Recently, WWD BeautyInc released the 2024 list of the world’s top 100 beauty companies ranked by sales revenue.
The top ten companies are L’Oréal, Unilever, Estée Lauder, Procter & Gamble, LVMH, Chanel, Beiersdorf, Shiseido, Coty, and Puig.
A total of 11 Chinese companies made the list this time, namely: Proya at No. 28 (up 8 spots), Shanghai Chicmax Group at No. 49 (up 12 spots), Botanee Group at No. 53 (down 12 spots), Chando Group at No. 60 (down 3 spots), Maogeping Company at No. 64 (first-time entry), Judydoll at No. 68 (up 2 spots), Yatsen Group at No. 72 (down 4 spots), Shanghai Jahwa at No. 77 (down 18 spots), Marubi at No. 78 (up 12 spots), Bloomage Biotech at No. 87 (down 23 spots), and Florasis at No. 93 (down 15 spots).
Compared to the Chinese companies on the list in 2023, the number remains the same at 11 in 2024. However, it is worth noting that Shuiyang Co., which was on the list in 2023, is no longer in the Top 100, while Maogeping Company made its debut, ranking No. 64.
Reportedly, Maogeping was founded in 2000 by renowned domestic makeup artist Mao Geping. The company owns two flagship brands—MAOGEPING and Love Forever—both covering the makeup and skincare categories.
Maogeping Company was listed in 2024 and released its first financial report in March 2025. The report shows that in 2024, Maogeping achieved a revenue of 3.885 billion yuan, up 34.6% year-on-year; net profit and total comprehensive income for the year reached 881 million yuan, an increase of 32.8% compared to the previous year; gross profit was 3.28 billion yuan, with a gross profit margin of 84.4%.
In addition, Bloomage Biotech, which saw the most significant drop in ranking, also released its 2024 annual report a few days ago. The report shows the company achieved operating revenue of approximately 5.371 billion yuan, down 11.61% year-on-year. The corresponding net profit attributable to shareholders was about 174 million yuan, down 70.59% year-on-year.
Industry insiders believe that Bloomage Biotech’s performance decline is related to the various upheavals the company experienced in 2024. Since last year, the company has undergone frequent personnel changes, with many veteran employees leaving—particularly several core technical staff—causing a considerable impact on the company.
In addition, Zhifan Fan, the key figure behind the Quadi brand under Bloomage Biotech, became entangled in a legal dispute with the company, drawing significant public attention. Regardless of the ripples caused by the brand head’s departure, the company being caught in a whirlwind of public opinion alone was enough to leave Bloomage Biotech overwhelmed.
In March 2025, Zhao Yan, Chairwoman of Bloomage Biotech, announced that the company would conduct an internal anti-corruption investigation. Regarding the corruption issue, she stated: “This year, the company has started a bone-deep cleansing. All corrupt personnel, regardless of position, must come forward, confess, and submit their resignations by March 31.” This direct anti-corruption declaration was interpreted by the public as a sign that the corruption within Bloomage Biotech is quite serious and that the problems go beyond just the management level.
