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

JOY GROUP's Impressive Revenue Growth in 2024

In a recently announced financial statement, JOY GROUP, officially acknowledged as Shanghai Juyi Cosmetics Co., Ltd., reported a remarkable 36% increase in revenue for the fiscal year 2024, totaling 483 million USD (approximately 3.5 billion RMB). This growth is attributed to a surge in various beauty product categories, cementing JOY GROUP's position in the competitive cosmetics industry.

Pioneering Makeup Market Growth

2024 marked a significant year for JOY GROUP, particularly in the makeup sector. The company has successfully established itself as a leader in the Chinese market, with its JUDYDOLL brand recognized as the top-selling makeup brand by volume in the country. JUDYDOLL achieved an impressive retail sales volume exceeding 345 million USD (around 2.5 billion RMB), reflecting a 23% increase year-over-year.

The brand’s success is the result of targeted marketing strategies and a deep understanding of consumer preferences in the local market. This growth in the makeup segment has set a strong foundation for JOY GROUP to expand its market share further.

Expansion into Hair Care Products

In a strategic move to diversify its offerings, JOY GROUP acquired the full operations of the iconic French hair care brand René Furterer, effective January 1, 2024. This acquisition has proven beneficial, as the brand experienced a staggering 72% increase in revenue during the second half of the year. JOY GROUP's ability to leverage local market knowledge and effective execution strategies has been key to this rapid growth.

By integrating René Furterer into its portfolio, JOY GROUP is not only enhancing its position in the beauty industry but also appealing to higher-end markets, reflecting its shift from mass-market products to more luxury offerings.

E-commerce and Omni-Channel Strategy

Emphasizing its commitment to innovation, JOY GROUP continues to invest in its omni-channel strategy. The company combines its robust e-commerce presence with over 80 independent stores across China. These efforts have resulted in a strong retail presence with more than 15,000 points of sale nationwide, allowing for a comprehensive customer engagement approach that caters to various shopping preferences.

Allan Liu, the CEO of JOY GROUP, remarked, “In 2024, we successfully diversified our product offerings from makeup to hair care and moved from mass-market to premium market segments. The positive result for 2024 strongly validates our multi-brand strategy across all categories and price segments.” This forward-thinking attitude reflects the company’s intention to continually adapt and expand in the dynamic beauty market.

Global Expansion and Future Prospects

Building on its achievements in China, JOY GROUP is making significant strides in international markets, displaying a growth rate of over 400% in its overseas operations. By extending its outreach to more than 30 countries through e-commerce and retail strategies, JOY GROUP is actively pursuing a global market presence, further solidifying its brand’s international footprint.

To support its growth trajectory, JOY GROUP is focused on strategic initiatives such as mergers and acquisitions and incubation processes that contribute to a robust brand portfolio. As a result, it is poised for long-term sustainable growth in the beauty sector.

Conclusion

JOY GROUP has demonstrated a remarkable performance in 2024, with notable achievements in revenue growth driven by its strong makeup and hair care segments. The company continues to innovate within the beauty market, maintaining its mission to create products that bring joy to consumers worldwide. As JOY GROUP accelerates its global ambitions, it aims to maintain its competitive edge in an ever-evolving industry.

For additional details on JOY GROUP's diverse offerings, visit www.joy-group.com.