Financial Release: JOY GROUP Achieves 36% Revenue Growth to Reach US$483M in 2024 with Growth from Multi Beauty Categories
In 2024, JOY GROUP delivered significant growth across multiple beauty categories. Within makeup category, JOY has become the No.1 domestic company in market share in China . JUDYDOLL is the No.1 makeup brands in China in terms of sales volume. The brand surpassed US$345M ( RMB 2.5B ) in annual retail sales, marking a 23% year-on-year increase.
In haircare category, JOY GROUP has taken over full operations of René Furterer, a prestige French haircare brand founded in 1957, in China since January 1, 2024 . The brand achieved strong growth in the first year of operation, most notably a 72% revenue surge in the second half, backed by JOY's local insights and market execution.
The company continues to strengthen its omnichannel strategy. In addition to its ecommerce operation with direct-to-consumer approach, it operates 80+ standalone brand boutiques for all three brands in China , and a presence in over 15,000 retail outlets.
Allan Liu , Chairman & CEO of JOY GROUP, stated: "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. "
Building on JOY's domestic success in China , the Group remains committed to its globalization strategy. In 2024, JOY GROUP's overseas business grew by over 400%, expanding its reach to 30+ countries through ecommerce and retail.
JOY GROUP is a multi-brand beauty company on a mission to "Create a world of beauty that brings joy to everyone." The Group's portfolio includes JUDYDOLL, JOOCYEE, and René Furterer ( China operations), covering various beauty sectors, including makeup and haircare. In recognition of its strong market performance, JOY was once again listed in the esteemed WWD Beauty Inc. Top 100 in 2024, ranking 70th.
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