Latest news with #AllanLiu
Straits Times
4 days ago
- Business
- Straits Times
Made in China: C-beauty craze hits S'pore as new generation of brands offer quality for cheap
Find out what's new on ST website and app. SINGAPORE – For Mr Allan Liu, founder and group chairman of Chinese beauty conglomerate Joy Group, opening his first international stores in Singapore feels like a homecoming. Before he created popular C-beauty make-up brands Judydoll and Joocyee, the 37-year-old spent eight years studying and working here. In that time, he grew to appreciate the city-state's diverse population and appeal as a global travel destination.
Straits Times
4 days ago
- Business
- Straits Times
‘We want to build China's L'Oreal': Founder of Judydoll and Joocyee on S'pore expansion
A Joocyee store in Shenzhen. The C-beauty favourite is opening its first international boutique in Singapore in Wisma Atria on July 21. SINGAPORE – When former consumer investor Allan Liu started his beauty company Joy Group in 2016, he had only one thing on his mind: to be the L'Oreal of China. The China-born 37-year-old seems to be on track. After all, he has got the staggering sales revenue and global expansion down pat.
Globe and Mail
09-04-2025
- Business
- Globe and Mail
Financial Release: JOY GROUP Achieves 36% Revenue Growth to Reach US$483M in 2024 with Growth from Multi Beauty Categories
SHANGHAI , /CNW/ -- JOY GROUP (Shanghai Juyi Cosmetics Co., Ltd.) has announced its financial results for the 2024 fiscal year, achieving total sales exceeding US$580M ( RMB 4.2B ), and annual revenue reaching US$483M ( RMB 3.5B ), representing a year-on-year growth of 36%. JOY GROUP has consistently delivered double-digit growth while maintaining healthy profitability. 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.
