SHANGHAI, April 7, 2023 /PRNewswire/ — Juyi Cosmetics Co., Ltd. (“JOY GROUP”), a leading multi-brand China-based cosmetics company, has announced its financial results for FY2022, with annual revenue reaching USD256.7 mn (RMB1.8 bn), and estimated GMV reaching USD313.8 mn (RMB 2.2bn), up c. 30% year-on-year. The company has secured strong double-digit revenue growth and sustainable profitability for consecutive years, confirming its leading position among the China domestic beauty players.
Established in 2017 and headquartered in Shanghai, JOY GROUP has evolved into a multi-brand beauty company with digital first DNA and omnichannel expertise. With a direct-to-consumer approach, JOY Group now operates a network of flagship stores on major ecommerce platforms, and 25+ offline monobrand boutiques. Over 60 million consumers in total were served through JOY GROUP’s DTC channels. The company also collaborates with key retail partners to operate 6,000+ point-of-sales all over the country.
The company encompasses two iconic cosmetics brands, JUDYDOLL and JOOCYEE, selling two products every second in 2022. JUDYDOLL caters to a colorful, sweet and fun lifestyle, ranking No. 2 brand in the domestic cosmetics category on Douyin (TikTok China). JOOCYEE exudes a modern, romantic and tailored style for Asian female consumer. The brand now ranks No.1 in domestic lipstick category and No. 6 within the domestic cosmetics category on Tiktok China, and the size of business has grown 7 times in past two years.
JOY GROUP has built its integrated end-to-end supply chain capability from R&D, procurement, production, inventory to delivery. In 2022, the company has fully acquired and integrated a cosmetics manufacturer located in Shanghai, with strong 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.
JOY GROUP is backed by leading investors from both global and local backgrounds. Existing investors include General Atlantic, Tencent, and Shunwei Capital (co-founded by Lei Jun, the founder and CEO of Xiaomi).
JOY GROUP has been proactively expanding to overseas markets since 2020. In 2022, JUDYDOLL was widely gaining popularity from consumers in Japan and Malaysia, benefiting from its emerging presence in local offline channels with high price-to-value portfolio offerings. While JOOCYEE achieved an important milestone: penetrating its 600th store overseas, with its footprint expanding beyond APAC (mainly Japan and Australia) to Canada.
