The 2024 Top 100 Beauty Companies

Clichy, France
2024 Beauty Sales:
$47.04 Billion
€43.48 Billion
+5.6% VS. 2023

Despite continuing to outperform the market as a whole, beauty’s biggest player was not immune to the market’s challenges in 2024. The company described the year as “a tale of two halves,” with a strong first six months followed by weakness in the latter part of the year due to the global slowdown and ongoing challenges in China. Had it not been for the North Asia region, its sales would have advanced in the high single digits, it said.

London
2024 Beauty Sales:
$26.63 Billion (EST.)
€24.61 Billion (EST.)
+1.8% VS. 2023 (EST.)

The upheaval at Unilever continues. 2024 was a year dedicated to slimming down and streamlining its operating structure under CEO Hein Schumacher, who joined the company in July 2023 and implemented a major reset in October that year.

The news this February that Schumacher would step down in March by mutual agreement took the market by surprise, particularly as he had been praised for his strategy, which the company has said is beginning to bear fruit. CFO Fernando Fernandez — Unilever’s head of Beauty & Wellbeing until 2023 — was named CEO.

New York
2024 Beauty Sales:
$15.2 Billion (EST.)
FLAT VS. 2023

With a C-suite shuffle, thousands of layoffs, an Amazon U-turn and a disappearing outlook, it was a wild ride in 2024 for the Estée Lauder Cos.

Beginning with the C-suite, after months of speculation, the company announced during the summer that longtime CEO Fabrizio Freda would retire, setting off a succession race between then group executive president Stéphane de La Faverie and chief data officer and executive vice president, enterprise marketing Jane Lauder, with the former eventually winning the title. Jane Lauder subsequently departed day-to-day operations to focus on her duties as a board member. Her cousin William Lauder followed suit, departing his role as executive chairman. This marks the first time in company history that a family member won’t be involved in the day-to-day operations of the firm.

Cincinnati
2024 Beauty Sales:
$15 Billion (EST.)
FLAT VS. 2023 (EST.)

Continued economic and geo-political headwinds, particularly in China, weighed on results for Procter & Gamble’s beauty activity last year. On an organic basis, the firm’s beauty business delivered sales growth of 2%, with slight gains across most brands and geographies.

Paris
2024 Beauty Sales:
$9.11 Billion (EST.)
€8.42 Billion (EST.)
+2% VS. 2023

LVMH attributed its slight growth in beauty once again to a combination of innovation and its selective retail strategy. As with its competitors, the ongoing slowdown in China appears to have weighed on growth, with Asia (outside Japan) shrinking its weight in the company’s beauty business for the fifth year in a row, down to 30% last year, compared with 33% a year earlier and as much as 45% in 2020.

London
2024 Beauty Sales:
$8.54 Billion (EST.)
€7.89 Billion (EST.)
+2.6% VS. 2023

With its fragrance business flat, Chanel’s other beauty axes drove business, with makeup the main contributor to its slight uptick in estimated beauty revenues. Sales grew in all markets except the U.S., and Chanel’s performance in travel retail was solid, recovering in most regions but remaining slightly below 2019 levels in North Asia.

Hamburg, Germany
2024 Beauty Sales:
$8.53 Billion (EST.)
€7.88 Billion (EST.)
+4.7% VS. 2023 (EST.)

It was another strong year for the skin care specialist, which CEO Vincent Warnery said was “the best performing skin care company globally” for the second year in a row. Bolstered by strong business from Nivea and the ongoing growth of its Derma brands, especially Eucerin, the German company was on a roll.

Tokyo
2024 Beauty Sales:
$6.55 Billion (EST.)
¥990.59 Billion (EST.)
+1.8% VS. 2023 (EST.)

While Shiseido’s sales were relatively stable in 2024, boosted by an uptick on the domestic market, its operating profit tanked, falling 73.1% with the continuing deceleration in China and duty-free weighing heavily on its results.

Amsterdam
2024 Beauty Sales:
$6.1 Billion (EST.)
+1.7% VS. 2023 (EST.)

The fragrance effect was alive and well at Coty in 2024, although its most recent set of earnings showed this was not enough to offset pressures from weak demand in Asia and tight inventory in the U.S. in the latter part of the calendar year, weighing on numbers.

Barcelona
2024 Beauty Sales:
$4.79 Billion (EST.)
€4.43 Billion (EST.)
+12% VS. 2023 (EST.)

It was a big year for Spain’s Puig as it made its stock market debut, further bolstered its portfolio and celebrated its 110th anniversary and listing with a new visual identity. The company outperformed both the premium beauty market and its own midterm revenue guidance for the year, and growth was weighted strongly in the second half.

Addison, TX
2024 Beauty Sales:
$4.6 Billion (EST.)
+7% VS. 2023 (EST.)

The world’s number-one direct seller of skin care and makeup, per Euromonitor data, Mary Kay broadened its reach to a younger audience with the launch of Mary Kay Skin Care, formulated for those not ready for age-defying products, composed of two regimens, Hydrating and Mattifying.

Columbus, Ohio
2024 Beauty Sales:
$4.58 Billion (EST.)
+0.2% VS. 2023 (EST.)

