||Company In Focus: ACT
ACT (CEO, Bo Sup Lee) is a venture company with expertise in utilizing physiologically active raw materials for cosmetics. Established in 2001, ACT’s technology is recognized as one of the leading technologies in the industry despite its short history. Former research head at Amore Pacific, Bo sup Lee, CEO of ACT, emphasized that “ACT is focusing on R&D to maximize customer satisfaction for cosmetics". The company is investing more than 10% of sales directly into R&D constantly developing new cosmetic technologies. Last fiscal year, ACT poured KRW 643 million in R&D which is 10.7% of annual sales, KRW 6billion. This year, ACT is planning to endow KRW 1 billion to R&D, 11.8% of projected sales, KRW 85 billion.
ACT uses natural extracts through fermentation process thus producing a more eco-friendly raw materials for cosmetics. It is with this technological advancement that leading cosmetic companies such as Amore Pacific, The Face Shop and Coreana have signed contracts with ACT. Mr. Lee emphasized that ACT is an eco-friendly company with quality control. Last September, it was nominated as “Clean Company" by the Ministry of Labour and received “Inno-biz" certification from Small and Medium Business Administration.
ACT is actively seeking to expand business to overseas markets. ACT participated at cosmetic exhibitions “In-Cosmetics" held in Barcelona, Spain in 2006 and Amsterdam, Holland in 2008. The company has also started to penetrate into the South East Asian market. Mr. Lee said “Overseas sales will exceed local sales as we are receiving a lot of interest from overseas buyers". Next goal for ACT is to develop raw materials for cosmetics using nano-liposomes technology which will allow raw materials to be stable under heat and light and be more transparent.
ACT received $3million from IDG Ventures Korea.
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