China's Joy Group posts 48 percent jump in 2023 revenues

Shanghai Juyi Cosmetics (Joy Group) retail sales of 450 million dollars, accompanied by a revenue of 360 million dollars, increased by 48 percent in 2023 excluding René Furterer.

This achievement, the company said in a statement, marks another year of sustained double-digit growth with healthy profitability, which has set Joy Group on the path to becoming one of China's most rapidly expanding cosmetics companies.

Comprising three major brands – Judydoll, Joocyee and René Furterer (China operations) – the Group's product offerings cover various beauty sectors, including colour cosmetics, hair, and scalp care.

In 2023, the company added, Judydoll alone recorded an annual revenue of 232 million dollars, growth of 66 percent, while Joocyee brand achieved an annual revenue of 130 million dollars, reflecting an increase of over 25 percent.

In October 2023, the company forged a strategic partnership with Pierre Fabre Laboratories. Commencing January 1, 2024, Joy Group assumed responsibility for all operations of the premium hair and scalp care brand René Furterer in China.

The company now manages an extensive network including flagship stores in major e-commerce platforms, over 50 offline boutiques, and a nationwide presence in over 10,000 offline colour cosmetic stores across China. Additionally, with its wholly owned cosmetics factory and laboratories, Joy Group boasts the capabilities of a full turn-key supply chain, including research & development, manufacturing, marketing, and sales.

Since 2020, the company has actively expanded its reach into overseas markets, gaining significant traction in Japan and ASEAN markets. The company aims to further extend its presence to high-growth potential markets such as Australia, Canada, and the Middle East.