Bath & Body Works spent 2024 building momentum. It maintained market leadership and unit market share in the U.S. body care, home fragrance and soaps and sanitizers segments in 2024, and continued to drive growth in adjacent areas like men’s, laundry, lip and hair care.

São Paulo
2024 Beauty Sales:
$4.49 Billion (EST.)
R$24.09 Billion (EST.)
-24.4% VS. 2023 (EST.)

It was another complex year for the Brazilian beauty heavyweight. Following the sale of Aēsop to L’Oréal and the divestment of The Body Shop in 2023 as it sought to simplify its operations and reduce debt, Natura announced early in 2024 that it was looking at options to spin off Avon, whose operations it had acquired outside North America (that activity is owned by South Korea’s LG H&H) in 2020.

Düsseldorf
2024 Beauty Sales:
$4.24 Billion (EST.)
€3.92 Billion (EST.)
+3.9% VS. 2023 (EST.)

Henkel continued to rationalize its portfolio and boost the momentum behind its biggest brands and categories through 2024. It said the strategy, which has seen the company shed businesses in its Consumer Brands portfolio representing around €1 billion in revenues since 2022, is beginning to bear fruit, notably in the hair care category, where the rationalization is more advanced than in other segments. In beauty, following the 2023 disposal of skin care brand Diadermine, it quietly sold off natural skin care label N.A.E. to Katjes International last year.

Skillman, N.J.
2024 Beauty Sales:
$4.2 Billion (EST.)
-3% VS. 2023 (EST.)

As Kenvue finds its footing out from under Johnson & Johnson and onto the public market, its skin care activity felt the impact of the declining mass market in the U.S.

Tokyo
2024 Beauty Sales:
$4.14 Billion (EST.)
¥625.7 Billion (EST.)
+5.7% VS. 2023 (EST.)

As it sought to seize opportunities outside Asia and dynamize key brands, 2024 was a year of change for Kao as it continued to implement its “Global Sharp Top” strategy introduced in 2023.

New York
2024 Beauty Sales:
$3.6 Billion (EST.)
-2.7% VS. 2023 (EST.)

Sales slowed for Colgate-Palmolive’s beauty activity last year, according to estimates. The company said it saw organic sales growth in liquid hand soaps and body wash, but declines in its skin health business, as well as for deodorants in North America.

Plan-les-Ouates, Switzerland
2024 Beauty Sales:
$3.14 Billion (EST.)
€2.9 Billion (EST.)
+18.9% VS. 2023 (EST.)

L’Occitane’s Sol de Janeiro brand was one of beauty’s biggest newsmakers of the year with its explosive growth across geographies as young consumers flocked toward its affordable body sprays and core body care offering.

Seoul
2024 Beauty Sales:
$3.02 Billion (EST.)
KRW 4.12 Trillion (EST.)
+6.2% VS. 2023 (EST.)

Amorepacific’s turnaround efforts began to bear fruit last year, helped especially by strong growth outside Asia. Its revenues in the Americas surpassed those in Greater China for the first time in the group’s history. The integration of sensitive skin care brand Cosrx starting in the second quarter contributed to growth, especially in the EMEA region. Laneige, Hera, Aestura, Illiyoon and Labo-H also performed well, with strong sales in multibrand retail and online.

Seoul
2024 Beauty Sales:
$2.9 Billion (EST.)
KRW 3.95 Trillion (EST.)
+0.2% VS. 2023 (EST.)

Despite ongoing tough conditions in China, travel retail and the domestic market, LG H&H returned to slight growth with its beauty activity in 2024. The company has been restructuring its operations to focus on agility and brand building and fostering closer collaboration between its domestic and international operations.

New York/Geneva
2024 Beauty Sales:
$2.26 Billion (EST.)
+3.3% VS. 2023 (EST.)

The biggest recent news for Wella Co. was the announcement this January that its CEO, Annie Young-Scrivner, was stepping down. Board chair Glenn K. Murphy was appointed to oversee the company as executive chair. Young-Scrivner, who is understood to have resigned for personal reasons, helmed the company for four years, taking on the role at the newly formed company when Kohlberg Kravis & Roberts acquired a 60% stake in it from Coty Inc. She helped Wella navigate the pandemic and oversaw the acquisition of Briogeo.

Tokyo
2024 Beauty Sales:
$2.13 Billion (EST.)
¥322.76 Billion (EST.)
+7.4% VS. 2023 (EST.)

Strong sales increases from Kosé’s biggest brands in Japan and growth from Tarte in the U.S. and Europe drove gains for Kosé, despite significant declines in China.

Neuilly-sur-Seine, France
2024 Beauty Sales:
$2.06 Billion (EST.)
€1.9 Billion (EST.)
+2.7% VS. 2023 (EST.)

Strong growth in the U.S. and in mainland China, where Groupe Clarins’ sales gained 16% and 8% respectively in 2024, were the biggest drivers for the family-owned firm, which outperformed the market in both countries. It also did well in the U.K. and Italy. Makeup continued to be a source of growth, with key launches including Lip Oil Balm. Once again, the firm’s direct-to-consumer business outperformed sales to third-party sellers, which were up 3% like-for-like.

