Rituals has seen strong growth on all fronts in the last year: the beauty care brand has passed the 1,000 store mark and also increased its turnover by 28%.
The Rituals cosmetics chain has invested heavily in 2022. Last year, the brand opened 116 of its own stores and an additional 500 shop-in-shops in department stores and perfumeries. This brings the total to 3,000 shop-in-shops and over 1,000 boutiques. The thousanth shop opened in Milan: since last year, the brand has also been present in Italy and Finland. In addition, the Dutch brand has expanded mainly in Germany and France.
Founder Raymond Cloosterman is focusing on expansion in Asia. In 2022, Rituals set foot in Hong Kong, but now wants to establish itself in Malaysia and Singapore. The company also plans to open physical stores in China. Currently, the brand sells its products there through online platforms such as Alibaba‘s Tmall.
This has resulted in an increase in turnover of more than 28% to 1.4 billion euros. However, this growth has been at the expense of profitability: profits have fallen from 123 million euros in 2021 to 112.6 million euros today. Like everyone else, the company has had to face rising costs for raw materials and personnel, but it has also spent 105 million euros on shop fitting and stocks, for example. Rituals therefore had to raise more money from the banks.