Wadiz and Cosmax Begin Full-Scale Next-Generation Beauty Brand Development... 'NEXT BEAUTY BRAND' Launch

Wadiz and Cosmax Begin Full-Scale Next-Generation Beauty Brand Development…'NEXT BEAUTY BRAND' Launch

-'Cosmetic Manufacturing Raw Materials and Production Consulting Provision' to 'Promotional Marketing Support' for Successful Funding
-Support for Selected Teams with up to 500 Million Won in Joint Investment from Wadiz-Cosmax and 'Beauty Brand Scale-up Support'
-Apply by October 23rd, to be announced through Showcase Event scheduled for February next year

Wadiz and Cosmax, a global beauty specialist company, are beginning full-scale collaboration to support 'K Beauty' brands. Wadiz, a life design funding platform, announced on the 11th that it is launching 'NEXT BEAUTY BRAND' with Cosmax (Representative Director Lee Byung-man), a global top-tier beauty and health ODM company, and will discover and nurture brands to lead the next-generation K beauty market. This program is the first collaboration following the 'Strategic Business Agreement for Creating a Beauty Startup Ecosystem' signed by both companies in May, and was prepared for K beauty brand incubation ranging from product development of startups with high growth potential to financial benefits worth 500 million won.
The Next Beauty Brand is divided into △Idea Team and △Launch Team for recruitment. Prospective beauty brand entrepreneurs with 'Your Own Ideas' can apply to the Idea Team, and companies planning to launch 'New Products' by January 2023 can apply to the Launch Team. 

Launch Team selection is limited to successfully funded companies and evaluates performance and growth potential, with final selection through the brand showcase in February next year. The selected teams will receive a total of 500 million won in financial benefits from Wadiz's financial subsidiary 'Wadiz Finance' and Cosmax. Teams will have the opportunity to grow through up to 100 million won in investment per team and comprehensive support including raw materials, production, auxiliary materials consulting and container design consulting from Cosmax, and promotional marketing from Wadiz for successful funding. 

Idea Team selection comprehensively evaluates feasibility, product novelty, and mass appeal. Selected teams will receive comprehensive support from idea concretization and commercialization consulting to sample production and manufacturing, and subsequent marketing benefits for brand scale-up, providing full support from brand inception to growth.

Wadiz CEO Shin Hye-sung stated, "We planned this to create an environment where promising beauty brands can receive manufacturing support from Cosmax, verify market viability at Wadiz, and grow," and added, "It will be a great opportunity for capable beauty brands to be recognized for their growth potential and smoothly leap to the next step."

Cosmax CEO Lee Byung-man said, "Cosmax intends to support high-growth-potential brand companies in their early stages and build strategic partnerships to achieve mutual growth," and conveyed, "I look forward to discovering what kind of gems we can find in this program that anyone, individuals and corporations, can participate in."

Meanwhile, teams wishing to participate in the program can apply by the 23rd through Wadiz Website.