New York
2024 Beauty Sales:
$2 Billion (EST.)
-3% VS. 2023 (EST.)

Revlon Group Holdings LLC closed its first year post-Perelman with a slight dip in sales and much change afoot. The company, helmed by executive chair and interim CEO Liz Smith until November, saw the appointment of a permanent CEO, Michelle Peluso.

Paris
2024 Beauty Sales:
$1.81 Billion (EST.)
€1.67 Billion (EST.)
+6.6% VS. 2023 (EST.)

Laboratoires Pierre Fabre’s beauty business grew faster than the market in most geographies, especially in Europe, China and the U.S. Sales in Spain and Mexico gained in the double digits, and growth in China was also strong. At constant currency, the group’s beauty sales gained 7.8% last year.

Issy-les-Moulineaux, France
2024 Beauty Sales:
$1.77 Billion (EST.)
€1.64 Billion (EST.)
-2% VS. 2023 (EST.)

After 18 months of restructuring, Groupe Rocher is looking to the future. This January, the group announced plans to home in on its core expertise in botanical beauty and sell off its peripheral operations, high-end children’s clothing label Petit-Bâteau and home care and hygiene business Stanhome.

Curitiba, Brazil
2024 Beauty Sales:
$1.75 Billion (EST.)
R$9.4 Billion (EST.)
+19% VS. 2023 (EST.)

A strong year for consumption in Brazil thanks to a slowdown in inflation and government moves to boost the economy drove gains for the Brazilian beauty specialist, according to estimates, and it once again outperformed competitor Natura.

Hangzhou, China
2024 Beauty Sales:
$1.57 Billion (EST.)
CNY 11.3 Billion (EST.)
+27% VS. 2023 (EST.)

The C-beauty giant Proya was expected to outrun its Chinese peers to become the first local player to surpass CNY 10 billion in revenues in 2024. E-commerce continued to fuel growth, despite rising online marketing expenses — online revenue reached CNY 4.6 billion in the first half of 2024, up 40.5% year-over-year.

Amsterdam
2024 Beauty Sales:
$1.56 Billion (EST.)
€1.44 Billion (EST.)
+20% VS. 2023 (EST.)

The Dutch well-being brand continued to grow strongly last year, according to estimates, driven in part by its ongoing aggressive retail expansion. Openings included the brand’s first stores in Romania and Japan, and Asia was a particular area of focus. Rituals is homing in on new categories and limited-edition products to drive growth, according to market sources, such as the Ritual of Yozakura, inspired by cherry blossom at night.

Boston
2024 Beauty Sales:
$1.5 Billion (EST.)
N/A VS. 2023 (EST.)

Yellow Wood Partners has been on a spending spree when it comes to beauty. In January 2024, the Boston-based private equity firm said it would pay consumer health company Haleon $430 million for lip balm brand ChapStick, which dates back to the 1880s and generated £112 million in revenue in 2023.

New York
2024 Beauty Sales:
$1.45 Billion
+10% VS. 2023

Interparfums continues to ride the fragrance wave. The company had a year of growth across much of its portfolio and spanning geographies. Donna Karan and DKNY became the fifth brand to exceed $100 million in sales, while Lacoste is nearing that figure. The company’s license with the brand went into effect at the beginning of the year, and it contributed $85 million in sales, performing particularly well in France, its home market.

San Ramon, Calif.
2024 Beauty Sales:
$1.4 Billion (EST.)
-11.9% VS. 2023 (EST.)

Dwindling consultant numbers and the evolving shopping landscape have weighed on the direct seller. After defaulting on its debt, the company announced last July that it had reached an agreement with its minority investors that would provide up to $75 million in new funding to strengthen its capital structure and financial position.

Columbus, Ohio
2024 Beauty Sales:
$1.4 Billion (EST.)
FLAT VS. 2023 (EST.)

Victoria’s Secret put its angel wings back on last year, hitting the catwalk after a six-year hiatus, with a helping hand from the likes of Cher and Tyla.

While all eyes were on the lingerie, beauty continues to be an instrumental part of its business, especially internationally.

Zug, Switzerland
2024 Beauty Sales:
$1.33 Billion (EST.)
+9.8% VS. 2023 (EST.)

From an IPO to an investment from the largest beauty company in the world, 2024 was a huge year for Galderma Group AG.

The Swiss pure-play dermatology leader and parent company of Cetaphil made its public debut in March on the SIX Swiss Exchange in Zurich, seeing its stock price surge 20% on its first day of trading, making its float among the largest in Europe last year.

Lima, Peru
2024 Beauty Sales:
$1.33 Billion (EST.)
+21% VS. 2023 (EST.)

Peruvian direct seller Belcorp has seen higher usage of both representatives’ apps and online stores, which lifted the business overall in 2024. Part of that was driven by digital skin diagnostic tests and virtual try-ons. The company has streamlined its operations, creating more room to invest in key strategic priorities, including recent launches in body care.

Boston
2024 Beauty Sales:
$1.3 Billion (EST.)
FLAT VS. 2023 (EST.)

