SHANGHAI, April 7, 2023/PRNewswire/ — Juyi Cosmetics Co., Ltd. (“JOY GROUP”), a leading China-based multi-brand cosmetics company, has announced its financial results for fiscal year 2022, with revenue reaching US$256.7 million (RMB 1.8 billion), and GMV is estimated to reach US$313.8 million (RMB 2.2 billion), up about 30% year-on-year. The company has secured strong double-digit revenue growth and sustainable profitability for consecutive years, confirming its leading position among China’s domestic beauty agents.
Established in 2017 and headquartered in Shanghai, JOY GROUP has grown into a multi-brand beauty company with digital DNA and omnichannel expertise. With a direct-to-consumer approach, JOY Group now operates a network of flagship stores on major e-commerce platforms and more than 25 offline mono-brand boutiques. More than 60 million consumers in total were served through JOY GROUP’s DTC channels. The company also collaborates with key retail partners to operate more than 6,000 outlets across the country.
The company encompasses two iconic cosmetics brands, JUDYDOLL and JOOCYEE, which will sell two products every second by 2022. JUDYDOLL caters to a colorful, sweet and fun lifestyle, ranking No. 2 in the household cosmetics category on Douyin (TikTok China ). JOOCYEE exudes a modern, romantic and personalized style for the Asian consumer. The brand is now ranked No. 1 in the Domestic Lipstick category and No. 6 within the Domestic Cosmetics category on Tiktok China, and the size of the business has grown 7 times in the past two years.
JOY GROUP has developed its integrated end-to-end supply chain capability from R&D, procurement, production, inventory to delivery. In 2022, the company acquired and fully integrated a cosmetics manufacturer located in Shanghai, with strong innovation ability in cosmetics, skin care and perfumery. The integration of the in-house R&D lab, factory, e-commerce operation, retail stores, and marketing centers enables JOY GROUP to stay agile and responsive amid China’s rapidly evolving beauty market.
JOY GROUP is backed by leading investors from global and local environments. Existing investors include General Atlantic, Tencent and Shunwei Capital (co-founded by Lei Jun, founder and CEO of Xiaomi).
JOY GROUP has been proactively expanding into overseas markets since 2020. In 2022, JUDYDOLL was gaining popularity among consumers in Japan and Malaysia, benefiting from its emerging presence in local offline channels with high-value portfolio offerings. -price. While JOOCYEE achieved a major milestone: penetrating its 600th store overseas, with its presence expanding beyond APAC (mainly Japan and Australia) to Canada.
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