SHANGHAI, May 16, 2023 /PRNewswire/ — JOY GROUP, the leading Chinese beauty company, has joined the ranks of the world’s top 100 beauty companies and the top 10 gainers list in beauty for 2022, as per the recently released rankings by the U.S.-based fashion journal Women’s Wear Daily (WWD).
WWD, often referred to as the “Bible of fashion”, is one of the oldest fashion publications globally, wielding considerable influence in the fashion industry. Since its inception, WWD has been a daily read for executives in the global fashion and beauty industry.
Each year, WWD Beauty Inc. releases its definitive list of the world’s top 100 beauty companies, based on sales in the previous calendar year. Recognized as the “Beauty Industry Practitioner’s Guide”, this annual ranking is one of the most authoritative in the global beauty industry.
In 2022, JOY GROUP made its debut on the WWD Beauty Inc Top 100 list, ranked 86th. The company also ranked 9th in the Beauty’s Top 10 Sales Gainers in 2022 list, promoting the value of Chinese beauty to both domestic and global customers.
Shanghai Juyi Cosmetics Co., Ltd. (“JOY GROUP”) is a leading multi-brand cosmetics company based in China. The company encompasses two iconic cosmetics brands, JUDYDOLL and JOOCYEE. JUDYDOLL, ranking 5th on Tmall and 2nd on Douyin (TikTok China) in the domestic cosmetics category, caters to a colorful, sweet, and fun lifestyle. JOOCYEE exudes a modern, romantic, and tailored style for the Asian female consumer, ranking No.1 in the domestic lipstick category and No.6 in the domestic cosmetics category on TikTok China.
With a direct-to-consumer approach, JOY GROUP now operates a network of flagship stores on China major ecommerce platforms, and 30+ offline monobrand boutiques. The company also integrated end-to-end supply chain capability with its own laboratory and manufacturing facility.
In 2022, JOY GROUP recorded an annual revenue of USD 256.7 mn (RMB1.8 bn), an increase of approximately 30% YoY, achieving strong double-digit revenue growth and sustainable profitability in consecutive years.
Since 2020, JOY GROUP has proactively expanded to overseas markets, gaining wide popularity from consumers in Japan and ASEAN markets. The company aims to further expand its reach to Australia, Canada, the Middle East, and other regions with high growth potential.