It was a mixed year for private equity player Advent International’s beauty investments. Publicly listed Olaplex had its first full year with new CEO Amanda Baldwin, who recently unveiled a new strategy and launched No.0.5 Scalp Longevity Treatment, which includes a proprietary complex meant to bolster the scalp barrier and microbiome.

Oakland, Calif.
2024 Beauty Sales:
$1.3 Billion
+46% VS. 2023

E.l.f. Beauty’s marketing engine is churning overtime — and the company is reaping the rewards, leading to another year of double-digit gains across geographies.

Los Angeles
2024 Beauty Sales:
$1.12 Billion (EST.)
+6.7% VS. 2023 (EST.)

John Paul Mitchell Systems continued on a positive sales wave in 2024, maintaining its position as the number-one global professional hair styling brand, per Kline research. The company has continued to double down on sustainability through its Regenerative Roots program, which includes reducing virgin plastic, carbon footprint, and waste to landfill, as well as responsible sourcing.

Ada, Mich.
2024 Beauty Sales:
$1.11 Billion (EST.)
-8.7% VS. 2023 (EST.)

As Amway continued to centralize around health and well-being, its beauty sales dipped. The company is trimming its portfolio in some areas, such as certain Artistry skin care products, while doubling down on key growth areas, for instance with the launch of Artistry Skin’s Nutrition Defying and Correcting serums, which are in line with the brand’s shift to a “clean” beauty positioning.

Tokyo
2024 Beauty Sales:
$1.09 Billion
¥165.06 Billion
-2% VS. 2023

Pola Orbis’ initiatives to regenerate its portfolio, improve brand value and build its consumer base were not enough to generate sales gains in 2024.

Mumbai, India
2024 Beauty Sales:
$1.07 Billion (EST.)
89.16 Billion Rupees (EST.)
+4.7% VS. 2023 (EST.)

Portfolio rationalization was a key focus for Godrej Consumer Products Limited (GCPL) in 2024 as it sought to simplify its offer, reducing its sku-count by a third. The company laid the foundation for a new state-of-the-art manufacturing facility in Tamil Nadu last January and inaugurated the factory in March this year.

Sulzbach, Germany
2024 Beauty Sales:
$1.03 Billion (EST.)
€945 Million (EST.)
+17% VS. 2023 (EST.)

With consumers in many markets watching their purse strings, the budget-friendly makeup manufacturer witnessed another year of strong double-digit growth. Its business has doubled over the past three years, and market share grew in all regions in 2024.

Poole, U.K.
2024 Beauty Sales:
$1.03 Billion (EST.)
£806.8 Million (EST.)
+1.8% VS. 2023 (EST.)

Strong sales at home boosted Lush’s revenues, although currency fluctuations weighed on operations overall. In Greater China, reduced tourist numbers and increasing competition from Chinese brands dented sales.

Deerfield, Ill.
2024 Beauty Sales:
$1.01 Billion (EST.)
+5.9% VS. 2023 (EST.)

While health care heavyweight Walgreens Boots Alliance (WBA) continued to struggle, the company’s beauty brands did well last year, according to estimates, boosted by Boots’ ongoing efforts to shake up the beauty category in its U.K. stores and investment in its brands.

Milan
2024 Beauty Sales
$984.5 Million (EST.)
€910 Million (EST.)
+35% VS. 2023 (EST.)

After bringing its beauty business back in-house in 2022 — it was previously licensed to Shiseido — the Italian fashion house has invested significantly in growing the category.

New York
2024 Beauty Sales:
$974 Million (EST.)
N/A VS. 2023 (EST.)

Having scaled back its branded beauty portfolio in recent years, the investment fund made a major play in the category last year. After months of speculation, it announced in April that it had acquired a majority stake in Kiko Milano. Terms of the deal were not disclosed.

Aix-en-Provence, France
2024 Beauty Sales:
$969.4 Million (EST.)
€896 Million (EST.)
+13% VS. 2023 (EST.)

Core brand Bioderma, especially its hit Crealine/Sensibio range, was the main driver for Naos last year. It represented a third of the brand’s revenues for the year and grew 16%. Institut Esthederm and Etat Pur both saw sales declines. Bioderma introduced new products to the Crealine/Sensibio range including eye products, a micellar jelly and lip repair.

Cavenago Di Brianza, Italy
2024 BEauty Sales:
$955 Million (EST.)
€882.7 Million (EST.)
+3% VS. 2023 (EST.)

Euroitalia acquired Moschino‘s beauty business from the fashion brand’s parent company Aeffe SpA for €98 million in 2024. The U.S., the U.K., Germany and China were the key markets for Euroitalia last year, but South America stood out for its positive performance, with Mexico becoming the company’s biggest market in the area.

Shanghai
2024 Beauty Sales:
$944.3 Million (EST.)
CNY 6.79 Billion (EST.)
+62.1% VS. 2023 (EST.)

Chicmax’s winning streak continues, largely driven by its clever e-commerce marketing strategy. Kans, its flagship antiaging skin care brand, which accounts for 82.3% of total sales, topped the Douyin beauty charts — beating L’Oréal and Proya — with a gross merchandise volume of CNY 3.4 billion in the first half of 2024.

Farmers Branch, Texas
2024 Beauty Sales:
$940 Million (EST.)
+4.4% VS. 2023 (EST.)

