The Chinese beauty group Shanghai Juyi Cosmetics Co., Ltd. (hereinafter referred to as Joy Group) has released its performance data for the year 2023. The group achieved a retail turnover of over 3 billion RMB, with a revenue of 2.61 billion RMB (excluding René Furterer), representing a year-on-year growth of 48%. Joy Group has consistently achieved double-digit growth in performance for several years and has maintained profitability.
Currently, the group owns three major brands: Judydoll, Joocyee, and René Furterer (China business), covering the fields of cosmetics, hair, and scalp care.
In 2023, the performance of the Judydoll cosmetics brand reached a new high, with annual sales exceeding 1.67 billion RMB, representing a remarkable growth of 66% year-on-year. It consistently ranked first in China’s cosmetics sales volume and top five in terms of sales revenue. Joy Group stated that offline, Judydoll’s distribution, retail, and flagship stores achieved a combined overall performance growth of over 150%. The number of Judydoll concept stores has exceeded 50, covering core commercial areas in cities such as Shanghai, Shenzhen, Hangzhou, Wuhan, and Chongqing. Additionally, Judydoll has successfully penetrated over 10,000 retail channels, expanding its brand coverage in the Chinese market and gaining widespread popularity. In terms of international expansion, Judydoll products have been successfully sold in over 20 countries, gradually increasing the brand’s global influence.
Joocyee, with its annual revenue of 940 million RMB, achieved a year-on-year growth of over 25%, further solidifying its leading position in the Chinese cosmetics market.
Furthermore, in 2023, Joy Group made a breakthrough in its business. In October, the group established a long-term strategic partnership with Pierre Fabre Laboratories, a French pharmaceutical company. Starting from January 1, 2024, Joy Group will be fully responsible for all the business of René Furterer, a premium hair and scalp care brand, in China. Ju Yi Group will also engage in deep collaboration with Pierre Fabre Laboratories in product research and development, leveraging Pierre Fabre’s pharmaceutical-grade R&D capabilities and Ju Yi’s deep insights into the local market, to develop specialized products for the Asian market and better meet the hair care needs of Asian consumers.
Liu Xuan, President of Joy Group, stated, “2023 has been a year of breakthrough and growth for us. In the increasingly competitive market and ever-changing global economic environment, we have not only significantly enhanced our overall strength and market influence, but also reached a new milestone with the addition of René Furterer. This signifies a new stage for Joy Group’s multi-brand development strategy and brings more possibilities and vitality to our future. Looking ahead, Joy Group will continue to adhere to a development strategy centered around product innovation and brand building, committed to providing consumers with more high-quality products.”
