The firm’s portfolio includes JUDYDOLL, JOOCYEE, and René Furterer’s operations in China.
In its recently announced financial results for the 2024 fiscal year, JOY GROUP’s total sales exceeded RMB4.2bn (USD580m) and annual revenue reached RMB3.5bn (USD483m), representing a year-on-year growth of 36%.
The company said that it has consistently attained double-digit growth while maintaining healthy profitability.
“We delivered significant growth across multiple beauty categories in 2024. Within the makeup category, JOY has become the number one domestic company in market share in China.”
In terms of sales volume, JUDYDOLL is the top-selling makeup brand in the Chinese market, surpassing RMB2.5bn (USD345m) in annual retail sales, which marks a 23% year-on-year increase.
Since January 1, 2024, the company has assumed full operations of prestige French hair care brand René Furterer in China.
The brand achieved strong growth in the first year of takeover — a notable 72% revenue surge in the second half — said to be backed by JOY’s local insights and market execution.
The positive numbers are also attributed to the company’s continuous strengthening of its omnichannel strategy.
In addition to its direct-to-consumer approach through e-commerce channels, it operates more than 80 standalone boutiques for all three brands in China, and has presence in over 15,000 retail outlets.
“In 2024, we successfully expanded from makeup into hair care, and from mass to premium markets. The FY2024 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 mergers and acquisitions (M&A) and incubation. We believe this portfolio strategy would fuel the long-term growth of JOY,” Allan Liu, Chairman and CEO of JOY GROUP, stated.
Building on its domestic success, the Group remains committed to its globalisation efforts.
In 2024, the company’s overseas business grew by more than 400%, broadening its reach to over 30 countries through e-commerce and retail channels.
According to the firm, its strong market performance has led it to be listed in WWD Beauty Inc Top 100 again in 2024, coming in at 70th position.
The list is a ranking of the world’s biggest cosmetics companies and manufacturers, based on a poll regarding product efficacy, formula innovation, sales performance, packaging design, and market impact, which is taken part by over 600 industry players.
