Based in Shanghai, JOY GROUP is a leading multi-brand beauty company in China and recently announced its 2024 financial results, showcasing remarkable sales of over US$580 million and 36% annual revenue growth. JOY GROUP’s consistent double-digit expansion has been matched by healthy profitability, solidifying its leadership in the region.
Broad-Based Category Growth
In 2024, JOY GROUP reported significant growth across a diverse range of beauty categories. Within the makeup sector, the company has established itself as the No.1 domestic firm by market share in China. Its flagship makeup line, JUDYDOLL, stood out as the No.1 makeup brand in China by sales volume, with retail sales topping US$345 million (RMB 2.5 billion), a 23% increase over the prior year.
JOY GROUP’s haircare division also expanded strongly. The group assumed full operations of René Furterer, a high-end French haircare brand, in China beginning January 1, 2024. The brand responded with robust growth,…
highlighted by a 72% revenue increase in the second half of the year, a performance attributed to JOY’s strong local acumen and execution. Omnichannel Reach and Retail Presence Continuing to advance its omnichannel strategy, JOY GROUP balanced a direct-to-consumer ecommerce approach with physical retail expansion.
The company operates over 80 standalone brand boutiques across its portfolio in China and maintains a presence in more than 15,000 retail locations. Allan Liu, Chairman & CEO of JOY GROUP, summarized the company’s 2024 journey: “In 2024, we successfully expanded from makeup into haircare, and from mass to premium markets.
The 2024 result strongly validates our multi-brand strategy across categories and price segments. Moving forward, we will continue to expand our brand portfolio through strategic initiatives, including M&A efforts and incubation.
We believe the portfolio strategy would fuel the long-term growth of JOY.” Global Growth and International Momentum Beyond its domestic achievements, JOY GROUP made notable headway globally. Overseas business expanded by more than 400% in 2024, bringing JOY GROUP’s reach to over 30 countries through both ecommerce and retail…
Discussion
0 Comments
No comments yet
Start the conversation
Share your take on this story and help shape the discussion.
Sign in to join the discussion.