseas markets such as the US and Japan, along with the high volume of foreign tourists purchasing K-beauty products in South Korea, were key factors.