Joy Group Expands Global Footprint with Acquisition of Italian Hair Care Brand Foltene
Joy Group Expands Global Footprint with Acquisition of Italian Hair Care Brand Foltene
Shanghai, China — In a bold move to enhance its presence in the booming hair and scalp health market, Joy Group, also known as Shanghai Juyi Cosmetics Co Ltd, has successfully acquired Foltene, a renowned Italian dermatological hair care brand. This strategic acquisition marks Joy Group’s first complete takeover of a European beauty brand, signaling its commitment to innovation and growth in the beauty sector.
Foltene is celebrated for its groundbreaking advancements in hair and scalp health, featuring proprietary complexes like Tricosaccaride and Tricalgoxyl. The brand’s diverse product lineup includes anti-hair loss ampoules, gender-specific shampoos, and eyebrow and eyelash serums, which are currently available in over 30 countries.
Allan Liu, chairman and CEO of Joy Group, expressed enthusiasm about the acquisition, stating, “As awareness of scalp and hair health continues to rise, we see immense growth opportunities ahead. This acquisition enhances our footprint in the hair and scalp care sector and allows us to bring high-performance, science-backed solutions to more consumers.”
According to Mintel Group, the hair care market in China has shown resilience, growing by 3.5% year-on-year in 2024. Analysts predict a steady compound annual growth rate of 2.4%, projecting the market to reach 79.8 billion yuan ($11.2 billion) by 2029. Daisy Tong, a senior analyst at Mintel China, noted that consumer interest in scalp health and efficacy-driven care is on the rise, creating new opportunities for growth.
The evolution of hair care products is shifting towards specialized functions, focusing on scalp microbiome balance and hair follicle repair. Joy Group’s entry into this sector aligns with the structural upgrade trend, allowing the company to leverage established technologies and research capabilities from its acquisitions.
Over the past two years, Joy Group has aggressively expanded its portfolio through strategic partnerships, including a long-term collaboration with French pharmaceutical group Pierre Fabre. This partnership has already yielded impressive results, with the haircare brand Rene Furterer achieving double-digit growth in China.
In 2024, Joy Group’s revenue surged to 3.5 billion yuan, a 36% increase from the previous year, and analysts predict that the Foltene acquisition will push revenues beyond 4 billion yuan in 2025. The launch of Rene Furterer’s Amber Hair Care Oil represents the first R&D success following the partnership with Pierre Fabre, combining Chinese market insights with European scientific expertise.
The addition of Foltene is expected to create synergies with Joy Group’s existing brands, which include Judydoll, Joocyee, and Biophyto Genesis, covering a wide range of beauty segments. Joy Group has also made significant strides in international markets, establishing subsidiaries in Singapore, Indonesia, Vietnam, and the Middle East, with overseas sales growing by over 400% year-on-year.
As Joy Group continues to solidify its position as a leader in the beauty industry, the acquisition of Foltene not only enhances its product offerings but also reinforces its commitment to delivering innovative solutions for consumers seeking effective hair and scalp care.