Fallout from the company’s 2023 court case victory relative to the U.S. Federal Trade Commission on the multilevel direct selling model resulted in an industry-wide focus on compliance during 2024. The company’s approach was a key factor in its victory, with the ruling specifically citing Neora’s “rigorous” and “robust” compliance program as a reason why the FTC’s requested injunction was not warranted.

Paris
2024 Beauty Sales:
$916.4 Million
€847 Million
-8.9% VS. 2023

Declines in China’s domestic and travel-retail markets, as well as a slowdown in Europe due to retailer destocking, weighed on the family-owned firm’s revenues last year, despite solid double-digit growth in the Americas and single-digit gains in the rest of Asia.

Mumbai, India
2024 Beauty Sales:
$906.5 Million (EST.)
75.85 Billion Rupees (EST.)
+5.2% VS. 2023

In September, Marico completed the acquisition of 100% ayurvedic skin and hair care brand Just Herbs, initiated in 2021, acquiring the remaining 40% from Apcos Naturals Private Limited. In July, the company announced a key strategic collaboration with Kaya Limited to further expand its reach in the personal care market by exclusively managing the sales and marketing of more than 75 Kaya products outside Kaya clinics.

Yunnan, China
2024 Beauty Sales:
$890.1 MIllion (EST.)
CNY 6.4 Billion (EST.)
+16% VS. 2023 (EST.)

Chinese sensitive skin specialist Botanee has been working to reduce its reliance on core brand Winona. Winona Baby reportedly saw double-digit growth in 2024, while Za and Pure&Mild, two labels Botanee acquired in 2023, have seen strong growth momentum in Southeast Asia.

Lima, Peru
2024 Beauty Sales:
$820.8 Million (EST.)
FLAT VS. 2023 (EST.)

After a strong 2023 thanks to its enhanced focus on digital and customer acquisition, sales were flat for the Peruvian direct seller last year, according to estimates. The brand relaunched its facial skin care line and doubled down on sun care and fragrances, two of its biggest categories.

Ghaziabad, India
2024 Beauty Sales:
$783.4 Million (EST.)
65.55 Billion Rupees (EST.)
+3% VS. 2023 (EST.)

Dabur’s premium portfolio grew at 2.5 to 3 times the rate of its overall domestic business last year, contributing around 18% of total revenue. Key launches included a premium range under its Gulabari brand, including toners and shower gels, and a premium Vatika range with oil and shampoo.

Shelton, Conn.
2024 Beauty Sales:
$783.3 Million (EST.)
+3.6% VS. 2023 (EST.)

Edgewell may be losing steam in the U.S., but it’s gaining momentum abroad. The company is growing in sun care and grooming as it seeks to increase its footprint outside its core shaving category and in international markets.

Tokyo
2024 Beauty Sales:
$709.8 Million (EST.)
¥107.4 Billion (EST.)
+7.2% VS. 2023 (EST.)

In December, the former Shiseido personal care business, which is backed by CVC Capital Partners, said it was postponing its planned IPO, citing market conditions and stock market trends.

Stamford, Conn.
2024 Beauty Sales:
$687 Million (EST.)
+2% VS. 2023 (EST.)

Sales of Dr. Teal’s and a revamped Bodycology drove over 6% growth for the company’s Wellness segment in 2024, despite a challenging environment for national brands. Within Personal Care, Cantu sales grew, fueled by international expansion, ending the year as the number-one multicultural hair care brand in the U.K.

New York
2024 Beauty Sales:
$647 Million
+27% VS. 2023

Oddity’s two brands, Il Makiage and SpoiledChild, continued to see strong double-digit growth last year, outperforming the company’s forecasts and with the former surpassing $500 million in sales.

Shanghai
2024 Beauty Sales:
$639.7 Million (EST.)
CNY 4.6 Billion (EST.)
+5% VS. 2023 (EST.)

In January 2024, Chinese mass-market player Jala Group became Chando Group, aligning its corporate name with that of its biggest and best-known brand. According to local reports, the Chando brand did particularly well on Douyin last year.

Paris
2024 Beauty Sales:
$578.8 Million
€535 Million
+8.7% VS. 2023

Hermès’ Perfume and Beauty activity grew steadily last year. In September, the company introduced a new women’s fragrance, Barénia, named after a heritage bracelet from the house. Created by in-house perfumer Christine Nagel, it is Hermès’ first chypre.

Rio de Janeiro
2024 Beauty Sales:
$575.4 Million (EST.)
R$3.09 Billion (EST.)
+25% VS. 2023 (EST.)

The Brazilian hair care specialist saw strong sales growth in 2024. Core brand Novex launched new hair care lines Dorama and Pistachio, while in hair color, introductions included Maxton Delícia and StarColor.

Schaffhausen, Switzerland
2024 Beauty Sales:
$545.7 Million (EST.)
€504.4 Million (EST.)
-17.1% VS. 2023 (EST.)

The direct seller’s struggles continued in 2024 as its sales decline accelerated, attributed to a decrease in its average number of sales consultants, volume declines and currency headwinds. Unit sales fell 21% year-over-year.

