#China #Shanghai #JOY GROUP #René Furterer #JUDYDOLL

JOY GROUP Reports Strong Financial Growth in 2024

In a noteworthy development for the beauty industry, JOY GROUP (Shanghai Juyi Cosmetics Co., Ltd.) has unveiled impressive financial results for the fiscal year 2024. With a substantial revenue increase of 36%, the company successfully reached a remarkable total of $483 million (approx. 3.5 billion RMB). This growth trajectory highlights JOY GROUP's ongoing commitment to excellence and innovation across its diverse portfolio of beauty products.

The successful financial performance reflects JOY GROUP's strategic approach to market expansion and product diversification. The company has established itself as a key player in the cosmetics sector, demonstrating particularly strong growth in various product categories, including decorative cosmetics and hair care. This year has seen JOY GROUP solidify its position as the market leader in the domestic Chinese market for decorative cosmetics, where its brand JUDYDOLL has emerged as the top-selling brand by sales volume. The brand's annual retail revenue surpassed $345 million (approximately 2.5 billion RMB), marking a notable year-on-year increase of 23%.

In the hair care segment, JOY GROUP made significant strides by fully acquiring the prestigious French brand, René Furterer, as of January 1, 2024. Founded in 1957, René Furterer has benefited immensely from JOY GROUP’s market knowledge, leading to robust growth in its operations. Particularly in the second half of the year, the René Furterer brand experienced a remarkable surge in sales, with an impressive growth rate of 72%. This achievement stands as a testament to JOY GROUP's effective business strategies and execution in navigating the competitive landscape of the beauty market.

Moreover, JOY GROUP has emphasized the importance of a multi-channel sales strategy to bolster its market presence. Alongside its focused e-commerce efforts aimed directly at end consumers, the company has also established more than 80 branded boutiques across China for all three of its brands, in addition to maintaining a significant presence in over 15,000 retail locations throughout the country.

Allan Liu, the Chairman and CEO of JOY GROUP, remarked, “In 2024, we successfully expanded our operations from decorative cosmetics into the hair care domain and transitioned from the mass market to the premium segment. The results for 2024 clearly validate our multi-brand strategy across categories and pricing segments. We intend to continue broadening our brand portfolio through strategic maneuvers, including mergers, acquisitions, and the development of new brands. We believe that this portfolio strategy will support JOY GROUP's long-term growth.”

Building on its successes within the Chinese market, JOY GROUP is also keen on expanding its globalization strategy. In 2024, the company witnessed an astounding growth of over 400% in foreign trade, significantly broadening its operational capabilities across more than 30 countries through online sales and retail expansion.

As a diversified beauty company, JOY GROUP is committed to its mission of "Creating a world of beauty that brings joy to everyone." Its brand portfolio includes JUDYDOLL, JOOCYEE, and René Furterer (within China), spanning various segments of the beauty industry, including decorative cosmetics and hair care.

For its exceptional market standing, JOY GROUP was once again recognized in the prestigious WWD Beauty Inc. Top 100 list, securing the 70th position in 2024. This accolades further affirm the company's strong trajectory and solid reputation within the beauty sector.

In conclusion, JOY GROUP's stellar performance in 2024 showcases its ability to adapt, innovate, and grow, solidifying its status as a formidable entity in the global beauty market. For more information about the company and its offerings, visit www.joy-group.com.