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

JOY GROUP's Financial Success: A Deep Dive into 2024 Growth

The JOY GROUP, officially known as Shanghai Juyi Cosmetics Co., Ltd., has released its financial results for the fiscal year 2024, showcasing a significant revenue milestone. The company reported a total revenue exceeding 580 million USD, with an impressive 483 million USD in annual revenue which represents a remarkable 36% increase from the previous year. This achievement illustrates JOY GROUP's consistent ability to maintain double-digit growth while retaining healthy profitability.

Market Leadership in Multiple Beauty Categories

In 2024, JOY GROUP saw substantial growth across various beauty segments. Notably, in the cosmetics category, JOY emerged as the number one brand in China based on market share, highlighting its dominance in the makeup sector. Particularly, the brand JUDYDOLL distinguished itself as the leading makeup brand in China, achieving a retail revenue that surpassed 345 million USD, marking a 23% increase year over year. This dominance showcases JOY GROUP’s strategic focus on delivering high-quality products that resonate with consumers.

In addition to makeup, the JOY GROUP made significant strides in the hair care market by acquiring the entire business of René Furterer, a prestigious French hair care brand established in 1957. This pivotal move has allowed JOY GROUP to leverage its local market expertise, resulting in strong growth for the brand. In the latter half of 2024 alone, René Furterer experienced a staggering 72% increase in revenue, bolstered by JOY GROUP's extensive distribution network and marketing strategies.

Expanding Omnichannel Strategies

The company continues to enhance its omnichannel strategy, which integrates e-commerce and traditional retail. JOY GROUP operates over 80 standalone brand boutiques across China, alongside a presence in more than 15,000 retail locations. This diversified distribution strategy not only facilitates product accessibility for consumers but also strengthens brand recognition across various channels.

Allan Liu, the Chairman and CEO of JOY GROUP, expressed his enthusiasm regarding the company’s progress in 2024. He stated, “We have successfully expanded from makeup into hair care, moving from mass markets to premium marketplaces. The 2024 results affirm our multi-brand strategy across all categories and price segments.” Liu emphasized that the company plans to further broaden its brand portfolio through strategic initiatives, including mergers, acquisitions, and incubations aimed at fostering long-term growth.

Commitment to Global Expansion

Building on its successes in China, the JOY GROUP is unwavering in its commitment to globalization. In 2024, the company’s international business surged by more than 400%, extending its reach to over 30 countries via e-commerce and retail. This remarkable growth underscores the brand's adaptability in diverse markets, affirming its potential for sustained expansion on the global stage.

The JOY GROUP operates under the mission of "Creating a world of beauty that brings joy to everyone." Its portfolio includes notable brands like JUDYDOLL, JOOCYEE, and René Furterer (China), covering an array of beauty categories from makeup to hair care. In recognition of its robust market performance, JOY GROUP earned a spot in the prestigious WWD Beauty Inc. Top 100 in 2024, ranking 70th and reflecting the company’s significant contributions to the beauty industry.

For those interested in exploring more about the JOY GROUP and its extensive range of products, visit their official website at www.joy-group.com.



Overall, the future looks promising for JOY GROUP as it continues to innovate, expand, and lead in the beauty industry, proving that with the right strategies and vision, significant growth is always achievable.