Wellbeing house Rituals Cosmetics posted +22% global growth in net revenues in 2023 to €1.7 billion (US$1.84 billion).
Rituals opened almost 200 stores globally and added 630 points of sales in luxury department stores in the domestic market. While the majority of its growth came from the European market, its debut in Malaysia, Singapore, Thailand and Mainland China have also propelled its performance.
Notably, Rituals opened two counters in the travel retail hotspot of Hainan with China Duty Free Group (CDFG) at the cdf Haikou International Duty Free Shopping Complex and the cdf Sanya international Duty Free Shopping Complex.
“2023 was another year of record growth where we closed above €1.7 billion net revenue, delivering +22% growth across all markets and all channels,” commented Rituals Cosmetics Founder & CEO Raymond Cloosterman.
“I am so proud that we are becoming a truly international concept where the Netherlands [home market] accounted for 15% of the business. Despite the challenges of 2023, we were still able to grow with innovative product developments, momentum in refill movement and expanding our footprint within and beyond Europe.”
Rituals’ online community grew strongly in 2023, contributing to a +20% growth in online sales.
Following the opening of the world’s first Mind Oasis in the House of Rituals flagship store in Amsterdam, the wellbeing house expanded the concept to four key European cities: Paris, Frankfurt, Barcelona and Antwerp. The Mind Oasis delivers wellness experiences that blend scientific techniques with traditional healing methods to boost mental relaxation, reduce stress and anxiety, and improve sleep quality.
Cloosterman added: “One of my highlights is the successful expansion of our flagship store concept, opening three new flagship stores in Paris, Barcelona and Antwerp, all including the award-winning Mind Oasis where people can book their brain massages. I could not be prouder of our amazing talents that made these achievements possible.
“I am excited for 2024 where we continue to bring strong innovations and opening another 250 stores to cross the €2 billion revenue goal. We hope to keep momentum in Europe within retail, digital, wholesale and travel retail while building the brand in Asia by opening 20 to 30 stores.
“As I look forward to this milestone, we as Rituals are proud to contribute to things that matter. Being one of the first companies in beauty with a B Corp certification since 2022, sustainability has always been high on our agenda. Later this year we will announce our impact initiative: a long-term impact commitment which hopefully encourages change.”
In the last year, Rituals ramped up its sustainability roadmap with its refill programme contributing to the growth of over 8 million trees in India and Kenya. Its ongoing community partnership with the Tiny Miracles organisation has produced over 870,000 bags; helping the non-profit’s mission of empowering 1 million people in Mumbai with self-sustaining circular economies. ✈
