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

JOY GROUP's Remarkable Financial Performance in 2024

In a significant milestone, JOY GROUP (Shanghai Juyi Cosmetics Co., Ltd.) has reported an impressive revenue growth of 36%, culminating in an annual revenue of US$483 million for the 2024 fiscal year. This surge reflects the company's robust performance across various beauty segments and showcases its strategic positioning within the market.

A Diverse Portfolio Fuels Growth

The company has adeptly navigated multiple beauty categories, reinforcing its presence in the fiercely competitive cosmetics industry. Within the makeup sector, JOY GROUP has ascended to the top, emerging as the number one domestic brand in China. Its makeup line, JUDYDOLL, has achieved phenomenal success, recording over US$345 million in annual sales, signifying a remarkable 23% increase from the previous year.

In addition to makeup, JOY GROUP has made significant strides in the haircare segment by taking full control of René Furterer, an esteemed French brand. Since beginning operations in China on January 1, 2024, the brand has experienced a spectacular 72% revenue growth during the latter half of the year. This remarkable achievement highlights the efficacy of JOY GROUP's localized approach and strategic execution in tapping into the Chinese market's preferences.

Omnichannel Strategy and Expansion

JOY GROUP has fortified its market stance by implementing a comprehensive omnichannel strategy. This involves a blend of direct-to-consumer sales via e-commerce and an expansive offline presence, comprised of over 80 standalone brand boutiques across China, alongside a distribution network reaching more than 15,000 retail outlets.

Allan Liu, CEO of JOY GROUP, stated, "In 2024, we successfully transitioned from makeup to haircare and expanded from mass to premium markets. Our results validate our multi-brand strategy across various categories and price points. Moving forward, we aim to enhance our brand portfolio through strategic initiatives including market analysis and brand incubation to drive long-term growth."

Globalization and Future Prospects

Building on its domestic success, JOY GROUP is steadfast in its globalization efforts. The company reported a staggering 400% growth in its overseas operations in 2024, penetrating over 30 countries through both e-commerce channels and retail partnerships.

The group adheres to its mission of creating a world of beauty that instills joy in everyone. Its diverse portfolio, featuring brands like JUDYDOLL, JOOCYEE, and René Furterer, covers a wide spectrum of beauty products, encompassing makeup, skin care, and hair care.

In recognition of its stellar market performance, JOY GROUP was again featured in the prestigious WWD Beauty Inc. Top 100 for 2024, ranking 70th among leading beauty companies worldwide. This ranking not only underscores its growing influence but also its commitment to maintaining excellence within the cosmetics industry.

For more insights on JOY GROUP and its range of products, visit www.joy-group.com.

Conclusion

As JOY GROUP continues to flourish in the fast-evolving beauty sector, its dedication to innovation, quality, and customer experience positions it favorably for sustained success. With aggressive expansion plans and a focus on diversification, JOY GROUP is poised to make waves not just in China but on a global scale.