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Published
Apr 10, 2023
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Chinese skincare giant Joy Group posts 30% GMV uptick in 2022

Published
Apr 10, 2023

Multi-brand China-based cosmetics company Joy Group on Friday posted a 30% uptick in gross merchandises revenue to​ $313.8 million (RMB 2.2 billion) for the full-year 2022.


Courtesy


The owner of cosmetics brands JudyDoll and Joocyee reported that annual revenue reached $256.7 million (RMB1.8 billion) for the 12 months ending December 31, 2022.

The Shanghai-based company said it "has secured strong double-digit revenue growth and sustainable profitability for consecutive years, confirming its leading position among the China domestic beauty players," according to a press release.

In the last year, the company said it has fully acquired and integrated an unnamed cosmetics manufacturer located in Shanghai, with innovation capability in cosmetics, skincare and perfumery.

"The integration of in-house R&D lab, factory, e-commerce operation, retail stores and marketing hubs, enables Joy Group to remain agile and responsive amidst the fast evolving beauty market in China," added the company in a statement.

Founded in 2017, Joy Group today operates a network of flagship stores on major e-commerce platforms, and more than 25 offline mono-brand boutiques. The company counts over 60 million consumers in total via its DTC channels, and operate more than 6,000+ point-of-sales all over the country via key retail partners.

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