Wellbeing brand Rituals Cosmetics has reported a record-breaking year in terms of revenue, registering +22% growth in 2023, to €1.7 billion (US$1.8 billion).
Turnover increased across both retail and digital channels, with online sales growing by just under +20%. Last year the brand opened nearly 200 new stores worldwide, including its first outlets in Asia. In addition, the experiential wellbeing concept Mind Oasis was introduced in key European flagship doors.
Rituals’ international presence advances
As part of Rituals’ international expansion, the brand has added 630 new points of sale in luxury perfumeries and department stores. While the majority of growth has come from its home base of Europe, Rituals has opened its first stores in Malaysia, Singapore, Thailand, and mainland China.
“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,” noted Rituals Founder & CEO Raymond Kloosterman.
“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.”
He continued: “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 couldn’t be prouder of our amazing talents that made these achievements possible.
“I am excited for 2024 where we continue to bring strong innovations and [plan to open] 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 20-30 stores.”
In the past year, Rituals has pioneered multiple sustainability initiatives. The Rituals refill movement (one refill = one tree planted, protected or restored) has led to the restoration of at least eight million trees in India and Kenya.
And the brand’s ongoing partnership with the Tiny Miracles organisation has produced over 870,000 bags, helping the foundation’s mission to enable one million people in Mumbai to live in self-sustaining circular economies.