#None #JOY GROUP #René Furterer #JUDYDOLL

JOY GROUP Financial Results for 2024

In an impressive display of growth and market adaptability, JOY GROUP (Shanghai Juyi Cosmetics Co., Ltd.) has declared its financial performance for the 2024 fiscal year. The company reported total sales exceeding $580 million (4.2 billion RMB), complemented by an annual revenue of $483 million (3.5 billion RMB), which reflects a remarkable 36% increase year-on-year.

Key Growth Areas

In 2024, JOY GROUP excelled in various cosmetic categories, most notably in makeup products where it emerged as the leading domestic brand in market share within China. Its brand JUDYDOLL gained the title of the number one selling makeup brand in the country, generating an annual retail sale surpassing $345 million (2.5 billion RMB), marking a substantial growth of 23% compared to the previous year.

In the hair care segment, JOY GROUP successfully acquired the rights to operate René Furterer, a prestigious French hair care brand established in 1957, within the Chinese market as of January 1st, 2024. The brand experienced notable revenue growth during its inaugural year, with a staggering 72% increase in revenue in the second half of the year, owing to JOY's in-depth market knowledge and effective marketing strategies.

Multichannel Strategy

Continuing to enhance its multichannel strategy, JOY GROUP has expanded beyond its direct-to-consumer e-commerce model. The company operates more than 80 standalone boutiques for all three brands in China and boasts a presence in over 15,000 retail outlets. Allan Liu, the President and CEO of JOY GROUP, emphasized the successful expansion into hair care in 2024 and the strategic focus on elevating from mass markets to premium segments. Liu stated, "The financial results for 2024 affirm the validity of our multi-brand strategy across various categories and price segments."

Looking towards the future, JOY is committed to further expanding its portfolio through strategic initiatives, including mergers, acquisitions, and brand incubation. The company believes this portfolio strategy will fuel long-term growth.

International Expansion

In light of JOY's domestic success, the Group is also pursuing a global strategy. In 2024, the company’s international operations surged over 400% as it expanded its reach into more than 30 countries through e-commerce and retail channels.

JOY GROUP positions itself as a multi-brand beauty company with a mission to "create a world of beauty that brings joy to everyone." Its portfolio encompasses brands like JUDYDOLL, JOOCYEE, and René Furterer (for operations in China), covering various beauty sectors from makeup to hair care.

As a testament to its stellar market performance in 2024, JOY once again secured a spot on the WWD Beauty Inc. Top 100 list, placing 70th overall, which highlights its growing influence in the beauty industry.

For more information about JOY GROUP, please visit www.joy-group.com.