2023 was a new record year for Rituals, which raised sales by 22 % to 1.7 billion euros. CEO Raymond Cloosterman aims to open five shops a week in the new year, hoping to reach two billion euros in sales.
250 extra shops in 2024
The Dutch beauty and care brand says it achieved both strong organic growth and significant expansion thanks to new shops. Indeed, it opened 200 new shops and 500 new shop-in-shops in department stores, among others.
Margins are said to be at pre-pandemic level again, although the company does not release profit figures. In 2022, Rituals published a loss of 112.6 million euros. “We are very proud of Rituals’ strong growth in 2023, despite the very challenging market conditions”, Cloosterman reports.
For 2024, the entrepreneur sets the bar even higher: Rituals plans to open 250 more stores, which would be almost five per week. In Asia, the brand anticipates to open twenty to thirty additional stores, although the cosmetics chain says it is “cautious” there. The company also hopes to reach the milestone of two billion euros in sales.