Hangzhou
2024 Beauty Sales:
$539.6 Million (EST.)
CNY 3.88 Billion (EST.)
+34.6% VS. 2023 (EST.)

Founded in 2000 by Chinese celebrity makeup artist Mao Geping, the fast-growing color cosmetics brand has since expanded to include a prestigious makeup academy and the beauty label Love for Keeps. Last December, it went public in Hong Kong, raising HK$2.3 Billion.

Lodi Vecchio, Italy
2024 Beauty Sales:
$529.9 Million (EST.)
€489.8 Million (EST.)
+32.2% VS. 2023 (EST.)

Sodalis was active on the M&A front last year, contributing to a significant uptick in sales. It acquired a majority stake in Germany’s Artdeco Group, including its flagship namesake brand. It also established Sodalis USA and acquired High Ridge Brands, owner of Zest, Sure, Pert and VO5.

Provo, Utah
2024 Beauty Sales:
$527.9 Million (EST.)
-22.5% VS. 2023 (EST.)

Nu Skin Enterprises attributed its decrease in revenue to the macroeconomic conditions in its biggest markets. For the Americas, the company cited macroeconomic issues in Latin America and slowing demand in the U.S., though new and recent products like AgeLoc WellSpa iO and Nu Skin RenuSpa iO devices brought in around $32.5 million in sales for the year.

London
2024 Beauty Sales:
$527 Million (EST.)
+12% VS. 2023 (EST.)

Manzanita benefited from ongoing growth in high-end fragrance last year, according to estimates. Sales included additional business from D. S & Durga, which it acquired in late 2023. Diptyque, which has reportedly been growing well, sought to capture demand at the top of the market with the launch of a luxury line, Les Essences de Diptyque.

Shanghai
2024 Beauty Sales:
$524.3 Million (EST.)
CNY 3.77 Billion (EST.)
+18% VS. 2023 (EST.)

As a leading mass-market color cosmetics player in China, Joy Group navigated a challenging local market by accelerating product innovation and expanding its offline footprint. In 2024, the brand introduced over 300 skus, debuted more than 80 physical stores across major Chinese cities, and cemented strategic partnerships with top Chinese retailers.

Osaka, Japan
2024 Beauty Sales:
$500.2 Million (EST.)
¥75.69 Billion (EST.)
+4.6% VS. 2023 (EST.)

Strong domestic sales as well as price increases drove gains for Mandom in the nine months to December, largely boosted by men’s brand Gatsby. The company’s domestic operating profit leapt 49.6%.

Paris
2024 Beauty Sales:
$495.5 Million (EST.)
€458 Million (EST.)
+15% VS. 2023 (EST.)

It was another year of strong growth for the French pharmacy brand as it capitalized on its vinotherapy positioning. Caudalie opened a new boutique spa in Hong Kong and its first branch of the concept in Southeast Asia, in Malaysia. In India, it participated in the Nykaaland 2.0 beauty and lifestyle festival, with distributor Luxasia, with whom it also relaunched in Taiwan during the year.

White Plains, N.Y.
2024 Beauty Sales:
$479 Million (EST.)
+7.2% VS. 2023

Combe’s sales continue to surge, propelled by its dominance in men’s hair color with Just for Men, which, according to Circana, has more than a 90% market share in the U.S. The brand introduced Color Preserve and Strengthen Shampoo.

Guangzhou, China
2024 Beauty Sales:
$471.5 Million (EST.)
CNY 3.39 Billion (EST.)
-0.6% VS. 2023 (EST.)

In 2024, Yatsen continued its strategic turnaround by focusing on growth in the high-end skin care market, while makeup sales continued their sharp decline. The group saw its gross margin improve, driven by strong performances from skin care brands Galénic, Dr. Wu, and Eve Lom.

Boulogne-Billancourt, France
$470.6 Million (EST.)
€435 Million (EST.)
+16% VS. 2023 (EST.)

The French pharmacy favorite continued its growth streak with a second year of double-digit sales gains and market share increases both at home and abroad. Nuxe was the number-three beauty brand in French pharmacies and number-one in the natural skin care category, according to GERS Data.

City of Industry, Calif.
2024 Beauty Sales:
$458.5 Million (EST.)
-6.4% VS. 2023 (EST.)

Despite sales declines last year, Markwins is revving up new launches to help rebuild its brands’ prominence in the mass market. The company continues to drive its global licensing collaborations with The Walt Disney Company, Paramount and Sanrio through the Wet ‘n’ Wild and Lip Smackers brands.

Guadalajara, Mexico
2024 Beauty Sales:
$445.2 Million
8.11 Billion Pesos
+11.4% VS. 2023

BeFra is now the trade name for Betterware de Mexico, parent of Jafra U.S. and Jafra Mexico. Jafra Mexico’s productive 2024, culminating in a 22% increase in fourth-quarter sales, was the result of brand innovations, sales force incentives, an effective pricing strategy and a consultant advisory that increased both the productivity and numbers of associates.

El Segundo, Calif.
2024 Beauty Sales:
$440 Million (EST.)
+6% VS. 2023 (EST.)

