JOY GROUP's Impressive 36% Revenue Growth Driven by Beauty Categories Expansion

JOY GROUP Achieves Significant Revenue Growth

In a noteworthy announcement, JOY GROUP (Shanghai Juyi Cosmetics Co., Ltd.) has disclosed its financial results for the fiscal year 2024, culminating in notable sales exceeding $580 million (about 4.2 billion RMB) with annual revenues reaching $483 million (approximately 3.5 billion RMB). This marks an impressive growth rate of 36% year-on-year, underscoring the company's ability to maintain a strong profitability level amid evolving market conditions.

The key drivers of this growth can be attributed to JOY GROUP's expansion across multiple beauty categories. Particularly in the makeup sector, JOY has emerged as a dominant player, securing the leading market share in China. The brand JUDYDOLL has established itself as the top-selling makeup brand in China, reaching annual retail sales surpassing $345 million (2.5 billion RMB) and witnessing a year-on-year growth of 23%.

In addition to its achievements in makeup, JOY GROUP made significant strides in the hair care segment. The company took over all operational responsibilities for René Furterer, a high-end French hair care brand established in 1957, as of January 1, 2024. With JOY’s local market expertise and execution strategy, the brand experienced remarkable growth, achieving a staggering 72% increase in revenue in the second half of the year.

Furthermore, the company continues to fortify its omnichannel strategy, effectively combining online sales with a robust physical presence. JOY GROUP operates more than 80 independent boutiques across China and maintains a presence in over 15,000 retail points, which enhances customer engagement and product accessibility.

Allan Liu, the Chairman and CEO of JOY GROUP, emphasized the company’s successful transition from makeup to hair care and from mass-market to premium offerings in 2024. He stated, "The results validate our multi-brand strategy across various categories and price segments. Looking ahead, we aim to expand our brand portfolio through strategic initiatives such as mergers and acquisitions and incubation, which we believe will foster long-term growth for JOY."

Building on the success in China, JOY GROUP is committed to its globalization strategy. In 2024, international sales skyrocketed by over 400%, with expansion efforts reaching over 30 countries through e-commerce and retail channels. The company's mission remains steadfast: to create a world of beauty that brings joy to everyone.

Currently, JOY GROUP's impressive brand portfolio includes JUDYDOLL, JOOCYEE, and René Furterer (operating in China), effectively encompassing various aspects of the beauty sector from makeup to hair care. Recognition of the company's exceptional performance was highlighted in 2024 when JOY was featured in the esteemed WWD Beauty Inc. Top 100 list, ranking at position 70.

For those interested in further exploring JOY GROUP, their commitment to beauty innovation and market expansion can be seen through their official channel at www.joy-group.com. The future appears bright for JOY GROUP as it navigates the ever-evolving beauty landscape with a clear vision and robust strategy.