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

JOY GROUP Reports Impressive Revenue Growth

In a recent announcement, JOY GROUP (Shanghai Juyi Cosmetics Co., Ltd.) revealed stunning financial results for its fiscal year 2024, showcasing a remarkable 36% increase in revenue, reaching $486 million (approximately 3.5 billion RMB). This exceptional growth can be attributed to the company’s strategic expansion across multiple cosmetic categories, establishing its strong position in the industry.

The company's total revenues exceeded $580 million (around 4.2 billion RMB), reflecting its sustained double-digit growth and maintaining a healthy profitability rate. JOY GROUP's remarkable performance emphasizes its resilience and strategic market positioning within the highly competitive cosmetics sector.

Diversifying Categories

In 2024, JOY GROUP experienced notable growth particularly in the make-up segment, where it achieved market leadership within China. The brand JUDYDOLL, a subsidiary of JOY GROUP, claimed the first position in the market by sales volume, with annual retail sales surpassing $345 million (around 2.5 billion RMB), marking a substantial 23% year-over-year growth.

Moreover, in the hair care category, JOY GROUP took over all operations of the esteemed René Furterer, a prestigious French hair care brand established in 1957, starting from January 1, 2024. In its inaugural year, this brand recorded significant gains, notably a 72% surge in revenue during the latter half of the year, driven by JOY's local market insights and strategic market execution.

Strategic Expansion and Innovation

Continuing with its comprehensive strategy, JOY GROUP operates over 80 standalone branded stores across China for all three of its brands and is represented in more than 15,000 retail locations. Allan Liu, the Chairman and CEO of JOY GROUP, stated, "In 2024, we successfully expanded from makeup to hair care while transitioning from mass markets to premium segments. The results clearly affirm our multi-brand strategy across various categories and price segments. Moving forward, we will keep expanding our brand portfolio through strategic initiatives, including mergers and acquisitions, as well as incubation efforts. We believe our portfolio strategy will support JOY's long-term growth."

In line with its domestic successes, JOY GROUP is fiercely committed to globalization. The company's overseas operations grew over 400% in 2024, broadening its reach to more than 30 countries through both e-commerce and retail channels, thereby emphasizing its ambition to become a leading international player in the cosmetic industry.

Commitment to Quality

JOY GROUP is a multi-brand cosmetics company dedicated to creating a world of beauty that brings joy to everyone. Its portfolio includes brands such as JUDYDOLL, JOOCYEE, and René Furterer, covering various cosmetic sectors, from makeup to hair care.

As a testament to its strong market performance, JOY GROUP was once again recognized in the prestigious WWD Beauty Inc. Top 100 ranking for 2024, securing the 70th position. This accolade highlights the brand's commitment to quality and innovation in their products.

For anyone interested in finding out more about JOY GROUP, additional information is available on their official website: www.joy-group.com.