Guthy-Renker and 11:11 Media, Paris Hilton’s media and lifestyle company, established a joint venture last year to form 11:11 Beauty, a new company that will house beauty and wellness products inspired by and creative-directed by Hilton. The company will begin operations in spring 2025.

Shanghai
2024 Beauty Sales:
$420 Million (EST.)
CNY 3.02 Billion (EST.)
-15% VS. 2023 (EST.)

Last May, Shanghai Jahwa appointed Lin Xiaohai, a former executive from Procter & Gamble and Alibaba, as CEO. Under his leadership, the company quickly implemented a series of changes, including restructuring into category-focused business groups, launching a new innovation department and creating a group-level marketing division.

Guangdong, China
2024 Beauty Sales:
$403.3 Million (EST.)
CNY 2.9 Billion (EST.)
+30% VS. 2023 (EST.)

It was another year of strong gains for eye care specialist Marubi, according to estimates, despite the turbulence of the Chinese market. The company highlighted improved profitability in its third quarter to September. It has upped its investment in research and development, brand building and scientific communication, and focused on efficiency to improve profits.

Yokohama, Japan
2024 Beauty Sales:
$402.5 Million
¥60.9 Billion

In December, the Japanese cosmetics maker was acquired by its largest shareholder, drinks manufacturer Kirin Holdings Company, which previously held a 32.5% stake in the firm. It was subsequently delisted from the stock market. Fancl’s president and CEO Kazuyuki Shimada resigned, with Kirin executive Hideki Mitsuhashi taking on the role of president.

El Segundo, Calif.
2024 Beauty Sales:
$400 Million (EST.)
+14% VS. 2023 (EST.)

Selena Gomez’s Rare Beauty continues to go from strength to strength. In March it hired investment banks Goldman Sachs and Raymond James to evaluate potential options, but sources stressed at the time that it had not begun a formal sale process.

Singapore
2024 Beauty Sales:
$400 Million (EST.)
+60% VS. 2023 (EST.)

Shein-owned Sheglam, which debuted in 2019 via a storefront on the Shein website and launched a stand-alone Sheglam website in December 2020, has seen fast growth since. The brand, which spans color cosmetics, skin care and, as of October 2024, hair care, is known for buzzy collaborations such as its repeat Harry Potter makeup collections, as well as its viral Color Bloom Liquid Blush, which retails for $5.99.

Osio Sotto (Bergamo), Italy
2024 Beauty Sales:
$396 Million
€366 Million
+20% VS. 2023

Alfaparf’s strong sales were boosted by its late 2023 acquisition of the professional division of French hair care specialist Eugène Perma, which was in administration. Throughout the year, Alfaparf set the base for other operations officially finalized at the beginning of 2025, including the takeover of Bioclean in Brazil, and the acquisition of a 90% stake in its distributor in Saudi Arabia.

Miami
2024 Beauty Sales:
$389 Million (EST.)
+23% VS. 2023 (EST.)

Luxury Brand Partners’ hair color division had several buzzy moments last year. Most notably, IGK grew its IGK Color business through Ulta Beauty, Sally Beauty and Amazon Luxury. R+Co grew its R+Color professional hair care line to additional channels, including SalonCentric — it is now available in over 1,500 points of distribution.

2024 Beauty Sales:
$379 Million (EST.)
+4% VS. 2023 (EST.)

Key brands like Kristen Ess, Fine’ry and Ashley Tisdale’s Being Frenshe continued to be core revenue drivers, with both nearly doubling their sales in 2024. Fine’ry expanded into men’s fragrance and Being Frenshe launched hair. Both brands were especially successful when tapping into their digital presence.

Arlesheim, Switzerland
2024 Beauty Sales:
$377.5 Million (EST.)
€348.9 Million (EST.)
+8.7% VS. 2023 (EST.)

In its first full year under the leadership of former Douglas CEO Tina Müller, B Corp beauty and pharmaceuticals firm Weleda doubled down on innovation, digitalization, premiumization and internationalization, and registered sales increases across markets.

New York
2024 Beauty Sales:
$370 Million (EST.)
+68% VS. 2023 (EST.)

AS Beauty, a joint venture between Alan and Joey Shamah, the founders of E.l.f. Beauty, and the Azrak family, who previously ran and sold a pajama business, launched in 2019.

Under its ownership, Laura Geller has massively expanded its digital footprint. According to the company it is now the third-biggest makeup brand on Amazon by sales revenue. Amazon sales growth surged 173% in 2024, while sales were up 173% on Laura Geller’s own website and 30% on QVC.

Jinan, China
2024 Beauty Sales:
$365.8 Million (EST.)
CNY 2.63 Billion (EST.)
-29.9% VS. 2023 (EST.)

Hyaluronic acid specialist Bloomage had a rough year. The company suffered the loss of several R&D key personnel, including Ma Shouwei, the head of its Shanghai research center, and its hyaluronic acid mastermind Guo Xueping, who retired this January.

Seoul
2024 Beauty Sales:
$360.1 Million (EST.)
KRW 491.18 Billion (EST.)
+3.9% VS. 2023 (EST.)

