Financial Release: JOY GROUP's 2023 Revenue Highlights a 48% Growth to reach US$360M, Ranking as the Top 2 China Domestic Color Cosmetics Company
SHANGHAI, April 8, 2024 /PRNewswire/ -- Shanghai Juyi Cosmetics Co., Ltd. ("JOY GROUP") has unveiled its financial outcomes for the 2023 fiscal year. The Group surpassed total retail sales of US$450M (RMB 3B), accompanied by a revenue milestone of US$360M (RMB 2.61B), showcasing a remarkable year-on-year growth of 48% (excluding René Furterer). JOY GROUP now ranks No.2 among Chinese domestic players in color cosmetics, reinforcing its leading position within the industry.
This achievement marks another year of JOY GROUP's sustained double-digit growth with healthy profitability, which has set JOY GROUP on the path to becoming one of China's most rapidly expanding cosmetics companies.
JOY GROUP is a multi-brand beauty company on a mission to "Create a world of beauty that brings joy to everyone." Comprising three major brands – JUDYDOLL, JOOCYEE, and René Furterer (China operations) – the Group's product offerings cover various beauty sectors, including color cosmetics, hair, and scalp care. JOY GROUP was included in the esteemed WWD Beauty Inc. Top 100 list in 2022, claiming the 86th position.
In 2023, JUDYDOLL alone recorded an annual revenue of US$232M (RMB 1.67B), marking a robust year-on-year growth of 66%. Meanwhile, JOOCYEE achieved an annual revenue of US$130M (RMB 940M), reflecting its year-on-year increase of over 25%.
Moreover, in October 2023, JOY GROUP forged a strategic partnership with Pierre Fabre Laboratories. Commencing January 1, 2024, JOY GROUP assumed responsibility for all operations of the premium hair and scalp care brand " René Furterer " in China, showcasing its ambition to establish a leading presence in the hair care market.
JOY GROUP now manages an extensive network including flagship stores in major e-commerce platforms, over 50 offline boutiques, and a nationwide presence in over 10,000 offline color cosmetic stores across China. Additionally, with its wholly owned cosmetics factory and laboratories, JOY GROUP boasts the capabilities of a full turn-key supply chain, including research & development, manufacturing, marketing, and sales.
Allan Liu, President of JOY GROUP, affirmed the group's unwavering commitment to its globalization strategy. Since 2020, JOY GROUP has actively expanded its reach into overseas markets, gaining significant traction in Japan and ASEAN markets. The GROUP aims to further extend its presence to high-growth potential markets such as Australia, Canada, and the Middle East.
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