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- Financial statement: JOY GROUP's revenue in 2023 grows by 48% and reaches $360 million, ranking among the top 2 national color cosmetics companies in China
SHANGHAI, April 8, 2024 /PRNewswire/ -- Shanghai Juyi Cosmetics Co. Ltd. ("JOY GROUP") has released its financial results for fiscal year 2023. The group exceeded total retail sales of 450 million (RMB 3 billion), accompanied by a revenue milestone of $360 million (RMB 2.61 billion), showing notable year-on-year growth of 48% (excluding René Furterer). JOY GROUP is now the second largest Chinese manufacturer of color cosmetics, reinforcing its leading position in the sector.
This achievement marks another year of sustained double-digit growth for JOY GROUP with healthy profitability, putting JOY GROUP on the path to becoming one of China's fastest-expanding cosmetics companies.
JOY GROUP is a multi-brand beauty company with the mission of "Creating a world of beauty that brings joy to everyone." Made up of three major brands - JUDYDOLL, JOOCYEE and René Furterer (operations in China) -, the group's product offering covers various beauty sectors, such as color cosmetics and hair and scalp care. JOY GROUP was included in the prestigious WWD Beauty Inc. Top 100 list in 2022, ranking 86th.
In 2023, JUDYDOLL alone recorded an annual revenue of $232 million (RMB 1.67 billion), representing strong year-on-year growth of 66%. Meanwhile, JOOCYEE achieved annual revenue of $130 million (RMB 940 million), reflecting a year-on-year increase of more than 25%.
Additionally, in October 2023, JOY GROUP forged a strategic partnership with Pierre Fabre Laboratories. Effective January 1, 2024, JOY GROUP assumed responsibility for all operations of the premium hair and scalp care brand "René Furterer" in China, showing its ambition to establish a leading presence in the hair care market. hair.
Today, JOY GROUP manages an extensive network that includes flagship stores on major e-commerce platforms, more than 50 offline boutiques, and a national presence in more than 10,000 offline color cosmetics stores across China. Furthermore, with its wholly-owned cosmetics factory and laboratories, JOY GROUP has the capabilities of a complete turnkey supply chain, including research and development, manufacturing, marketing and sales.
Allan Liu, Chairman of JOY GROUP, affirmed the group's unwavering commitment to its globalization strategy. Since 2020, JOY GROUP has actively expanded its reach in overseas markets, gaining significant traction in Japan and ASEAN markets. The GROUP aims to further expand its presence in potential high-growth markets such as Australia, Canada and the Middle East.
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