Establishment of a new cosmetics company

Sumitomo Corporation (Head Office: Chiyoda-ku, Tokyo; Representative Director, President and Chief Executive Officer: Masayuki Hyodo) and Summit Pharmaceuticals International Corporation (Head Office: Chiyoda-ku, Tokyo; President: Kenichi Nakamura; hereinafter “SPI”) (these two companies are hereinafter referred to as “the Sumitomo Corporation Group”) established Summit Cosmetics Corporation (Head Office: Chiyoda-ku, Tokyo; President: Koh Akiyama; hereinafter, “SCC”), a new company specializing in the cosmetics business, by spinning off SPI’s own cosmetics business. SPI will continue its pharmaceutical business, centering around drug discovery and medicinal business.

Since entering the cosmetic ingredients distributor business with its investment in the U.S.-based Presperse in 2007, the Sumitomo Corporation Group has made a number of acquisitions to expand the business globally, including Cosmotec in Brazil, the cosmetic business line of Kyowa Hakko Europe in Germany, and SACI in France. In 2018, the group entered into a partnership with the world’s largest ODM (original design manufacturing) company, Intercos, in Italy to engage in the ODM business, from product design and concept creation to commissioned manufacturing for cosmetics companies.

To enhance and expand its cosmetics business for agile business operations in Japan and around the world, the Sumitomo Corporation Group has established SCC as the core company for its cosmetics business. SCC will sell ingredients and develop unique products through the mutual use of business foundations in the United States, Brazil and France, while further accelerating the ODM business with Intercos in and outside Japan.

SCC, as a group of professionals in the cosmetics business, will create new value through global business foundations, and will satisfy the beauty and health needs of users to contribute to establishing a foundation for comfortable and enriching lifestyles.

■Sumitomo Corporation’s Material Issues
The Sumitomo Corporation Group has defined “Six Material Issues to Achieve Sustainable Growth with Society” as an important factor in developing business strategies and in the decision-making process for individual businesses. Going forward, we will pursue sustainable growth by resolving these issues through our business activities. This Project especially contributes to “Contributing to the Development of Local Communities and Industries” and “Establishing a Foundation for Comfortable and Enriching Lifestyles.”