K-beauty's rise mirrors TSMC contract manufacturing playbook

South Korean cosmetics industry's division of labor helps produce hits at unparalleled speed

ODM companies like Kolmar do not carry brands of their own, focusing only on R&D and contract manufacturing. (Kolmar)

SEOUL -- The South Korean cosmetics industry's rise to the world's second-largest exporter of beauty products has been driven by contract manufacturers that help quickly bring new products to market, much like chipmaker Taiwan Semiconductor Manufacturing Co. does for the semiconductor industry.