Financial Release: JOY GROUP Achieves 36% Revenue Growth to Reach US$483M in 2024 with Growth from Multi Beauty Categories

April 10, 2025 12:00 AM AEST | By Cision

Google News:

Financial Release: JOY GROUP Achieves 36% Revenue Growth to Reach US$483M in 2024 with Growth from Multi Beauty Categories — Image source: Kalkine Media

Recent News

BNP Paribas Exane dubs Goodyear "tariff winner," shares surge

Goldman Sachs downgrades General Mills, Conagra on cost pressures, wea...

SEC progresses toward DOGE goals, eyes voluntary workforce reductions

MS downgrades McDonald’s on limited upside and structural pressures on...

SHANGHAI, April 9, 2025 /PRNewswire/ -- 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.

Products of JOY GROUP

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.

To learn more about JOY GROUP, visit www.joy-group.com

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (“Kalkine Media, we or us”), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary.
The content published on Kalkine Media also includes feeds sourced from third-party providers. Kalkine does not assert any ownership rights over the content provided by these third-party sources. The inclusion of such feeds on the Website is for informational purposes only. Kalkine does not guarantee the accuracy, completeness, or reliability of the content obtained from third-party feeds. Furthermore, Kalkine Media shall not be held liable for any errors, omissions, or inaccuracies in the content obtained from third-party feeds, nor for any damages or losses arising from the use of such content.
Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyrighted to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have made reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.
This disclaimer is subject to change without notice. Users are advised to review this disclaimer periodically for any updates or modifications.