Chinese skincare giant Joy Group has reported a significant 30% increase in gross merchandise revenue (GMV) for the full year of 2022, demonstrating its strong position in the domestic beauty market in China. The company, which owns popular cosmetic brands JudyDoll and Joocyee, achieved an impressive total annual revenue of $256.7 million (RMB 1.8 billion) for the 12-month period ending on December 31, 2022.

The success of Joy Group can be attributed to a variety of factors, one of which is the strategic acquisition and integration of an undisclosed cosmetics manufacturer based in Shanghai. By incorporating this manufacturer’s research and development lab, factory, e-commerce operations, retail stores, and marketing hubs into its existing infrastructure, Joy Group has greatly enhanced its capabilities in cosmetics, skincare, and perfumery. This integration has allowed the company to swiftly respond to the ever-changing demands of the Chinese beauty market and offer innovative products to its customers.

Established in 2017, Joy Group has made immense strides in establishing a comprehensive distribution network, which includes flagship stores on major e-commerce platforms and over 25 offline mono-brand boutiques. Through its direct-to-consumer (DTC) channels, the company has successfully reached and engaged with over 60 million consumers. Moreover, Joy Group has formed strategic partnerships with key retail partners, enabling it to operate more than 6,000 point-of-sales across the country.

Joy Group’s continuous revenue growth and sustainable profitability have firmly established it as a leading player in the Chinese beauty industry. The company’s ability to innovate, adapt, and effectively reach consumers through its omnichannel distribution strategy has been instrumental in its success. As the demand for skincare and cosmetics continues to surge in China, Joy Group is well-positioned to capitalize on this thriving market and expand its business further.

Links:
1. Joy Group
2. JudyDoll