Aekyung Industrial has been outperforming its peers, growing faster than the overall K-beauty market since the pandemic. In its new corporate strategy unveiled in December, it said it was seeking to grow in international markets, especially outside China, expand distribution, increase the share of beauty in its portfolio and grow the proportion of sales from premium products in its personal care lineup.

London
2024 Beauty Sales:
$360 Million (EST.)
N/A VS. 2023

Beauty got a new Top 100 player last September when U.K.-based Auréa Group snapped up The Body Shop. The deal included the ailing cruelty-free beauty pioneer’s U.K. operations, as well as international assets including retail estate, IP and subsidiaries.

Paris
2024 Beauty Sales:
$349.5 Million
€323 Million
N/A VS. 2023

It was Kering’s first full year back in the beauty space thanks to its November 2023 integration of Creed. The historic fragrance house continued to grow — according to estimates, its sales gained by roughly 17.5% last year—driven by the ongoing strength of high-end perfumery and the introduction of new women’s scents including Queen of Silk. Kering started to bring its broader plans to expand its beauty portfolio to fruition with the launch of five extremely high-end scents under Bottega Veneta, with refillable bottles made to look like Murano glass atop marble bases.

Nagoya, Japan
$344.3 Million (EST.)
¥52.1 Billion (EST.)
-0.7% VS. 2023 (EST.)

The market leading hair color company in Japan, Hoyu completed a major expansion at its main hair color factory in Aichi Perfecture that will allow it to increase production capacity by 30%.

Tokyo
2024 Beauty Sales
$339.2 Million
¥51.32 Billion
+7.4% VS. 2023

Strong sales of hair care products at home, notably under the Aujua brand, as well as gains in South Korea and the U.S., helped drive Milbon’s increase in 2024 revenues.

Hangzhou, China
2024 Beauty Sales:
$338 Million (EST.)
CNY 2.43 Billion (EST.)
-14% VS. 2023 (EST.)

Chinese makeup label Florasis, known for its products inspired by oriental aesthetics, continued to see significant declines on the volatile domestic market, according to estimates. The recent departure of art director Wen Yuan, who played a pivotal role in the creation of iconic products such as its floral-engraved lipstick and beauty palettes, has raised concerns about the brand’s future direction.

Tokyo
2024 Beauty Sales:
$332.4 Million (EST.)
¥50.30 Billion (EST.)
+8.1% VS. 2023 (EST.)

Domestic sales for Lion’s beauty activity were roughly flat, as strong business for its hand soap activity was boosted by the launch of a new fragrance under Kirei Kirei, but body wash declined. International sales — which include all of the company’s categories, not just beauty — grew 11.4% to ¥164.93 billion year-over-year,

Kobe / Tokyo
2024 Beauty Sales:
$328.1 Million (EST.)
¥49.64 Billion (EST.)
+2.5% VS. 2023 (EST.)

Noevir doubled down on R&D and consumer engagement in its fiscal year to September. In the face-to-face channel — mainly Noevir’s own retail stores and certified beauty studios — sales of Noevir Speciale were robust, and 99Plus Skin Conditioning Foam, introduced in March 2024, did well.

Bielefeld, Germany
2024 Beauty Sales:
$326.3 Million (EST.)
€301.6 Million (EST.)
+11% VS. 2023 (EST.)

The privately owned German beauty and pharmaceuticals firm’s sales were driven by the growth of Alpecin. Building on the success of men’s 2023 launch Alpecin Grey Attack shampoo, which permanently repigments gray hair, the company introduced Plantur 39 Anti-Grey Effect Shampoo for women last June in 14 countries, supported with an international marketing campaign.

Kolkata, India
2024 Beauty Sales:
$325.7 Million (EST.)
27.25 Billion Rupees (EST.)
+6% VS. 2023 (EST.)

As it celebrated its 50th anniversary in 2024, Emami leaned further into growing categories and enhanced its marketing initiatives to boost growth. It acquired the remaining 49.6% in premium men’s grooming brand The Man Company from Helios Lifestyle, bolstering its position in men’s grooming and in India’s fast-growing digital space.

Parma, Italy
2024 Beauty Sales:
$318.8 Million
€294.7 Million
+11.9% VS. 2023

Davines Group posted double-digit growth for the fourth year in a row, further securing its position in the professional channel. Sales generated outside Italy accounted for 82% of total revenues; its best-performing market was North America, where sales reached $115 million.

Paris
2024 Beauty Sales:
$315.6 Million (EST.)
€291.7 Million (EST.)
FLAT VS. 2023 (EST.)

Compagnie Financière Richemont-owned Cartier has been reducing its distribution footprint to focus on its most productive doors and enhance brand image, sources said. The brand doubled down on high-end products, repackaged its iconic scents with refillable bottles and has quietly discontinued several fragrances.

New York
2024 Beauty Sales
$305 Million (EST.)
+4.8% VS. 2023 (EST.)

Parlux Holdings’ growth was once again driven by Billie Eilish Fragrances (Eilish and Eilish No. 2), which saw a 25% increase in global sales. The brand has been renamed Eilish Fragrances. Better World Fragrance House by Drake, added to Parlux’s portfolio in 2023, grew sales 75%, driven by expanded distribution at Ulta Beauty and the launch of Carby Musk Oil in February.