Today, Shanghai Joy Group Cosmetics Co., Ltd. (Joy Group) announced its financial performance for the year 2024. According to the data, the group’s retail sales exceeded 4.2 billion yuan ($578.7 million), with revenue reaching 3.5 billion yuan ($482.3 million), reflecting a year-on-year growth of 36%.
Official disclosures reveal that Joy Group achieved growth breakthroughs in both the makeup and hair care sectors. In makeup, the group’s 2024 business has successfully ranked as the number one domestic beauty company in China, with the JUDYDOLL brand becoming the first in its portfolio to surpass 2.5 billion yuan ($344.5 million) in retail sales. In the hair care sector, since taking full control of René Furterer’s China business in January 2024, Joy Group has driven René Furterer to achieve high double-digit growth for the year, with a staggering 72% increase in the second half of the year.
Liu Xian, Chairman and CEO of Joy Group, stated, “In 2024, the businesses under Joy Group achieved steady growth. We successfully expanded from makeup to hair care, from the budget market to the premium market, fully proving our multi-brand operational strength across categories and price ranges. We will continue to expand our brand portfolio through brand incubation, mergers, and acquisitions, contributing to the group’s long-term development.”
According to public information, Joy Group is a multi-brand beauty conglomerate with brands including JUDYDOLL, JOOCYEE, and René Furterer (China business), covering makeup, hair, and scalp care fields.
Looking at individual brands, in 2024, JUDYDOLL became the first brand under Joy Group to surpass 2.5 billion yuan ($344.5 million) in retail sales, with its revenue also exceeding 2 billion yuan ($275.6 million), a 23% year-on-year increase. Joy Group reported that JUDYDOLL has ranked first in China’s makeup market for two consecutive years and remains among the top five domestic makeup brands by sales.
Joy Group emphasized that thanks to its classic best-selling products, JUDYDOLL continues to lead in key categories such as eyeshadow and contour, maintaining its position as the best-seller (across Taobao and Douyin). The brand’s Lip Powder Cream ranked among the top three in sales for lip gloss on Douyin in 2024 and topped several categories on Tmall, driving a breakthrough in the lip product category. In the base makeup category, JUDYDOLL’s competitiveness has significantly improved, with overall sales increasing by over 60% year-on-year.
In terms of channel expansion, JUDYDOLL continues to deepen its online-offline integration, with the number of brand stores increasing to over 80, covering core business districts in more than 50 popular cities. The brand’s offline distribution network has also expanded, reaching over 15,000 stores. Additionally, JUDYDOLL products are now sold in over 30 countries.
As for the JOOCYEE brand, official disclosures show that in 2024, JOOCYEE served more than 7 million consumers. In the lip market, JOOCYEE’s lip product sales exceeded 16 million units for the year, with the lipstick category ranking first in both sales volume and revenue for domestic brands on Taobao. In 2024, JOOCYEE also made significant strides in offline expansion, successfully opening three brand stores in Changsha, Chongqing, and Shenzhen, further completing its market presence.
Regarding René Furterer, the brand achieved high double-digit growth in 2024, with a 72% year-on-year increase in the second half of the year. Particularly during the Double 11 shopping event, René Furterer performed outstandingly, with its total GMV across all channels exceeding 250 million yuan ($34.4 million), an 88% increase year-on-year.
