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In exchange-coupled two-phase permanent magnets, the length scale of soft phase is limited to about twice of the domain-wall width of the hard phase. To optimize the energy product, it is important to realize this length experimentally. In this work, we investigate the Sm–Co/Co hard/soft multilayers with varying thickness of soft phase layers. On rapidly annealing, the multilayered hard-soft structure forms. Transmission electron microscopy micrography confirms that the multilayer structure is retained after the annealing. Single-phase-like hysteresis loops are obtained for samples with Co layers up to 13 nm thick. This behavior indicates that the soft phase is well exchange coupled to the neighboring SmCoz hard phase. An optimal energy product of 16.6 MGOe has been obtained. Longer annealing time results in more diffusion at the interface and yields two-phase-like hysteresis behavior. Direct current demagnetization measurement shows exchange-spring behavior of the samples annealed for longer time. Micromagnetic simulations with varying interface exchange coupling have been performed to compare with the experimental results.